Bangkok, September 30, 2020 – Singha Estate reaffirmed its leadership in the ultra-luxury housing market with the success of 1.45 bilion baht sales from “Santiburi The Residences”. The company is confident the project can truly serve demand from high-income people who are looking for high quality houses in good neighborhood with community safety and exclusivity developed under Singha Estate's Enriching Society philosophy.
Mr. Naris Cheyklin, Chief Executive Officer of Singha Estate Public Company Limited or ‘S’, revealed that the Covid-19 crisis has still affected Thailand’s economy and overall real estate market, making a lot of challenges for developers, while buyers have been more cautious in making any purchasing decision. However, there is demand in the ultra-luxury housing segment because this group of customers possess high purchasing power. They will consider buying a super luxury single home that suits perfectly with their lifestyle and locates in prime areas closing to the city center. Moreover, they prefer neatly designed house, which is concerned in every detail in high-living standard neighborhood with community safety and exclusivity as well as good management.
Singha Estate was very successful in selling ultra-luxury houses at Santiburi The Residences during May-September with combined sales of 1.45 billion baht. This makes the project’s outstanding sales reach 35%.
“Selling ultra-luxury houses worth 1.45 billion baht within only 5 months reaffirms customer confidence toward the Singha Estate brand which emphasizes enriching a quality of living for residents through three elements: smart living, healthy living and sustainable living. We have paid attentions to every detail and use only finely selected materials to offer the best-in-class projects that suit every stage of life. Besides that, we always care for environment and promote quality of life for surrounding communities wherever we conduct our businesses,’’ Mr. Naris added.
Santiburi The Residences is Singha Estate’s masterpiece and first flagship single-home project worth 6 billion baht. To set itself above other high-end housing projects, this 45-rai ultra-luxury housing estate has reserved 15 rai of its land as a common area and 25 rai for residential purpose comprising only 25 two-storey and three-storey residences. House prices start from 245 million baht to reflect demand of high-income people who are looking for quality neighborhood and privacy. Moreover, the project is located in the high potential area of Pradit Manutham Road.
The philosophy of Santiburi brand demonstrates a perfect harmony of living and nature philosophy. The project’s main concept is Connoisseur of Pleasant Living which concerns details to create happiness, while all houses are designed to harmonize with majestic nature and encompass three architectural elements: Luxury, Modernity and Tropical.
The company will realize revenue from the 1.45-billion-baht house sales in two parts – the house construction, whose income will be gradually booked based on the work progress during the 14-month period, and the land ownership transfer, which will be realized within this year for 860 million baht. This will make the value of backlog pending for revenue realization this year together with revenue from residential development business in the first half of this year higher than the 2020 ownership transfer targeting at 5-6 billion baht. The company is confident that it can crate business value and achieve the target sales of 9 billion baht within this year.