Sansiri: Constructing Life, Not Just Buildings

PROMOTION
SANSIRI: CONSTRUCTING LIFE, NOT JUST BUILDINGS
Thailand, and in particular Bangkok, has come a long way on many fronts in the past 25 years since its initial
economic boom in the late 1980s as it takes its place among modern developed metropolises.
I
n the city center, modern shopping and
residential facilities — most of them
best described as lavish and enormous
— have replaced old-style, three-story
shophouses and landed private houses in
the city center and its ever-expanding concentric rings.
Playing a large part in this development
while growing in step with it has been Sansiri
PLC, Thailand’s only fully integrated property developer that has established its place
among the country’s top three, with revenues
of more than US$900 million in 2014.
Sansiri conceives, builds and operates premium quality, low- and high-rise residential
developments throughout the country that
also includes standalone houses and townhouses, and covers maintenance, brokerage
advice and rental management services.
Its tagline, “CONSTRUCTING LIFE, NOT
JUST BUILDINGS” has underlined its operational and design philosophy from the outset
and has led to several awards over the years
for design excellence.
At the heart of this unique company is its
president, Srettha Thavisin. Educated in economics and finance in the UK and the U.S.,
he has taken an active role in the company’s
developments since he built his first project
on family land in Hua Hin in 1988, called
Baan Kai Muk.
This first move into the development field
foretold a bold future for Sansiri. The seafront
holiday condominium, clad in mustard-yellow tile, was unlike anything Thailand had
seen to date, and was built long before Hua
Hin boomed with foreign tourists. “The units
were a higher quality and a more advanced
design than had ever before in Thailand [the
project was designed by a renowned architect firm named John Rifenburg and Rergrit]
and sold for a much higher price than anything else at that time,” Srettha said. More
than 25 years later, the property still commands a well-appreciated resale value — a
tribute to the design vision and the durability
of its construction.
Following other upcountry developments, in
1993 it began putting its stamp on the Bangkok market, and has now completed more than
280 projects across 16 provinces in Thailand,
totaling 74,000 housing units comprising single-detached houses, semi-detached houses,
townhouses and condominiums and one international property in London. There are eight
developments opening this year alone.
Srettha Thavisin, President, Sansiri PLC
Golden Touch
And despite economic instability caused
by both domestic and global factors in the
past few years, Sansiri hasn’t lost the golden
touch. Its properties continue to be in high
demand, often selling before completion.
“We are doing very well, Srettha said. “But
to be honest, the profit margin has shrunk
a bit. But upper-middle class Thais are very
good at saving money — people buy our
properties with cash a lot,” so perceived bargains during leaner times lead to solid sales.
“The more expensive it is, the more cash buyers there are. Same for Hong Kong or Singapore people buying here — there is plenty of
cash and from their perspective, our properties are excellent value.”
That may be, but to reach the top of this
business requires more than just buyers with
ready money. And this is where Srettha’s
vision of the company comes into play. He
continues to play a part in the design and
other aspects of the business, unafraid to “get
his hands dirty.”
Eye for Details
Baan Kai Muk
“With 98 Wireless [a spectacular new development in Bangkok’s central business district
— see sidebar], I decided to get back into the
PROMOTION
sales side to keep sharp. Some of the people
were old clients and even friends, and it was
good to talk with them and find out what
they think about the marble I chose, the door
thickness, the size of the balcony, the room
layout, this sort of thing. It is important to get
this kind of feedback,” he said.
Design is another concern — and interest — of Srettha’s. “In the high-end, more
customized projects, I like to get engaged
in the design details. For example, I recently
travelled to Verona in Italy to choose a certain quality of stone.”
But Srettha is open to outside influences.
“98 Wireless will be exclusively furnished
in Ralph Lauren Home. The overall design
is our own, based on accumulated knowledge of what clients want, but I knew that
furnishing the reception areas and model
residences exclusively in the timeless
designs of Ralph Lauren Home would provide a true luxury experience to our clients.
Everyone associates Ralph Lauren with the
iconic Polo shirt but most people have not
experienced the exquisite craftsmanship
and artisanal quality of Ralph Lauren Home
furnishings,” Srettha noted. “The results are
quite spectacular.”
The sales of the 98 Wireless project are
reflecting this, with all penthouse units
and many others already sold almost a year
before completion.
Narasiri Bangna
LINE,” starting with THE LINE Jatujak-Mochit,
a 5.7 billion baht (US$158 million) project.
The 841-unit project sold out by its launch in
late May this year, with a quarter of the units
purchased by Singapore and Hong Kong
buyers. Several more such projects are in
the pipeline, and for the foreseeable future,
will be Sansiri’s main focus and are expected
to be popular with local and foreign buyers.
“We are interested in attracting people
who have an affection for Thailand, and see
the pleasure of living in Bangkok, but who
demand international standards. And I think
we are achieving this,” Srettha said. n
Following the Line
As Srettha points out, “Property development follows infrastructure development.”
To this end, Sansiri recently developed a new
brand in a major joint venture with Thailand’s leading provider of mass transit solutions, BTS Group Holdings PLC, better known
as BTS, the rapidly expanding Sky train system. “Because location is everything.”
The two companies, each holding a 50%
stake, are together developing properties
near mass transportation, branded as “THE
98 WIRELESS
When location is everything, then Sansiri’s
Yasuhiro
latest showcase
Wakebayashi,
development
Chairman98
and
Wireless
Founder,
indeed offers everything — and more.
receiving Forbes Asia Best Under A Billion Award in
Currently under construction and
2008.Yasuhiro
set to openWakebayashi,
its doors in 2016,
Chairman
what isand
slated
Founder.
to
be the most luxurious condominium development Thailand has yet seen is set on
one of Bangkok’s more pleasant CBD boulevards, Wireless Road, also known in Thai
as “Witthayu.”
One of the capital’s older and more distinguished streets, 98 Wireless has as its
neighbors the U.S. Embassy, the U.S. ambassador’s residence and Witthayu Palace. It
is also a short walk to Lumpini, the city’s biggest park, and a stone’s throw from some
of the city’s top hotels and shopping malls — no expense is being spared on style.
Residence Sukhumvit 65
For more information, please visit 98wireless.com.