Sewas Properties, a New Hybrid Real Estate Company, Launches 'Nivati' Super Luxury Condo Project

          “Sewas Properties”<\/strong><\/span> is a new real estate company, a joint venture between Thailand and Hong Kong, launching its first luxury condominium project under the brand “Nivati” (NIVATI). This 7-story condominium features 52 units with a total project value of 1.6 billion baht, starting at 17 million baht. The company aims to continue launching projects, both high-rise and low-rise, focusing primarily on developing luxury products.     The project emphasizes classic contemporary design and high-quality materials, targeting the Asoke to Ekkamai area.<\/p>

          Mr. Douglas Cheng, CEO of Sewas Properties Co., Ltd.<\/span><\/strong> stated that:<\/strong> <\/span>Sewas Properties Co., Ltd. was established to develop Super Luxury real estate projects as a joint venture between Thailand and Hong Kong, with a shareholding ratio of 79:21. In the first five years, the company will focus on developing projects in the Asoke to Ekkamai area, covering both condominiums and villas, primarily targeting high-end consumers. Initially, the goal is to develop 2-3 projects per year, depending on market conditions, with an average project value of approximately 1.5 to 3 billion baht.<\/p>

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          “Asoke and Ekkamai are considered prime locations in Bangkok. Although the competition is quite high, our strength lies in our ability to combine top-quality materials and luxurious design into a tangible reality. We also have experienced management and teams from both Thailand and Hong Kong who understand the market conditions and consumer needs very well. With strict quality control measures in place, we are confident that we can develop products that meet consumer demands. In the next 10 years, we plan to expand into the ASEAN market as well,” Mr. Douglas added.<\/strong><\/span><\/p>

          For the first project, a new company named 888 Thonglor Co., Ltd.<\/strong><\/span> has been established to develop the Super Luxury condominium project under the brand “Nivati”. This project will consist of 7 stories with 52 units, valued at 1.6 billion baht, located in Thonglor, an area with very high land value in Bangkok.<\/p>

          Mr. Wiwat Pipak Samut, CEO of <\/span><\/strong>888 Thonglor Co., Ltd., a developer of the Super Luxury condominium project under the brand “Nivati”, revealed that:<\/strong><\/span> With over 30 years of experience in the construction business, he partnered with Mr. Douglas to establish this company. The company has clearly defined its target market for project development, focusing on high-end consumers both domestically and internationally in the Asoke to Ekkamai area, which is a market with purchasing power and quality buyers. Even the tenants in this area are quality tenants, making it a low-risk market with significant opportunities for new operators to capture market share.<\/p>

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          “While the market for condominiums priced at 1 million baht and above has many options available, as a newcomer, I may not be suited to develop projects that dive into such a red ocean. Additionally, I am familiar with this area, having worked and hung out here, so I wanted to start here. Importantly, our team has been looking for land in this vicinity all along. Developing projects in this area pushes us to create luxury-level projects,” Mr. Wiwat stated.<\/strong><\/span><\/p>

According to a location study in Thonglor by Nexus Property Marketing Co., Ltd., as a marketing and sales consultant, it was found that:<\/p>

          Supply <\/span><\/strong> in 2017, project developers remain confident in the continuous growth of the condominium market in Thonglor. Over the past two years, up to the third quarter of 2017, there were a total of 1,130 units available. Particularly in 2017, from the first to the third quarter, there were 4 new condominium projects launched, totaling 515 units, demonstrating the confidence of developers in this location.<\/p>

        Demand <\/span><\/strong> over the past two years up to the third quarter of 2017, newly launched condominiums in Thonglor had sales of approximately 671 units, or about 59% of the total 1,130 units, with an average monthly sales of 16 units, indicating that the demand for units continues to grow.<\/p>

          In terms of price, <\/span><\/strong> the Thonglor area over the past two years has seen developers focusing on offering Super Luxury projects, leading to high competition. However, in 2017, both large and new developers began to show interest in developing low-rise luxury projects and premium high-rise projects, offering unique features and attractive pricing to capture consumer interest in the Thonglor market, which has an average selling price of 275,000 baht per square meter.<\/p>

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         The Thonglor condominium market in terms of investment <\/span><\/strong>has high rental potential,<\/span> with average rental prices for luxury condominiums ranging from 1,000 to 1,200 baht per square meter per month. Many projects utilize this to stimulate sales of some units, which significantly helps buyers looking to invest, as the main tenants are Japanese families working in Bangkok.<\/p>

          The “Nivati” project is a luxury condominium with 7 stories, comprising 52 units, with a project value of 1.6 billion baht, starting at 17 million baht and going up to 65 million baht, on a plot of land measuring 1-1-34 rai, located on Thonglor 23, an area known for its lifestyle combined with business districts, which is the charm that keeps Thonglor irresistibly appealing. The project concept focuses on Elegant Classic Contemporary design, highlighting the “Timeless classicism of the architecture” with a luxurious contemporary classic architecture that evokes a timeless beauty. The project emphasizes the use of premium materials to create a luxurious feel, with both exterior and interior decorations reflecting high artistic craftsmanship. Every window and door features exterior wall materials made of cream-toned limestone, reflecting classic contemporary aesthetics that provide a luxurious and warm feeling for residents, recharging them to engage fully in work and life.