Navarang Asset Unveils Strategy for 2021

Preparing to Launch 3 Projects Worth a Total of 4.5 Billion Baht

Alongside Expanding into Low-rise and Super Luxury Condos on Lang Suan Road

December 16, 2020 Navarang Asset is fully committed to the real estate market, unveiling its plans for 2021 to expand into low-rise and super luxury segments, preparing to launch 3 new projects in 3 prime locations: Phaholyothin, Ram Inthra, and Lang Suan Road, with a total value of 4.5 billion baht. The projects will emphasize privacy and quality, reflecting the company's unique identity, targeting high-end customers who appreciate distinctive designs. The company aims to acquire new land for an additional 2-3 projects worth over 1 billion baht.

Mr. Apipu Phromyothi, Chief Executive Officer of Navarang Asset Co., Ltd., stated that the company has been able to continue its operations according to the planned strategy, aiming for an annual revenue of approximately 500 million baht for 2020. In 2019, the company recognized revenue primarily from the Na Vara Residence project, amounting to approximately 580 million baht. In 2020, the company recognized transfer revenues from both the Na Vara Residence and Na Veera Phahol-Ari projects, totaling around 520 million baht. Additionally, the company launched the Na Reva Charoennakhon project earlier in 2020, which received positive feedback from both Thai and international customers. This project has already received Environmental Impact Assessment approval (EIA Approved) and has partnered with Dusit Hospitality Services (DHS) to provide services under Dusit’s standards.

“In 2020, despite the impacts of the COVID-19 situation, the condominium market has generally remained viable due to real demand from consumers. Coupled with various government support measures, buyer confidence has increased, allowing Navarang Asset to achieve its operational goals. Currently, the Na Vara Residence, an 8-story low-rise condominium on Lang Suan Road with 96 units, has achieved 100% sales. The Na Veera Phahol-Ari, also an 8-story low-rise condominium located near BTS Ari, has sold 80% of its 78 units. Recently, the Na Reva Charoennakhon project, a 29-story condominium with 253 units overlooking the Chao Phraya River, is set to begin construction in 2021, with expected revenue recognition starting in 2023,” he added.

For the operational plans in 2021, Mr. Apipu Phromyothi mentioned that the company will continue to develop new products under the main concept of emphasizing privacy with a limited number of units to cater to the lifestyle of modern consumers who seek high privacy and quality. Every project will be located in prime areas with convenient access, combining unique design functions and targeting working-age individuals aged 35-60 and successors looking for high-privacy residences with exquisite designs. The company plans to launch a total of 3 projects worth approximately 4.5 billion baht, including 1 single-house project, 1 low-rise condominium project, and 1 high-rise condominium project. Additionally, a budget has been allocated for acquiring new land for 2-3 more projects worth over 1 billion baht.

“The growth direction for next year focuses on developing a more diverse range of products, carefully selecting materials, and incorporating various technologies to enhance daily living for customers. We are targeting the Mid to High Tier segment, as market surveys indicate that this group still possesses significant purchasing power and seeks new offerings that reflect their lifestyle. This presents a great opportunity for the company to expand its customer base, with plans to develop 1-2 high-rise projects and 2-3 low-rise projects annually,” he concluded.

Mr. Onkarit Phromyothi, Chief Operating Officer of Navarang Asset Co., Ltd., stated that the 3 projects set to launch in 2021 include Na Ira Sailom-Ari, a vertical residence with 7 stories and only 5 units located in Soi Sailom (Phaholyothin Soi 8), with a total value of 220 million baht and usable space exceeding 400 square meters per unit, starting at 38 million baht. The Ram Inthra-Ring Road project will feature 18 single houses with a total value of 280 million baht, starting from 60 square wah, with an average selling price of 15 million baht. Both projects are expected to begin sales around Q1 2021, along with a super luxury condominium project on Lang Suan Road valued at 4 billion baht, which is planned to start sales within 2021.

“With rapidly changing consumer behavior, there is a demand for residences that meet external factors such as amenities. The design aspect is also crucial. The Na Ira Sailom-Ari project is designed under the Modern Nordic Classic concept, emphasizing luxury while considering usable space across all 7 floors. The project's highlight is the ability to adapt internal functions to align with residents' lifestyles, including a rooftop swimming pool connected to a multipurpose room to accommodate activities for all ages. For the Ram Inthra-Ring Road project, the company has designed the usable space to connect the interior and exterior, allowing residents to be close to nature and view the swimming pool from the living room, with designs considering elderly residents (Universal Design),” he added.

In terms of marketing, the company emphasizes online advertising (Online Marketing) and organizing events to create brand awareness and foster good relationships with customers, aiming to reach the behaviors of modern consumers at all times of the day. This strategy allows customers to become widely acquainted with our products, alongside participating in corporate social responsibility activities, which is the organization's philosophy to contribute to the surrounding community and create benefits for society.

“Navarang Asset continues to emphasize product development to meet customer needs in every project and remains committed to sustainable business growth, aiming for a 10% increase in 2021 compared to 2020, which translates to sales of approximately 1 billion baht,” Mr. Apipu concluded.