The year 2023 has proven to be another challenging year for the Thai real estate industry, influenced by global economic conditions, slower-than-expected growth in China, and the ongoing war, among other factors. As we enter 2024, the situation remains closely monitored. From the perspective of executives in the real estate sector, Nawarang Asset believes that this year presents significant challenges. Brands and products must be clear in terms of usability and emotional appeal to meet the increasingly segmented target audiences that delve deeper into sub-cultures.

Mr. Apiphu Phromyothi, the young CEO of Nawarang Asset Co., Ltd. shared insights on the brand and product development philosophy at Nawarang, stating that residences, regardless of type—be it single houses, townhouses, or condominiums—should be the happiest place for each individual. Therefore, the core of every project we conceptualize focuses on how to 'expand happiness' for our residents.

“Today, consumers are more diverse, leading to varying needs. Simultaneously, the social landscape in Thailand is changing, such as the emergence of the Silver Generation or aging population, young people preferring to live alone or marrying without children, and an increasing interest in health that has turned into a wellness spending trend. The excitement surrounding AI, which offers incredible convenience and assistance, is also noteworthy. These trends are what Nawarang is keenly observing and incorporating into our projects to meet the needs of our residents,” Mr. Apiphu stated.

The Na Riva Charoenkrung Project, a high-rise condominium project on Charoenkrung Road, is one example where we have adapted to changing trends by enhancing the functionality of living spaces. For instance, we designed loft-style units with ceilings soaring 4.45 meters, creating a dimension reminiscent of two-story homes that many are familiar with, while also adding emotional appeal to the living experience. Another highlight of this project is the view of the Chao Phraya River from one of its most beautiful bends, where residents can choose units that allow them to enjoy the sunrise over the river or utilize communal areas such as the gym, swimming pool, and playground, providing a relaxing environment alongside the scenic river view that ensures every day of living feels truly joyful,” the young CEO remarked.

The Na Riva Charoenkrung project is a 29-story condominium located near Icon Siam and the Krung Thon Buri BTS station, offering convenient access to Sathorn and Silom roads. The project is now completed, and residents are beginning to transfer ownership in preparation for moving in, with some being investors who purchased units in anticipation of growth in the Charoenkrung area, such as the new Ministry of Interior government center, which will accommodate over 7,000 civil servants and officials from seven departments.

Additionally, Mr. Apiphu pointed out the changing lifestyles influenced by transportation infrastructure, such as the expanding electric train network, while work and study patterns are also evolving. The most crucial aspect of designing residential projects is understanding trends and the increasingly prominent sub-cultures within diverse communities.

“It is undeniable that technology, particularly the internet, has profoundly transformed work practices, with the pandemic accelerating these changes. We now see more people working in offices without needing to be physically present, as well as freelancers, online sellers, and students working in groups, etc. Therefore, designing communal spaces must align with these lifestyles. For example, at Na Vira Ram Inthra, we can offer attractive pricing starting at just 1.69 million baht without compromising on access to the city center, as the project is conveniently located near the Pink Line BTS, making it easier for customers to transition from renting to buying. Even if their workplace is in the city center like Silom, commuting is no longer a problem, even if their residence is in the suburbs,” Mr. Apiphu explained.

“For those working from home or engaging in online sales, they can utilize the co-working space available within the project. Students from nearby universities, such as Sripatum University and Kasetsart University, can also benefit from the co-working space when they need to collaborate on group projects or study for exams. This provides peace of mind for parents, as there are no strangers entering their children's rooms. Thus, this project has become a popular choice for parents purchasing residences for their university children or for investors who see the rental potential as quite favorable,” Mr. Apiphu concluded.

In 2024, CEO Nawarang revealed that several projects are currently underway, all located in Bangkok, including a super luxury condominium project on Lang Suan Road, which will be the fourth project of the company following the Nawarang House Project, Portico Community Mall, and High-End Nawara Residence, which sold out within half a day. It will be interesting to see if this new project in one of the best locations in Bangkok, a site that has been part of the company for a long time, can create another exciting phenomenon.