March 29, 2018 - Eastern Star Real Estate Public Company Limited (ESTAR) has crossed the year 2017 with sales exceeding one billion baht, showing growth in both Bangkok and Rayong, with total revenue reaching 2.5 billion baht. The company aims for a sales increase of over 50% this year and reveals plans to develop a new brand, Velana (VELANA), targeting the Gen X & Y markets for continued sales growth.

          Dr. Torsak Lertsriskulrat, Managing Director of Eastern Star Real Estate Public Company Limited (ESTAR), revealed the business plan for 2018, stating that the company is confident that this year will be a shining year for its business and brand in the real estate sector. The company plans to maintain its success from last year by expanding into new product lines, such as low-rise condominiums and horizontal housing in Bangkok, while also preparing for the EEC market. The company plans to launch 2-3 new projects worth over 3-4 billion baht, with a sales target of 1.6 billion baht this year, representing an increase of over 50%. Additionally, the company is set to invest over 2 billion baht this year to acquire land in both Bangkok and Rayong for continuous project development.

          Recently, the company launched the Velana brand, targeting Gen X & Y customers, specifically young executives aged 35-45. The first project under this brand is named “Velana Golf House”, a two-story single-family home project located within the Eastern Star Golf Course and Resort in Ban Chang, Rayong, near U-Tapao Airport, with a project value of over 500 million baht. Designed in a Modern Contemporary style, it offers beauty, modernity, and privacy, free from visual pollution with underground electrical systems throughout the project, along with a full clubhouse and swimming pool amidst a quality environment and community that cannot be found in other projects in the Ban Chang area. The project is limited to only 98 units on a 24-rai plot, with usable areas of 164, 191, and 242 square meters, starting at just 3.9 million baht. The target customers for this project include business owners, company executives, doctors, pilots, engineers, or project managers working in Rayong, as well as expatriates residing in the area.

          “The Velana brand aims to meet the needs of mid-to-high-end customers by emphasizing a living culture in projects that prioritize common areas. We consider the attitude trends where people seek a balanced lifestyle, whether it’s the balance between technology in daily life and family relationships, or choosing locations that suit their work and other life aspects. We present social innovations that respond to these needs, such as using common areas as creative learning spaces for children and sharing spaces in the form of co-working spaces or co-lockers, allowing Eastern Star residents to truly experience a better life,” Dr. Torsak stated.

          Dr. Torsak further mentioned that last year, the company successfully sold and gradually transferred ownership of many projects, resulting in total revenue exceeding initial estimates, with total sales of 1,026 million baht, comprising 875 million baht from sales in Bangkok (85.3%) and 151 million baht from Rayong projects (14.7%). This represents a 23% growth from the previous year’s sales, aligning with the company’s total revenue increase of 37%, rising from 1,830 million baht in 2016 to 2,516 million baht, with 2,354 million baht from Bangkok projects (93.6%) and 162 million baht from Rayong (6.4%).

          Currently, the company has 6 projects under sale and ownership transfer, with a total value of approximately 8.9 billion baht at the end of 2017. This includes 3 condominium projects in Bangkok: Star View Riverside in Rama 3, Nara 9 at Sathorn-Narathiwas intersection, and Amber Condo near Tiwanon BTS station, as well as 3 single-family home projects in Ban Chang, Rayong: Vintage Home Village 3, Hamlet 3, and Sinthavee Garden 2. The company also has a subsidiary, C-Star Property, offering single-family homes and rental apartments, as well as hotel services located within the Eastern Star Golf Course and Resort, just about 1 km from the Pattaya-Ban Chang motorway entrance.

          Dr. Torsak also discussed the overall real estate market outlook for this year, which is very favorable for ESTAR's business expansion. The overall economy is expected to continue growing, with strong performance in exports and tourism. The government’s mega-project investments are also progressing, including various electric train projects, high-speed rail, dual-track railways, motorways, expressways connecting the ring road, and the increasingly clear EEC projects in urban planning and transportation development, which will create opportunities and enhance the potential of the Rayong province. Meanwhile, the mid-to-high-end consumer market continues to respond well to new residential product launches, and foreign investors, especially from China, remain confident in Thailand's economy and real estate market, alongside the aging society trend that is increasing interest in real estate products for the elderly. All these factors support the company’s continuous investment.

However, the launch of the Velana (VELANA) project is just the beginning for ESTAR in 2018. The company has more new stars ready to shine continuously, providing our customers with choices and opportunities to discover happiness in every lifestyle according to their preferences,” Dr. Torsak concluded.

Thank you for the information from www.estarpcl.com