On March 12, 2019 - Richy Place 2002 Public Company Limited (RICHY) proudly announced the launch of a condominium project valued at over 3.4 billion baht in the heart of Sukhumvit Ekkamai, near BTS and Big C, under the brand “The Rich @Ekkamai”. The company is ready to take on the market with the slogan of a prime location condominium offering high-end quality at an affordable price, highlighting its strengths under the concept “Intensify Your Passion”, aiming to continue breaking records in 2019.

          Dr. Apa Artaboonwong, Chairman of the Executive Board of Richy Place 2002 Public Company Limited (RICHY), a real estate developer under the concept of “prime location for every project,” revealed that despite the fragile overall real estate business due to economic and political issues this year, operators are confident in the high-end housing market in potential locations where land values are continuously increasing. According to research data from CBRE, Sukhumvit remains the most popular area in Bangkok. In 2018, over 6,500 condominium units were launched across 21 projects, mostly high-end and luxury, with an average selling price of 260,000 baht per square meter in newly launched projects. The condominium market along Sukhumvit is continuously expanding along the BTS line.

 

          “Currently, the condominium market in Ekkamai has approximately 3,800 units from new and under-construction projects across 8 projects, second only to Thonglor, with about 65% sold. Ekkamai is gaining more interest as the area in Thonglor is becoming scarce and expensive, with the average condominium price in Thonglor currently around 300,000 baht per square meter. Additionally, Ekkamai is a major road in the city center that connects to central Sukhumvit, near Phrom Phong, Thonglor, and Asoke. On the other side of this road, it connects to New Petchburi Road and Rama 9 Road. With condominium prices in Ekkamai still considered affordable compared to nearby locations like Thonglor, the average selling price in Ekkamai is around 185,000 baht per square meter, making it a desirable location for urban lifestyle customers. It is a lifestyle hub in the heart of Sukhumvit, less than 500 meters away, with the development of Grade A office buildings and shopping centers increasing, making Ekkamai more diverse and complete than before. Furthermore, if we look at the rate of increase in condominium prices in the market, it won't be long before the average price of condominiums in Ekkamai exceeds 200,000 baht per square meter. Therefore, the price at which The Rich Ekkamai is launching is very favorable for the Sukhumvit area, and its location at the beginning of Ekkamai, not far from BTS Ekkamai, gives The Rich Ekkamai an advantage over other projects deeper into Ekkamai.”

 

          Regarding the overall perspective of the real estate development business in the first quarter of 2019, it is still on a positive trend and is expected to grow compared to the same period last year. The company anticipates that it will continue to achieve record-breaking growth this year.

          Notably, in 2018, the company reported a net profit of 451.03 million baht, an increase of 239.32% or double from the same period last year, which was 132.92 million baht, while total revenue was 2,708.65 million baht, an increase of 1,381.52 million baht or 104.10% compared to the previous year, where total revenue was 1,327.13 million baht.

 

          The main factor supporting this growth comes from the recognition of revenue from real estate projects, which increased by 1,366.58 million baht or 103.97%. The company had revenue from condominium sales totaling 2,663.80 million baht, an increase of 1,407.24 million baht or 111.99% from the previous year, due to the completion of the Rich Park @ Triple Station project, which allowed for revenue recognition in 2018, resulting in significant revenue from property sales.

          The launch of projects this year will focus on meeting customer lifestyle needs or market demands rather than just competing on price. However, in the current situation, if any project launches at a reasonable price, it will receive a good response from customers, as seen from the success of previous condominium launches under the Rich brand, such as The Rich Nana-Ploenchit, The Rich Sathorn-Taksin, and The Rich Rama 9-Srinakarin projects, contributing to record-high sales for the company. Additionally, last year, the company announced ownership of prime locations on Ekkamai Road next to Big C-Ekkamai, thus finding opportunities to develop and create high-quality housing projects in the Rich family continuously. The company is confident that this new project will meet customer demands effectively.

 

            The project The Rich Ekkamai is located on Ekkamai Road (Sukhumvit 63), Klongtoey Nue, Watthana District, covering a total project area of 1-3-67 rai, developed into a 37-story high-rise condominium project comprising 487 units and 1 retail unit. The room types are divided into 3 types: Type 1) 1 Bedroom with an area of 28-32 sq.m., Type 2) 1 Bedroom Plus with an area of 34-36 sq.m., and Type 3) 2 Bedrooms with an area of 51-60 sq.m. All types will have a ceiling height of 2.7 meters, maximizing the design of usable space and functionality under the concept “Intensify Your Passion”, which emphasizes the importance of “residents” and “passion.” This project offers more than just living space, inspiring residents through comprehensive Active Facilities, including an Active Studio and a vivid spectrum pool of Olympic half-size located on the top floor of the building, providing a 360-degree view of Ekkamai. The launch price is set to be easily accessible for the younger generation, starting at just 4.79 million baht, targeting high-end customers, both Thai and foreign, as well as working-age customers and investors.

              Dr. Apa further stated, “The company is confident that the project “The Rich Ekkamai” will attract significant interest from customers due to its excellent location, convenience, and suitability for modern urban society. Once the pre-sale opens, it is expected to be another successful project that will support the company’s sustainable revenue growth. We are also catering to all customers by opening reservations for those who register in advance to choose their preferred units on the VVIP Day. Customers who register early will have the opportunity to select their units first and receive exclusive promotions only for those who book on VVIP Day,” Dr. Apa concluded.

 

Thank you for the information from therich-ekkamai.com