From a family hardware store to a comprehensive real estate business in the locations of Nonthaburi-Pathum Thani and northern Bangkok, which currently has a total project value of over 3.5 billion baht. How has this business grown amidst the economic crisis?

Looking back 38 years, the beginning of MT Asset, a new real estate developer in that era, Dr. Warapoj Kantapiphat, Managing Director of MT Asset Corporation Co., Ltd., the second-generation heir of MT Asset, recounts that MT Asset was founded in 1982 as a real estate development company for sale, expanding from the family hardware store in Chulalongkorn, Soi 9.

“MT comes from the word ‘Mountain’, symbolizing strength for the products and the company we create. At that time, the development of housing projects was very limited, so my father started developing a few commercial buildings for sale, focusing on business locations near markets and main roads. By 1985, we developed ‘MT Bang Bua Thong’, which included 50 commercial units and an 8-story condominium with 200 units. It was the largest project at the time and sold out quickly, marking a turning point for MT Asset to continue with mixed-use projects.”

Starting in the real estate industry at the age of 16

It should be noted that MT Asset is one of the family businesses. I grew up alongside this company. In 1993, when I was 16, I began working during school holidays, mostly at construction sites with my father, learning about construction work, sales, documentation, contract preparation, and loan applications for property transfer. This was the beginning of my business education from my father. With MT Asset having its own construction company, I gained more knowledge about construction, which remains one of our strengths today, allowing us to control construction costs and improve material quality for our customers.

“The Tom Yum Kung Crisis” was a major turning point for the business

During the Tom Yum Kung crisis in 1997, we were fortunate that we had completed our buildings and had no new debts, only 50 unsold condominium units. We decided to reduce prices by 40% to quickly sell them off and generate cash flow, successfully selling all units by 1998.

“If we compare it to this year, it’s not much different as developers are turning to various promotional campaigns to attract customer purchasing power while quickly clearing stock to generate cash flow for the company.”

From 1997 to 2001, our company did not invest in new projects due to the poor economic outlook. However, business cannot remain stagnant for long. When Mr. Anan Asavabhokin, the leader of Land and Houses at that time, turned the crisis into an opportunity by developing houses to sell after completion, he became the first company to invest after the Tom Yum Kung crisis.

The business did not fail... but we had to adjust our plans to move forward with Recurring Income

As mentioned, MT Asset is solely a real estate development company for sale. Although we developed mixed-use projects that included commercial buildings and residences, during the Tom Yum Kung crisis, the company had no income from other channels, leading us to halt operations for four years.

In 2001, we returned to launch new projects again in the Bang Bua Thong area, as it was our area of expertise. This time, we chose to develop a project with commercial buildings and two-story single houses.

After resuming business, my father and I had to discuss that we needed to adjust our business plan to diversify risks against future crises. Around 2006, community malls began to emerge in the Thonglor and Ratchayothin areas, leading to the start of our community mall rental business to create steady recurring income.

“MT Arena Sport & Lifestyle Mall” Mixed-Use Project gaining recognition in the Lam Luk Ka area

            The recurring income business plan of MT Asset was realized in 2008 by developing over 20 rai in the Lam Luk Ka area into 108 units of newly designed home offices on 10 rai, named MT Lam Luk Ka, while using another 10 rai to construct the MT Arena Sport & Lifestyle Mall in 2010, which received a positive response for the home offices and added value to the assets.

The reason for opening MT Arena in this area is its proximity to Thupatemi Stadium, a popular area for football activities, and the foresight of the green line train route coming to the Khu Khot area, making MT Arena only 400 meters away from Khu Khot BTS station.

MT Arena features a unique design concept to serve as a community mall catering to families and as a football training academy, collaborating with former national football players to teach students. Currently, it has 4 indoor sports fields, 8 badminton courts, and 24 shops within the project.

Community Mall, Market, and Apartments 3 Main Businesses Creating Recurring Income

Currently, MT Asset has 80% of its revenue from real estate sales and 20% from recurring income, derived from three main businesses: MT Arena, a Sport Lifestyle Community Mall near Khu Khot BTS station, Boon Anan Market on Song Prapha Road, Don Mueang, and an apartment business opposite the Navanakorn Industrial Estate.

Building a Brand and Leading MT Asset into the Fourth Decade

Today, MT Asset is about to enter its fourth decade, so I am enhancing the vision for new projects that will benefit both customers and the surrounding community, aiming for a Green Community and focusing more on brand building. Over the past 38 years, we have primarily focused on developing commercial buildings, which do not necessarily require project names or brand recognition from customers, leading to a weakness for MT Asset today, as the general public is not very familiar with the MT Asset brand, especially in this era where technology and online information significantly influence purchasing decisions.

We must quickly adapt to create awareness of MT Asset among new customer groups, using a Customer-Centric approach to study and develop unique project designs that meet the needs of residents and future customers who will become MT homeowners. We always believe that we must take care of our residents to ensure that the MT Asset brand continues to grow strongly into the fourth decade.

If you ask about the essence of MT Asset, I always think of my father's words, as he often says:

“Do your best... in both project design and material selection

to convey happiness and the most impressive living experience

to the residents of MT ASSET”

Explore MT projects at www.mtasset.com