Ocean Property announces its 2022 plan to continue targeting three real estate markets: “Khon Kaen, Pattaya, and Phuket.” The company points out that there are still abundant opportunities in provincial markets and is preparing to study ways to expand its success to meet the diverse needs of customers in each area. They are confident that the Thai economy will begin to recover this year, ramping up efforts to boost purchasing power among real demand groups and foreigners, with expectations of increasing sales growth compared to 2021.

Mr. Napong Paripontpochanapisuti, Managing Director of Ocean Property Co., Ltd., a comprehensive quality real estate developer, revealed that the overall real estate market situation in the first quarter of 2022 shows signs of recovery due to the government's reopening measures and economic stimulus initiatives for 2022, such as the “Half-Half Project Phase 4,” “Shop Smart, Get Refund 2022,” and “We Travel Together Phase 4.” Additionally, the real estate market benefits from allowing foreigners to purchase properties in Thailand and the LTV (Loan-to-Value) mortgage measures that allow homebuyers to apply for loans up to 100% of the collateral value for residential loans.

Furthermore, the reduction of property transfer fees from 2% and mortgage registration fees from 1% to just 0.01% for the purchase of single-family homes, duplexes, commercial buildings, or land with buildings, as well as condominiums valued at no more than 3 million baht until December 31, 2022, increases opportunities for those wanting to own homes to apply for loans more easily, along with the reopening of tourist destinations in key provinces.

Regarding the strategic plan for 2022, Mr. Napong stated that the core of Ocean Property's operational plan continues to focus on provincial markets, building on the success in each key economic area where the company has developed projects, namely Khon Kaen, Pattaya, and Phuket. The outstanding potential of these three locations can comprehensively meet the real demand for residential purchases.

Whether for personal residence or investment to generate future returns, the projects include both horizontal and vertical developments, depending on opportunities and demand in each location. Even during the COVID-19 pandemic, demand from local residents remains strong, and projects located in tourist provinces also attract interest from foreign customers.

Overall, in 2021, the company maintained revenue at 1 billion baht, similar to 2020, with 400 million baht from property sales and approximately 600 million baht from rental income from Ocean Marina Yacht Club, Mövenpick Asara Resort and Spa Hua Hin, and two rental office buildings: Ocean Tower 1 and Ocean Tower 2.

Ocean Property has invested over 200 million baht in a major renovation of the Ocean Marina Yacht Club to modernize it with complete facilities to accommodate family travelers, meeting the needs of all generations during holiday periods, with plans to unveil the new hotel and open for service in mid-2022.

For the real estate market in Khon Kaen, the company has developed its latest project, “Ocean Grand Residence Mittraphap-Khon Kaen,” an 8-story condominium with 236 units located just 50 meters from Rajaphruek Hospital (new) and near Central Plaza Khon Kaen and leading educational institutions, with prices starting at only 1.39 million baht. Over 80% of the units have already been sold, and the project is expected to be completed and recognized for revenue from transfers by the end of 2022.

According to data from the “Ocean Residence Mittraphap – Khon Kaen” project, which is the company's first project in Khon Kaen, demand in the market continues to grow well even amid the COVID-19 situation, from both buyers looking for personal residences and those investing. The capital gain from buying and selling is within a good range, yielding a profit increase of 5-10%, while rental yield is at 5-7%, which is higher than current savings account returns.

In the Pattaya market, a city full of opportunities for tourism, residence, and real estate investment among Thai buyers seeking a second home in a tourist city, and foreigners, the Ocean Portofino Jomtien-Pattaya project is a modern high-rise condominium with 37 stories and 268 units on over 120 rai of land, offering a “marina lifestyle” atmosphere, located next to the largest world-class yacht marina in Southeast Asia, with prices starting at only 6.9 million baht. Currently, over 90% of the units have been sold, and the company has recently launched two new design models in Contemporary and Scandinavian styles, along with promotional campaigns to boost sales to close the project.

In Phuket, Mr. Napong stated that the horizontal market still has significant real demand from people wanting to own their homes. The Ocean Town Mueang-Rassada project consists of modern townhomes and commercial buildings on over 20 rai of land located on Si Sutthas Road in Phuket town, with 187 units and a project value of 700 million baht. This location has potential for both residence and business due to its connectivity to key areas in the province, including schools, universities, government agencies, hospitals, and shopping centers. The company plans to continue with Phase 4, the final phase of the project, within this year.

In addition to aggressively entering provincial markets in 2022, balanced management and risk reduction are also important. The company focuses on covering both horizontal and vertical markets, as developing a product portfolio in this manner will help the overall business continue to move forward in all situations, while also emphasizing proactive strategies to create new opportunities for the business.

“However, in the first quarter of this year, the company is monitoring the situation of the Omicron outbreak to see how it will unfold in Thailand and its impact on the real estate market. The company continuously assesses the situation while also proceeding according to the established plans and preparing to adapt to ongoing changes, with hopes that sales this year will grow more than what was achieved in 2021,” Mr. Napong concluded.