Eastern Star Real Estate Public Company Limited (ESTAR), a property developer focusing on residential projects in high-potential locations, has introduced its new executive “P'Jae - Pairoj Watthanaworodom” to lead the real estate sector and drive business forward. The company aims to develop new products that embody the DNA of the ESTAR brand, shaping every project under the concept of “Creator of Life’s Pleasures.” For 2023, the company plans to enter the condominium market with the launch of the Quintara My Series, comprising three projects valued at a total of 4.15 billion baht, with a sales target of 3.1 billion baht by the end of the year.

Mr. Pairoj Watthanaworodom, Managing Director of Eastern Star Real Estate Public Company Limited (ESTAR) stated that for the second half of 2023, Eastern Star will not launch new projects but will unveil the Quintara My Series, featuring three city-center condominium projects valued at a total of 4.15 billion baht. Construction has already begun on all three projects, which are expected to be completed around Q3 to Q4 of 2024. This series will be the first to utilize the “Creator of Life’s Pleasures” concept as a core principle in product development to meet customer needs, and it will be applied to next year's product series as well.

Quintara My Gen Ratchada - Huai Khwang Project (Project value: 1.05 billion baht) is an 8-story condominium with 2 buildings, totaling 383 units, starting at 2.19 million baht. Its prime location is in the heart of Huai Khwang, just 350 meters from Huai Khwang MRT, featuring a minimalist design and a large 4-story common area, close to connections for four subway lines.

Quintara My Zen Phrom Phong Project (Project value: 1 billion baht) is also an 8-story condominium with 2 buildings, totaling 276 units, starting at 2.29 million baht. It features a Japanese-style design and is located near the BTS Phrom Phong station, connecting to Sukhumvit and Phetchaburi roads, just a 5-minute journey from EmQuartier.

Quintara My Den Phothi Nimitt Project (Project value: 2.1 billion baht) is a 40-story condominium with 628 units, starting at 2.89 million baht, featuring a design that is conveniently located right next to the subway.

This year, the company has prepared for new investments in 2024 with a budget of around 1 billion baht to purchase land for the development of approximately three horizontal projects, increasing the proportion of horizontal projects, including townhomes and single-family homes in Bangkok and Rayong. The previous focus was 80% condominiums and 20% horizontal projects, which will shift to 50% condominiums and 50% horizontal projects, aiming for the company to gradually recognize revenue more quickly after previously slowing down investments in horizontal projects.

Recently, the company acquired land for 300 million baht in the eastern Bangkok zone, which is set to be developed into a 2-3 story townhome project under the ESTARA brand, comprising 156 units priced between 3-5 million baht, with a project value of 700 million baht, expected to launch in Q3 of 2024. Additionally, the company is preparing to purchase 1-2 more plots of land for continuous development of new horizontal projects. The company is also studying a partnership with leading partners to develop luxury homes priced between 40-80 million baht in a cool climate area, with 3.2 rai of land already available to cater to business clients seeking luxury homes in prime city locations, with this project expected to commence next year as well.

In Rayong, there are currently 6 completed projects valued at a total of 2.85 billion baht that are still on sale. It is anticipated that the Velana Amoda U-Tapao - Ban Chang project will close in early 2024, and the Grand Velana U-Tapao - Ban Chang project will close by the end of 2024. Currently, the completed projects have a backlog of about 560 million baht, and total sales this year are expected to meet the target of 3.1 billion baht, leading to projected revenue of around 1.5 billion baht.

In Q2 of 2024, there are plans to launch the Velana 3 single-family homes priced between 5-9 million baht, located on land around the Ban Chang golf course, covering an area of 38 rai, with a project value of 700 million baht. The company also has additional land around the golf course that can accommodate new project developments of about 200 rai.

For the business plan over the next 3-5 years, the company aims for revenue to reach 3,000 – 5,000 million baht, with plans to launch about 3 new projects each year and to adjust its business operations by focusing on product design and quality as a competitive advantage. The company aims to target the middle market, particularly Gen Y, by developing residential projects under the concept of “Creator of Life’s Pleasures.” Additionally, it will implement risk management principles and reduce material costs through advance purchasing over 2 years, which can help reduce costs by about 10-25%, while fostering sustainable growth within the organization by building teamwork to meet targets and reducing redundant work. These are all goals set by “P'Jae Pairoj Watthanaworodom, the new commander of ESTAR.”