Eastern Star Real Estate Public Company Limited, or ESTAR, has showcased its success by achieving a total transfer of over 1 billion baht in the third quarter, representing a growth of approximately 27% compared to the same period last year. The company has a solid backlog and is preparing to launch a new project, featuring the standout condominium “Quintara My’Gen” located in the Ratchada-Huai Khwang area, which is one of the successes from sales and transfers in 2024.

Mr. Pairoj Wattanaworodom, Managing Director of Eastern Star Real Estate Public Company Limited, or ESTAR, revealed that the overall Thai real estate market in the first nine months has faced several negative factors leading to a slowdown. Despite government measures to stimulate the real estate sector, including reductions in transfer fees and mortgage fees, as well as raising the ceiling for homes priced at 7 million baht, these efforts have not been sufficient to revive purchasing power compared to previous years due to strict lending policies from financial institutions, influenced by rising household debt this year. This means that the current and future outlook for real estate must contend with these long-term factors, along with many unknown factors. However, in the real estate business, investment must continue to sustain operations. ESTAR has not ceased its activities and has strategized to launch new projects to continuously increase sales and transfers.

ESTAR has successfully launched three new projects, achieving 100% of its plan with a total value of over 1.6 billion baht, moving forward vigorously with new projects in Rayong and Bangkok, including the VELANA HYDE single house project in U-Tapao, Ban Chang, and the GRAND VELANA POOL VILLA single house project in Ban Chang, Rayong, as well as the ESTON townhouse project in Lat Krabang-Suvarnabhumi.

Mr. Pairoj further discussed ESTAR's achievements, stating that the company had previously announced the launch of the Quintara My’ series of three city-center condominiums with a total value of over 4 billion baht, aiming to commence construction and recognize revenue for some projects in the third quarter of 2024. Construction has now been completed as planned, particularly for the Quintara My’Gen Ratchada-Huai Khwang project, which is a significant highlight, completed and ready for occupancy, located in a high purchasing power area with limited supply available. Ratchada-Huai Khwang is thus a location with potential, often referred to as a never-sleeping area. RISING STAR LOCATION? This question can be easily answered, especially for the Ratchada-Huai Khwang area.

The area boasts a diverse population, close to three important embassies, including the Chinese, Spanish, and South Korean embassies. There are numerous 3-5 star hotels, totaling over 96 hotels, as well as leading office buildings such as the AIA Capital Center, Muang Thai Phatra Complex, the Stock Exchange of Thailand building, and G Land Tower. It is also a vibrant lifestyle hub both day and night, with shopping centers like Central Rama 9, The Esplanade, and the Jodd Fair market, along with proximity to leading hospitals such as Bangkok Hospital, Samitivej Sukhumvit Hospital, Rama 9 Hospital, and Piyavate Hospital. Additionally, it is not far from three leading universities: Thai Chamber of Commerce University, Srinakharinwirot University, and Chulalongkorn University.

Moreover, the “Ratchada-Huai Khwang” area also features convenient transportation, being close to five subway lines, including the blue, orange, yellow, green lines, and the Airport Rail Link. The Quintara My’Gen Ratchada-Huai Khwang project has a total project value of over 1,000 million baht, consisting of an 8-story condominium with two buildings and a total of 383 units, with prices starting at 2.29 million baht, located just 90 meters from Ratchadapisek Road and only 350 meters from Huai Khwang MRT station. The project also features a large common area spanning four floors and has a clearly defined target customer base of three major groups: hotel staff in the area, students, and hospital employees, resulting in over 60% sales, with projected transfers from this project in the third quarter expected to contribute to ESTAR's overall transfer target of 1 billion baht.

Mr. Pairoj also mentioned that there is still a backlog awaiting transfer in the fourth quarter, both for high-rise and low-rise projects in Bangkok and Ban Chang, Rayong, totaling over 700 million baht, particularly for the Quintara My’Gen Phrom Phong condominium project, which has a backlog of approximately 500 million baht, expected to be gradually transferred in October. With the successful execution of each project as planned, the company anticipates annual revenue to meet its target of 1.7 billion baht. Additionally, ESTAR has a backlog extending into 2025 of approximately 1,000 million baht, Mr. Pairoj concluded.