When mentioning a real estate company like Serene Property or Serene Property and Development Co., Ltd., it may not be very familiar to many. However, it must be acknowledged that this is a company that has successfully developed quality residential projects that can easily compete with larger brands. It is considered a fast-moving small fish that adheres to the "Blue Ocean" strategy by diversifying projects across almost every region in Thailand, resulting in continuous growth from over 20 projects with more than 7,000 units, totaling a value of over 17 billion baht.

The success of Serene Property began with the vision of its two executives, Nimit Monarimit, CEO, and Wuthiphan Kangsanan, Managing Director, who transitioned from the retail business to apply their expertise in real estate management, leading to continuous growth in both high-rise and low-rise developments, with plans to enter the stock market soon.

15 Years of Serene Property Providing More for Customers

Although the name Serene Property may not be well-known among Bangkok residents, it has been established for over 15 years since 2010, focusing on launching projects in provincial areas in major cities with potential such as Ayutthaya, Korat, Sriracha, Phuket, Hat Yai, and Surat Thani under the brands:

  • Plus
  • S’myne
  • Serene Mira
  • Serene Raya

The flagship brand, Plus, has become iconic with as many as 15 projects.

The choice of the name Plus for the company's condominium marketing was intended to convey the message of U as a representative of important customers. The term Plus signifies the commitment to developing products that offer customers more value for the same price, better amenities, etc. This has become a key factor in the positive reception of the company's products, becoming a signature of all products under Serene Property.

As defined by Serene Property, the vision of Plus includes:

  • Perfection: Striving for the highest standards by selecting skilled professionals with experience in each area to create valuable work.
  • Leisure: Carefully considering every detail, no matter how small, to create a truly relaxing space.
  • Ultimate: Aiming to be one of the best real estate development companies that customers think of first.
  • Satisfaction: Ensuring maximum customer satisfaction through effective and honest service management, fostering trust and long-term relationships.

Provincial Real Estate: A Market Worth Watching

The first step of Serene Property began with Plus Condo Phuket in 2010, breaking the mold as one of the first affordable condominiums in Phuket at a time when the market was dominated by premium villas. Despite skepticism about how a condominium could be priced over a million baht, Plus Condo Phuket exceeded expectations and led to subsequent projects in Hat Yai, Songkhla, and Surat Thani, before expanding to other regions like Sriracha, Ayutthaya, Nakhon Ratchasima, Udon Thani, etc.

“We chose to focus on the provincial market first to find a unique selling point. If we started in areas with major players, the chances of success would be slim, so we opted for the Blue Ocean market.”

“The selection of provinces is based on various factors, with key criteria including GDP, province size, per capita income, city size, and even the number of 7-11 stores. We analyze retail stores; if a province has many retail outlets, it indicates a positive trend. Another strategy is the high-speed rail, as cities like Ayutthaya, Korat, and Udon Thani have high-speed rail connections,” Nimit explained the key strategies that have enabled the company to grow rapidly.

In addition to seeking Blue Ocean markets, another aspect comes from the expertise of the two executives in identifying potential locations in various provincial areas, drawing from their retail business experience and travels across the country, allowing them to see the potential of major cities in provinces that are increasingly urbanized and have a high purchasing power.

“For instance, in Korat, we visited nearly 10 years ago but decided not to proceed. However, in 2017-2018, we revisited and found several interesting indicators that led us to launch a flagship project with over 800 units, which received a great response, and now only a few units remain.”

“Or during 2015-2016, many companies were already marketing in Ayutthaya, and business analysts advised against us entering. However, we saw some interesting numbers and decided to launch a condominium project in Ayutthaya, effectively redefining modern condominiums in the area. In summary, over 300 units sold out within a year, and when we started a second project with over 600 units next to Ayutthaya Park, it also sold out. This gave us confidence in our understanding of the housing needs of provincial residents,” Wuthiphan added.

From Plus to Diverse Brand Expansion

Initially, Serene Property was driven by the Plus brand, which included both condominiums and townhomes. Later, they expanded into the single-house segment with Serene Mira and Serene Raya, premium villas priced between 25-35 million baht, as well as the latest brand S’myne, a low-rise condominium notable for its proximity to the entrance of the Rojana Industrial Estate. This diverse brand expansion allows them to meet the needs of all customer segments.

"Building residences in provincial areas cannot rely solely on condominiums, as some provinces cannot accommodate them due to various factors such as urban planning and resident demand. By having a complete product range, we can manage products in every province and improve cost management.”

“In the past 2-3 years, we have diversified into various formats, including two single-house projects in Ayutthaya and Hat Yai, two villa projects in Phuket, and condominiums for First Jobbers targeting newcomers to the workforce under the name S’myne. We see that many provinces in Thailand still have opportunities for expansion, and our Business Research will study to select the right products for each area,” Nimit revealed the segment expansion that better addresses housing needs.

Understanding the Behavior of Provincial Residents

It cannot be denied that Serene Property has nearly all its projects located in provincial areas and has won the hearts of residents for a long time. The main strength lies in selecting locations and designing tailor-made products that suit the lifestyles of residents in each province, which have different needs. Each project by Serene Property features unique layout designs tailored to the specific area, rather than using the same pattern everywhere. This is a result of customer data analysis from employees and teams embedded in each province.

“We have a Business Analysis team closely monitoring this to understand what type of housing is needed in each area, whether it’s a first or second home. The context of residents in each province differs from major cities. For instance, people living in condominiums in provincial areas seek convenience in transportation, which is similar everywhere.”

“However, if it’s a secondary road, not downtown, it may be more suitable for townhomes, or if it’s close to something that justifies living in a small room. These factors must be proportionately considered. For projects near shopping malls, if the mall is outside the city, we must evaluate what compensates for living in the city,” Nimit explained, illustrating that location selection is not a one-size-fits-all formula but rather an art and science that requires vision and experience.

Given that Serene Property has a sustainable business philosophy, every project is carefully curated.

“Our strategy of starting from small provinces and gradually expanding has taught us that we are a small fish swimming fast. For example, when we entered the Phuket market, we did something different, starting with just a few units and expanding to thousands. When we move to other provinces, it doesn’t mean we abandon the original ones; we revisit them to see if opportunities have returned. The provincial market is not large, so we must manage demand and supply effectively. If we are slow, demand may vanish. For instance, Chonburi-Pattaya has rapid demand fluctuations. However, from now on, we will be a small fish in a big school, and we believe there are still many Blue Ocean opportunities ahead,” Wuthiphan emphasized the business approach of Serene Property.

Focusing on Quality at Reasonable Prices

Another crucial piece that has led to Serene Property achieving word-of-mouth marketing, often praised by customers, is not only the attention to materials and product quality but also the emphasis on comprehensive amenities that leave customers in awe, such as rooftop swimming pools, which are rare in provincial condominiums. They focus on practical utilization and providing valuable space, along with consistent after-sales service and management that regularly attends to residents.

“The retail business teaches us that we don’t need high margins; we just need to survive and keep customers happy. For instance, in designing amenities, we ensure quality in fitness areas because we want customers to receive good products without needing to purchase them in Bangkok.”

“We provide quality at reasonable prices, whether cheap or expensive; it’s up to the customers to decide. Competition doesn’t mean we have to make better products alone; we need good service, solid funding, and branding will follow naturally,” Nimit concluded.

Ultimately, the goal of Serene Property is to look forward, not to be number one, but to be one of the leading and trustworthy brands that grow continuously and sustainably.