“Deva Land” defies market trends by partnering with 3 landlords to unlock heritage land for the luxurious pool villa brand “Canvas” in three prime locations: Rama 9, Ari-Paholyothin, and Punnawithi, priced between 25-45 million baht. Pre-sales will commence on September 1, 2025, with confidence in the land's potential and project design to close sales within a year.

Mr. Lertmongkol Waravejnuch, Managing Director of Deva Land Co., Ltd., former president of the Nonthaburi Real Estate Association, and vice president and secretary of the Thai Real Estate Association, shared insights on the real estate market outlook for the second half of 2025. He noted that there are no positive signs, only stagnation and decline. A potential good news is the announcement by U.S. President Donald Trump to reduce import taxes on goods from Thailand from 36% to 19%, effective August 1, 2025. This makes it difficult for Thai operators to worry about investors from China and Japan relocating production bases to Vietnam, as Vietnam imposes a 20% import tax. If Thailand's GDP does not grow, the real estate market will not grow either, akin to a boat floating in a canal; without water (GDP), the boat cannot float. The overall market is unlikely to worsen beyond its current state. In 2025, residential sales in Bangkok and its vicinity are expected to be around 60,000 units, compared to 33,000-34,000 units per year from 1998 to 2000, indicating that this year's sales are still double that period.

Regarding various landowners, after the announcement of the Land and Building Tax Act of 2024, they face challenges with full 100% tax assessments. Many, despite developing their land, cannot secure project loans. Therefore, the solution to enable project development is to collaborate with experienced professionals in residential development.

Recently, a landlord with prime land in the city center has shown interest in partnering with Deva Land Co., Ltd. to develop a total of 3 plots with a registered capital of 20 million baht, aiming to develop these plots into single-family pool villas priced between 25-45 million baht, totaling approximately 500 million baht. The project locations include Rama 9 valued at 220 million baht, Ari-Paholyothin valued at 160 million baht, and Sukhumvit 101 (Punnawithi) valued at 120 million baht, all under the “Canvas” brand.

The first project will be located in Rama 9, in collaboration with the “Laohapan” family, utilizing a 1-rai plot in Rama 9 Soi 59 to develop single-family pool villas under the brand “Canvas Rama 9.” Each unit will have a land size of 35-43 square wah, a usable area of 366 square meters, featuring 3 bedrooms, 4 bathrooms, 3 parking spaces, elevators, and rooftop gardens. There will be 8 units priced from 24.9 to 34.9 million baht, with a project value of 220 million baht. Development will occur in 2 phases, with the first phase's pre-sale on September 1, 2025, and the second phase taking an additional 8 months to complete, expected by mid-2026.

For the other 2 projects, they will feature custom-built single-family pool villas. The Ari-Paholyothin location will be a joint venture with the “Nakakets” group, developing a total of 178 square wah under the brand “Canvas Ari.” There will be 4 units sized 25-45 square wah, starting at 35-45 million baht, with a usable area of 350-450 square meters, 3 bedrooms, 4 bathrooms, 3 parking spaces, elevators, and rooftop gardens, with a project value of 160 million baht.

In the Sukhumvit 101 (Punnawithi) area, a partnership with the “Jaroenpanit” group will develop a total of 215 square wah under the brand “Canvas Punnawithi,” featuring custom-built single-family pool villas. There will be 4 units sized 35-55 square wah, starting at 35-45 million baht, with a usable area of 350-450 square meters, 3 bedrooms, 4 bathrooms, 3 parking spaces, elevators, and rooftop gardens, with a project value of 120 million baht.

“All 3 projects will open for pre-sale on September 1, 2025, but the latter 2 projects will be custom-built homes taking 1 year to construct. We are confident in the potential of the land in the city, which is quite rare, with the average price of vacant land in all 3 locations ranging from 150,000 to 500,000 baht per square wah, which is hard to find currently. We are targeting high-end customers, who are the least affected by the overall economy, and housing is considered a basic necessity. If we can develop in good locations at reasonable prices, it meets customer needs. Our land is approximately 30% cheaper than competitors in the same area due to advantages in land costs, most of which are heritage land over 50-60 years old, allowing landowners to leverage it. All 3 projects will utilize the same team, effectively addressing this customer segment. Therefore, this is a good time for investment, and customers can trust the quality as I oversee everything from land selection, sales, design, and after-sales management. I expect all 3 projects to close sales within a year,” Mr. Lertmongkol concluded.