PROPERTY / RESIDENTIAL DEVELOPERS

New-look SC Asset taps lower price range

Firm wants to cut reliance on rentals

SOMPORN THAPANACHAI

The listed developer SC Asset Corporation Plc plans five projects worth three billion baht this year with a target to maintain 30% sales growth and expand its buyer base to lower-end groups, according to chairwoman Yingluck Shinawatra. Two new projects will be launched this month: the 360-million-baht Vista Park Pracha Chuen, comprising 78 townhouses priced between 3.9 and 7.7 million baht, and the 387-million-baht Centric Scene Aree II, housing 79 condominium units between 39 and 122 square metres, priced at 2.8 million to 8.9 million baht.

Its other three townhouse and condominium developments will be launched in the second half of the year.

Ms Yingluck said the company would have 10 ongoing projects worth 5.4 billion baht this year, and that it had already set aside a one-billion-baht budget to accumulate the land.

It also is looking for opportunities to invest about one billion baht in a new office building outside of Bangkok's lucrative central business district.

SC Asset hopes to reduce rental revenue to 30% of its total from 40% now, while generating more income from sales of real estate developments.

The company yesterday introduced a rebranding with a clean and sleek logo in orange and grey, dumping the blue colour that defined Shin Corporation affiliates.

The logo comes with a new slogan: ''Complete Living for Today & Tomorrow''.

Ms Yingluck said the company would develop more modern products that suit market demand to help achieve its goal of 30% sales growth this year.It has about one billion baht in sales revenue that will be realised in the first half of this year.

''Rebranding is not just the change in logo, but we also are modifying our products under a customer-centric concept. We hope to see better brand awareness and are confident of achieving the growth target as we don't have a big portfolio right now,'' she said.

The company will maintain its three sub-brands in the new design: Bangkok Boulevard for detached houses, Vista Park for townhouses, and Centric Scene for city condominiums

She said that since the company wanted to capture lower-end markets, unit prices would start at 3.5 million baht for detached houses instead of 4.5 million. Its townhouse and condominium units will start at 1.5 million to 2.0 million baht, down from more than three million a unit.

SC shares closed yesterday on the Stock Exchange of Thailand at 8.65 baht, up 0.55 baht, in trade worth 34.6 million baht.

Bangkok Post
Friday February 02, 2007