Bangkok developer targets younger buyers with Condo U


Condominium developer Grand U has enjoyed significant growth over the past 12 months with over 3 billion baht in realized revenue recorded in 2012.

Neramit Srangiam, Managing Director, Grand Unity Development Co., Ltd., or Grand U, says the company launched four new projects last year with a value totaling 4.1 billion baht and achieved a realized revenue of 3.1 billion baht, which was much higher than the established target. 

Neramit says the company’s success can be attributed to good construction quality that meets, and in many cases exceeds, accepted standards.  “As many as 80% of the customers agreed to accept their units upon first inspection as they found them to be well executed beyond their expectation,” said the Grand U boss.

Neramit Srangiam.Neramit Srangiam.

Ownership of all units at each of the company’s projects has been transferred in a very short time, reflecting customers’ confidence in the thoroughness of the developer.  The majority of Grand U customers purchase their units for own use.  An internal survey found actual occupancy rate to be as high as 90% at all projects.  As such, the firm is confident of growth in a similar fashion in 2013.

“It was a fantastic year for us in 2012 with higher realized revenue than we expected,” continued Neramit.  “Our people have dedicated so much to building the Grand U brand.  Our company is in fact built on quality.  We are able to complete the construction of condominium buildings in a shorter time while maintaining the usual standard.  This is why we can transfer the units and realize our revenue more quickly.”

Grand U is also very particular about its after-sales service.

“We try our best to preserve the surroundings of all our projects so they will look as good as on the day customers move in.  Our brand name is then further strengthened when satisfied customers recommend us to their friends and family members.  Our thanks go out to our Home Friendly Team whose members provide close support to the residents and assist with any repair work necessary within the individual units and the communal areas.”

Grand U expects to achieve a realized revenue of 3.8 billion baht in 2013, primarily from the ownership transfer of units at three projects.  Five new developments will be launched this year with a combined total value of over 5 billion baht.  Some of these new projects will be targeted at younger buyers with lower prices and designs they should find appealing, says Naramit.  The company currently has seven projects under construction.

“Our business plan this year focuses on the segment of property we labeled Condo U with a price tag of around 1.5 million baht for younger buyers and first jobbers, to make it easier for them to have a place of their own,” said the Grand U chief.  “We launched two such projects in 2012: Condo U @ Huamark Station and Condo U Ratchayothin.  Both were a huge success with all units sold within two months.  It has become evident also that our buyers are younger than before with some only 22 or 25 years of age.  We will try to implement more marketing activities targeting these fresh graduates or first jobbers.”

An artist’s impression shows the Condo U @ Paholyothin Station by Grand Unity Development Co., Ltd.An artist’s impression shows the Condo U @ Paholyothin Station by Grand Unity Development Co., Ltd.

Grand U’s latest introduction is the Condo U @ Paholyothin Station.  Located in the quiet locale of Soi Paholyothin 23, this 4-rai property with only 407 units offers an urban lifestyle with 60% open space for recreation and easy accessibility to main thoroughfares Paholyothin Road, Vibhawadee Road, and Ratchadapisake Road.  The project has been very well received on the market with nearly 2,000 customers registering for the right to purchase.

Neramit gives a concluding remark: “I believe that Grand U will become stronger as a brand through our business plan which focuses on responding to actual market requirements and through the attention we pay to construction quality.  Our performance will undoubtedly benefit as a result.”