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Property Perfect 'never stops developing'

Thursday, 25 September 2008

source: The Nation "Our marketing strategy 'Never Stop Developing' gives strength to our residential projects and our brand, helping us develop close relationships with our customers," Property Perfect chief operating officer Teerachon Manomaiphibul said in an interview with the Nation on Tuesday. He said there is tough competition in the residential arena, especially among the top 10 developers in the market, who now have enough capital and land banks to develop residential projects at a time when the country's economy is witnessing a slowdown. Teerachon, who has been with Property Perfect since December 2002, said he launched a rebranding drive for the company and created a new logo and a business strategy focusing on green projects built on large plots of land. The rebranding included a complete overhaul of the organisation, he said. "We started to reorganise business units to fall in line with our business strategy to 'Never Stop Developing' and challenged our staff to follow our 4Ps - proficiency, persistence, people orientation and profile," he said. When the company's staff believes in the company's strategy, it gets confidence to drive the business toward its goal of becoming the top property company in the market, Teerachon said. After working on staff confidence, the company took on the challenge of differentiating its residential projects by focusing on the green community concept and developing Property Perfect's "Perfect Community". Teerachon said that for the first time since he joined Property Perfect, the company got a chance to develop a residential project on its largest land plot so far. But selling the project became difficult because it had more than 1,000 units at one location but no unique selling point. Teerachon decided to turn this weak point into an opportunity by offering more green area and develฌoping a large lake in one of its Bangkok residential projects. This helped add value to the comฌpany's projects. From total revenues of only Bt1.8 billion in 2002, the company's revฌenues jumped to Bt6.3 billion last year and it expects revenues of Bt8 billion by the end of the year. After the initial success in differentiating its residential projects, the company started to diversify its brand to cater to several market segments, ranging from the middle to the upperincome group. Teerachon said the company created different brands to target differฌent market segments - three brands for detachedhousing projects, two for townhouse projects and one for condominium projects. In detached housing, the company launched Perfect Masterpiece for luxurydetached houses with a startฌing price of Bt10 million a unit, Perfect Place for the middle to upper markets with a starting prices between Bt5 million and Bt10 million a unit and Perfect Park for the middle market with starting prices between Bt2.5 million and Bt5 million a unit. Townhouse brands included The Villa priced between Bt1.9 million and Bt3 million a unit, which focused on the middle market, and The Metro for the middle to upper markets with a starting price of Bt3 million. Condominiums were promoted under The Metro Park project. "Creating different brands for different customers was our way to customise products and create separate communities according to customer demand," he said. He said he learnt from observing customer behaviour that they prefer to stay in a community with neighbours who share their kind of lifestyle. Although its brands are now successful in the market, the company has continued with aggressive marketing to establish a presence in customers' minds. It has set aside a marketing budget of 2 per cent of its total sales in the next year, or about Bt200 million. Last year's research by Phoenix Research showed Property Perfect ranked second in the market behind Land & Houses.

 

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