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Sansiri picks London for foreign debut

The listed developer Sansiri is expanding its reach overseas as part of a plan to cover every residential market segment. Elvaston Place in Kensington is one of London’s most desirable addresses. The company's first international project is in London's most expensive area, High Street Kensington. It has bought a 600-million-baht condominium on Elvaston Place, with six units sized from 60 square metres. Prices range from 60 million to 160 million baht. It plans to open sales next April in Thailand only. President Srettha Thavisin said the London project would be a success as the company already had many affluent Thai customers. It is now studying other countries in Asia and Europe. "We've been planning and studying the overseas property market, especially the UK, for the past five years," he said. "We've decided to debut our first project in the the UK because property market there is on a downtrend which favours developers that have enough capital. "Demand for high-grade residences is still high there coupled with only few new development projects due to limitations under the UK law." As well, the pound is weakening and a rising number of non-UK residents are buying homes for their children who study there. Demand for second homes in one of the world's most attractive cities also draws buyers, he said. Sansiri expects its overseas projects would lift its sales by 5% to 10% within three years. The company aims to develop B-level residential projects in Thailand within the next three years in order to complete all market segments. Sansiri aims to develop 19 projects this year. Shares of SIRI closed on Friday on the SET at 2.82 baht, up six satang, in trade worth 2.7 million baht.

 

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