Sansiri homes in on middle market

With the launch of Hive, a new city condominium concept project, on Sathorn-Taksin Road, Sansiri is planning to expand its customer base to include the middle market.

The Thailand property project is worth Bt1.6 billion and is already sold out.

However, the company plans to launch projects based on the same concept at other locations, company president Srettha Thavisin said.

The project, with 31 storeys, has 363 units of three types. These include a one-bedroom apartment which covers between 40 square meters and 49 sq. m., a two-bedroom apartment covering between 67.5 sq. m. and 69 sq. m., and a three-bedroom apartment which covers 99.5 sq. m.

Prices start at Bt80,000 per sq. m. and go up to Bt100,000 per sq. m.

This is the first Thailand property condominium project by Sansiri which offers prices lower than Bt110,000 per sqm, Srettha said.

The company is now filing for the project's Environmental Impact Assessment (EIA) with the Office of Natural Resource and Environmental Policy and Planning.

Construction will start by August and is expected to be completed by July 2010.

Srettha said Hive will be Sansiri's new brand which will cater to the middle-market segment under the theme "Simply Sansiri".

Sansiri has so far developed residential projects focusing on the middle- to upper-income market with residential projects priced between Bt5 million and Bt10 million per unit.

Its subsidiary, Plus Thailand Property will develop residential projects for the middle-income market with prices ranging between Bt1.9 million and Bt3 million per unit. Another subsidiary, Prom Pattana has developed detached houses for the middle-income market. They are estimated between Bt1.9 million and Bt3 million per unit.