Patco taps high-end segment in capital

Chon Buri-based property developer Patco Group’s first residential project in Bangkok is tapping the high-end segment and offering a buyback guarantee to build confidence.

Navanat Sukhamongkhon, the group’s executive vice-president, said many homebuyers in the upper-end segment have sufficient cash but lack the confidence to spend it at the moment.

“We will give a buyback guarantee as an option for those who want to buy a unit today but are not sure of the future,” she said. “These buyers can change their mind when unit construction is completed and they are required to get a unit transfer.”

The buyback guarantee will be offered as an option to just seven units in the last phase of Ther Ladprao 93, a high-end townhouse project on a ninerai plot on Lat Phrao Soi 93.

The project will have a total of 82 3.5-storey units worth a combined 850 million baht.

The first phase was launched in April with 13 units, 50% sold, while the second to fourth phases followed.

The group yesterday launched the fifth and last phase, with seven units priced from 8.9 million baht and offering a buyback guarantee of 10% during the 18-month construction period.

Buyers in this phase who want a buyback guarantee will be required to pay in cash during the booking period. When their unit is complete, they can return and get paid the money back plus 10% as yield.

“If they like the unit, they can get transferred,” Ms Navanat said. “If they don’t, they can get the money back with a return. This strategy can build buyer confidence.”

According to the consultant Nexus Property Marketing, townhouses priced at 8-10 million baht a unit in the Lat Phrao area are best-sellers with a 97% sales rate.

The Ther project is Patco’s first development in Bangkok. In the past three decades, the group has developed mostly in Chon Buri and Chachoengsao with 24 projects worth 10 billion baht.

‘‘ We will give a buyback guarantee as an option for those who want to buy a unit today but are not sure of the future.

NAVANAT SUKHAMONGKHON Executive vice-president, Patco