LIFE Sukhumvit 62’ launched as first joint condo project with Mitsubishi Estate Group for Q1/2018 on valued at Bht 2,000 million
Reinforces LIFE brand position under ‘Platform of Success’ concept offering best location with convenient multiple access and digital innovation to lift life to future success
AP i-Booking online condo booking platform simulates actual buyer experience at the project
AP (Thailand) Public Company Limited, the leading property developer for urban residents, today, further reinforced its vision of digital innovation for living quality into the future with its latest offensive in the condominium market targeting the new generation. Offering the ‘Platform of Success’ for the first quarter of the year, the company launched flagship condominium LIFE Sukhumvit 62, a joint venture with Japanese partner Mitsubishi Estate Group (MECG). Located on Sukhumvit Road, LIFE Sukhumvit 62 is accessible through multiple travel modes, and brings residents’ lifestyle to the next level via the innovative ‘Life Space for the Future’ design concept. AP is also the first developer to sell condominiums on a full online platform through AP i-Booking that offers customers a special simulated experience of being in an actual show unit of the project. The format is used in response to changing consumer behavior.
The firm is brimming with confidence of the project’s potential, as it is built on a location with multiple access, a design innovation that ensures improved quality of life in the long term and a new sales approach that reaches customers directly using new technology. LIFE Sukhumvit 62 selling via AP i-booking system will be officially offered at a starting price of Bht 120,000/sqm on 27 March 2018, from 19.00 – 21.00 hrs.
According to Mr. Vittakarn Chandavimol, Chief Business Group – Condominiums, AP (Thailand) Pcl., LIFE Sukhumvit 62 will be our pilot project in our shift from offline to full-on online booking. Security is ensured for all online property transactions, creating a milestone for Thailand’s real estate industry. AP has partnered with leading bank to ensure unlimited booking access to LIFE Sukhumvit 62 using a new format in response to the behavior of the new generation of urban customers who are open to technology to make life easier. We are confident that the elevation of our sales platform to a fully-fledged online system will offer us a springboard to success that will enable us to quickly close all sales of the project.”
LIFE Sukhumvit 62 is differentiated by the choice of the high-potential location and digital innovation designed for good living quality. Only 200 metres from Bangchak BTS station and 500 metres from the expressway, the location can be accessed through a variety of travel modes giving the project an advantage in terms of value and choice. In addition, the project has digital innovation built into the design of its common area with Wi-Fi access available throughout. LIFE Sukhumvit 62 is designed under the concept of Life Space for the Future to bring living quality of urbanites to the next level. Among the amenities designed to serve the purpose is Digital Co-working Space complete with Cocoon Space, a private space which, even it is located within the common area, allows residents to work undisturbed. Additional life space is also available for residents to design their relaxing lifestyle without no limits. The project stands out with the provision of green landscape such as Interlock Landscape for completing with seats and walkways in shaded corners to ensure beauty and maximum privacy just like working in natural settings. The project’s Ultimate Rooftop Facilities offers Aquascape, an exclusive swimming pool with views of Sukhumvit and Bang Kra Jao oasis, while physical activity can be engaged in privacy in the project’s Sky Fitnessroom.
“We have seen changes in the young generation’s buying process for residential properties. They often consume news and information, which is easy to access with all kinds of information, enough for them to make primary decision before eventual project visit. Our survey of access to APTHAI.com found that the number of visitors increased from 250,000 in 2014 to 5.9 million in 2017. More than 70% of the visitors are in the 25-44 age group. Last year, AP was able to sell at two condominium projects to customers who regularly visit the website. That was partly due to successful special booking sessions via AP i-booking for LIFE One Wireless and LIFE Asoke – Rama 9, which are two of our well-received projects. The number of units booked online was nine times more than the number of units offered for sale. The fastest successful booking via AP i-Booking clocked at only 1.21 seconds. Considering the behavior and familiarity with technology of this group of customers, we are confident that the shift from offline to full-on online sales is the right decision and it will certainly become a new normal in Thailand’s real estate industry,” Mr. Vittakarn said.
“Condominiums along the Sukhumvit BTS Line fall into one of three main sections: 1) Upper Sukhumvit (Nana station-Ekkamai station) where condominiums, built right the heart of prime central business district, are in the luxury segment at Bht 290,000-400,000/sqm price range. 2) Mid-Sukhumvit (Phra Khanong station-Nana station) where condominiums in the Bht 100,000-250,000/sq.m. price range for sale in high-potential locations surrounded by growing city trends. This section of Sukhumvit is also clearly affected by Upper Sukhumvit’s extended urbanization triggering demand for condominiums in the area. Developers are challenged to find the right plot of land and manage their price package to meet customer demand and price limitations. AP is looking to fill a gap in this section of Sukhumvit. 3) Lower Sukhumvit (Bearing station-Erawan station) where condominiums are in the Bht 70,000-120,000/sqm price range,” Mr. Vittakarn added.
LIFE Sukhumvit 62 is valued at Bht 2,000 million. It is the 12th joint venture project by AP (Thailand) and Mitsubishi Estate Group, which was launched as this year’s first condominium project. Located in the best spot on Sukhumvit Road surrounded by all essential facilities, including hospitals, schools and leading shopping complexes, it is only 200 metres from Bangchak BTS station and 500 metres from the expressway ramp making it very convenient to travel to and from the project. Prices of the project start from Bht 3 million or Bht 120,000/sq.m. Built on an area of 2-2-67.2 rai, the project consists of a 24-storey residential tower. With only 438 units, it offers maximum privacy. Functional spaces offered range from 1) Studio with 25 sq. m. of function area 2) Suite with 1 bedroom, 1 bathroom and 30 sq. m. of functional area 3) Suite with 1 bedroom, 1 bathroom (special) and 38-39 sq. m. of functional area, and 4) Suite with 2 bedrooms, 2 bathrooms and 50-68 sq.m. of functional area.
Furthermore, the company will launch 34 new projects worth Bht 49,000 million in 2018. These include 4 condominium projects worth Bht 19,000 million and 30 low-rise projects worth Bht 30,000 million. Presales for the year are projected at Bht 33,500 million with total revenue turnover projected at Bht 28,100 million in 2018.
For its condominium business group in the first half of the year, the company will launch two new projects worth Bht 5,000 million: ASPIRE Sathorn-Ratchapruek, a 32-storey condominium project with 1,049 units worth a total of Bht 3,000 million, stands out for its proximity to the mass rapid transit system, only a step walk to the Bangwa station, which is a major BTS-MRT interchange station. Prices start from Bht 1.89 million. Sales were open between 24-25 February and LIFE Sukhumvit 62, a joint condominium venture project offering 438 units on 24 stories for a project value of Bht 2,000 million. The project is only 200 metres from Banchak BTS station. Sales will be open via AP i-Booking on 27 March 2018, from 19.00 – 21.00 hrs.
The company was very successful in 2017 when it recorded Bht 42,900 million in presales from both condominium and low-rise projects, exceeded its Bht 26,000 million projected presales goal in 2017, representing 92% growth, comparing its bht 22,365 million projected presales in 2016. The jump in presales was attributable to launches of 22 new low-rise projects – detached houses and townhomes, all of which have seen their presales growing continuously. The strong growth was also helped by the successful launch of three LIFE condominium projects, namely LIFE Ladprao, LIFE One Wireless and LIFE Asoke-Rama 9 – all have been 90% sold. In addition, over 90 ongoing projects were also behind the better-than-expected business.