The Enrich Group has launched ‘The Article North Ratchaphruek,’ a luxury residential development located on the west side of Bangkok, an area experiencing high demand. Situated in Ratchaphruek, an emerging luxury hub, the project showcases a distinctive design inspired by modern lifestyle needs, with meticulous attention to detail to elevate contemporary living. This project is a joint effort between leading figures in the Thai and Japanese real estate sectors, aiming to redefine standards in the luxury housing market. According to CBRE, high-end and luxury homes in Ratchaphruek experienced a remarkable 385% surge in activity in Q1 2024, compared to the same period in 2023.

“The Article North Ratchaphruek” is a luxury residential development offering expansive single-family homes designed to maximize privacy. The project features modern architecture with a strong emphasis on functional design and optimal living spaces. Enrich selected Ratchaphruek for its burgeoning real estate market, which is increasingly expanding from the city center. The newly developed Ratchaphruek area is surrounded by a wealth of amenities, including community malls, leading department stores, and prestigious international schools.

The project embodies the concept of “Guiding You to Practical Living,” striving to perfectly meet residents’ needs and deliver an exceptional living environment. It also incorporates the “KonMari” home organization method, pioneered by global expert Marie Kondo, marking a first in Thailand’s real estate sector. This approach has received outstanding feedback through consultations with master-level experts.

Mr. Anavach Chatsirikul, CEO of Enrich Group, announced that “The Article North Ratchaphruek,” with a value exceeding 2.4 billion baht, is being developed in collaboration with Anabuki Kosan Group, one of Japan’s top 10 real estate developers. This partnership reflects the observed growth in the Ratchaphruek real estate market, particularly within the luxury segment. Although competition in the area is intense, there is still potential for market entry and competition.

“We recognize that this year’s real estate market presents several challenges, including heightened competition and longer decision-making times for consumers. Nevertheless, our business plan remains focused on driving continuous growth. Our target demographic, which spans from premium to luxury buyers, maintains significant purchasing power. Consequently, we are advancing with projects in high-potential locations, emphasizing unique features, functionalities, and living innovations. Our track record of successful project developments supports this approach,” Mr. Anavach added.

Enrich Group has a strong track record of developing diverse real estate projects and forming strategic partnerships with prominent business allies. This year, Enrich has collaborated with Anabuki Kosan Group to develop “The Article North Ratchaphruek” and has appointed CBRE Thailand, a leading global real estate consultancy, to provide marketing consultation and sales management for the project.  This partnership ensures that the project stands out with its unique design, functionality, and choice of materials, distinguishing it from competitors and appealing to luxury buyers.

Ms. Suphicha Nutsuwanpol, Business Office Director at Enrich Group, highlighted that Enrich’s project development philosophy is “Guiding You to Practical Living.” This philosophy emphasizes high-quality living standards and compelling products, with a keen focus on every detail from initial design through to the final move-in process. The project also incorporates the KonMari method by Marie Kondo, marking Enrich as the first in Thailand to apply this renowned concept in real estate, and has received outstanding feedback from master-level consultants aimed at enhancing future residents’ living experiences.

“Given the high level of competition in the real estate market in this area, we are dedicated to developing projects with distinctive designs and prioritizing family living experiences. A significant feature is our Customization system, which allows customers to tailor certain aspects of their homes to fit evolving trends and lifestyles, meeting the diverse needs of our target audience,” Ms. Suphicha added.

The decision to develop the project in Ratchaphruek is driven by the observed trend of real estate market growth moving outwards from the city center, particularly towards western Bangkok. This area has seen increasing development of amenities, including community malls, major department stores, and prestigious international schools. “The Article North Ratchaphruek” is conveniently located just 300 meters from Robinson Lifestyle Ratchaphruek. It is designed to meet the needs of young families who require more living space and flexible work arrangements, offering easy access to transportation and addressing these needs effectively.

Mr. Masaaki Kagawa, Management Director of Anabuki Kosan Group, emphasized that the decision to partner with Enrich Group was based on shared visions and working approaches. He highlighted Enrich’s dedication to quality project development, exceptional design focus, and strategic location choices. Anabuki Kosan Group chose to collaborate with Enrich because of their meticulous attention to detail and commitment to innovative product development.

“We find Enrich’s products to be distinctive and appealing. They have successfully addressed client needs with an emphasis on design, convenience, and strategic planning,” Mr. Kagawa stated.

Ms. Artitaya Kasemlawan, Head of Residential Sales – Project at CBRE Thailand, reported that 31 new housing projects launched in the market in Q1 2024, adding a total of 5,032 units. This reflected a 15.3% increase compared to the same period in 2023. The Western Suburbs area has been growing consistently since 2022, with project launches rising by 145% in 2022 and 18% in 2023. By the end of Q1 2024, this area led suburban locations in new project launches. The high-end and above segment saw a significant surge in project launches, posting a 227% increase in 2023 over 2022, and a staggering 385% increase in Q1 2024 compared to the same period in 2023.

Ms. Artitaya explained that significant infrastructure developments drove the growth of the luxury housing market in Ratchaphruek. New road constructions and expansions, such as the new Ratchaphruek Road and Chaiyaphruek Road, have strengthened links to major transport routes. These improvements have enhanced connectivity between Bangkok, Nonthaburi and Pathum Thani. Large shopping centers like Robinson Lifestyle Ratchaphruek and Central Westgate also support local lifestyle needs. Ratchaphruek’s connection to Chaeng Watthana Road, a business hub housing key government and national companies, further stimulates demand and growth in the residential market.

“Another major appeal of ‘The Article North Ratchaphruek’ is its strategic location in a high-growth area with excellent infrastructure, transportation and amenities. Its proximity to Robinson Lifestyle Ratchaphruek, just 300 meters away, provides convenience and a variety of dining options. The land value in the area has been on a steady upswing, with a 21% increase projected for the 2023-2026 valuation period. This location holds the potential to become the next luxury home hub, akin to areas such as Ekkamai-Ramintra and Krungthep-Kreetha. The project distinguishes itself from typical market offerings with its superior design, high-quality materials, and customization options, presenting high-end homes in a premium Ratchaphruek location,” Ms. Artitaya concluded.