Thai property developers use technology to boost the market

Online sales are expected to normalise in the post-pandemic period, and cryptocurrency will be used to target younger homebuyers 

In Thailand, property developers are using digital tools to prop up residential sales from local and foreign demand amid the market slowdown, as well as attracting new generation buyers through cryptocurrency, reported Bangkok Post.  

Kromchet Vipanpong, chief executive of SET-listed developer AssetWise (ASW), said the company partnered with Thai cryptocurrency firm, Bitkub Capital Group Holdings, to introduce a digital currency exchange service for home purchases.  

“We want to have a variety of money transfer channels in addition to cash, bank transfers and credit cards,” he said. “Our customers can use cryptocurrencies for payments and the fee is lower than credit cards at only 0.25 percent compared with two to three percent.” 

Vipanpong added that the partnership with Bitkub will aid in tapping into the younger generation market that is familiar with digital money.  

Sansiri Plc plans to allow customers to pay for home purchases and common area fees with four digital currencies available through Bitazza, a local digital asset broker. 

Srettha Thavisin, Sansiri president, said, “Foreign buyers are not currently allowed to buy Thai property with cryptocurrency. If this changes, we can tap the foreign market immediately as our sales to this segment rank as the largest.”  

Since April last year, many developers have sped up the use of online sales channels, which is expected to become a normal tool in the post-pandemic period, according to SET-listed Sena Development Plc.  

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“Customer behaviour has changed,” said Athika Boonrodchoo, vice-president of Sena’s capital allocation and investment department. “People now make one or two visits before deciding — compared with three to four times in the past — as they study projects and units through online channels.” 

Piya Prayong, chief executive of residential developer Pruksa Real Estate Plc, said online sales channels have helped support offline sales. Sales from online channels have increased by 70-80 percent.  

Pruksa Real Estate Plc won the Best Mid End Condo Development award and was highly commended for the Best Mid End Condo Interior Design award at the 14th PropertyGuru Thailand Property Awards 2019.

“More customers are using search engines to view and study our projects. This medium rose by 20 percent after the third wave of Covid-19 in April this year,” he said. “We need to design our products and provide information via online channels to attract more customers.”