Property brokerage ERA Holding Thailand will expand to sell new condo projects as demand from foreign buyers remains strong on Sukhumvit and Ratchadaphisek roads.
Chief executive Voradet Sivatachanon said foreign buyers looking for new condos in Thailand through ERA's network to invest or for their own use are mainly from China and Singapore.
"Foreign buyers are inquiring about new condo units priced up to 5 million baht and sized at 28 square metres or larger," he said.
Sukhumvit Road is a priority, though there's no need to be in popular locations like Asok, Mr Voradet said. The outer area along the skytrain, such as Bang Chak station, is sufficient because units are larger for the same price.
To support business expansion into new projects from the company's main focus of second-hand property, ERA will launch the Connect ERA mobile app in Thailand during the first quarter.
This app is used in the Asia-Pacific network of ERA, an American real estate franchise. With the addition of Thai language, Connect ERA will allow Thai ERA agents to sell units across the region and receive information about successful sales.
On Friday, Mr Voradet, formerly president of ERA Franchise Thailand Co, announced a joint venture with Singapore-listed APAC Realty in ERA Holding Thailand, in which Mr Voradet holds 51% and APAC Realty owns 49%.
ERA Holding Thailand was set up last year to continue ERA's franchise business in Thailand for another 25 years after ERA Franchise Thailand's 25-year franchise contract expired in October 2018.
Jack Chua, chief executive of APAC Realty, said the company will help boost earnings among ERA franchisees and agents in Thailand, with a regional network spanning 10 countries: Singapore, Japan, South Korea, China, Taiwan, Cambodia, Vietnam, Malaysia, Indonesia and Thailand.
Thai ERA agents total 2,000 people earning 30,000-50,000 baht per month on average. Top performers record 200,000-300,000 baht per month, Mr Voradet said.
During 2016-18, ERA in Thailand posted sales of 8-10 billion baht per year with an average commission fee of 4%. Of the amount, 80% was from second-hand property and 20% from new units.
"With an expansion to new projects, we expect sales from new projects to increase to 40% of the total," Mr Voradet said.
