SCOPE Looks To Upset Applecart
Long-time Thai residential property developer Yongyutt Chaipromprasith has announced the establishment of SCOPE, a disruptor residential property development company that focuses exclusively on the designing and building of top, international standard premium homes.
SCOPE will launch its first residential project in June 2019, with two more in the next twelve months, with combined project value of approximately Bt1.150 billion (US$350 million).
The founding of SCOPE marks the first entry into Thailand’s highly competitive residential property development sector of a new type of developer which is structured differently from traditional residential property developers to serve newly emerging needs.
“SCOPE specializes in only building homes for the best-travelled, the most demanding, and those with the most refined international taste who seek homes where the design and build quality matches the very best available in New York or London,” said Yongyutt Chaipromprasith, Chief Executive Officer, SCOPE Co., Ltd.
He added the standards and expectations of home-buyers are rapidly evolving in Thailand and this evolution has created a market opportunity that requires a disruptive specialist developer.
“We are pioneering the field of being a specialist developer for the highest, international quality residences with an unusual business model and a non-traditional corporate structure that have been designed to enable us to raise the standards of residential development even higher in Thailand,” he continued.
“The consumer has changed. This new class of consumer no longer views luxury to be about the lavish use of expensive materials. They view luxury to be the ‘quality of thought’ that goes into excellence of design and the appropriate use of premium materials. For them, luxury is not gold taps and gold door handles. They look for great design, clean and open simplicity, functionality, good taste, and searingly close attention to details. That’s why SCOPE has ramped up the spending on design fees to be around double the amount that would traditionally be allocated as a percentage of project costs.”
SCOPE is teaming up with “consultants who are the best, from anywhere in the world” including from Copenhagen, New York, London and Milan. He pointed out that the market for the highest quality condominiums in Thailand is estimated to worth approximately Bt80 billion in 2019, and that the price per-square-metre of the highest quality condominiums in the best locations in Bangkok could exceed Bt790,000 per-square-metre in the next several years.
SCOPE has been established with the backing of SC Asset Corporation pcl, a powerful investor that is one of Thailand’s top five listed property development companies to give SCOPE the substantial financial backing needed to always build the best.
“SC Asset and I have a joint vision and we came together to found SCOPE,” he said.
SCOPE’s first project will be on a super-prime plot of land on Langsuan Road in central Bangkok where real estate values have exceeded Bt7.4 billion per hectare, and with a total project value of Bt7.8 billion. Before the end of 2020, SCOPE aims to launch two additional projects, one in the Thonglor area and another along Sukhumvit Road.