SCOPE will launch its first residential project in June 2019, with two more in the next twelve months, with combined project value of approximately 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.
Mr. Yongyutt Chaipromprasith, Chief Executive Officer, SCOPE Co., Ltd., said, “SCOPE specialises 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.”
He said 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,” Mr. Chaipromprasith said.
“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,” he said.
Mr. Chaipromprasith added that SCOPE has teamed up with “consultants who are the best, from anywhere in the world,” including from Copenhagen, New York, London, and Milan.
He said that the market for the highest quality condominiums in Thailand is estimated to worth approximately US$ 2.5 billion in 2019, and that the price per square metre of the “highest quality condominiums in the best locations in Bangkok could exceed US$ 25,000 per square metre in the next several years.”
He has established SCOPE 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,” said Mr. Chaipromprasith.
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 US$ 235 million per hectare, and with a total project value of US$ 245 million. Before the end of 2020, SCOPE aims to launch two additional projects, one in the Thonglor area and another along Sukhumvit Road.
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