Real estate developers focus on technology
In an effort to bolster sales amidst a stagnating property market and travel restrictions, real estate developers are employing digital strategies, including online sales and cryptocurrency transactions. These strategies appeal to domestic and international prospective buyers as well as a new generation of buyers comfortable with utilizing cryptos.
Kromchet Vipanpong, CEO of the public company AssetWise (ASW), announced their collaboration with Bitkub Capital Group Holdings, a local cryptocurrency firm, to facilitate digital currency exchanges for property purchases. Vipanpong aspired to diversify the payment options beyond traditional methods like cash, bank transfers, and credit cards; providing a more affordable transfer fee with cryptocurrencies. Since introduction, two clients have used Ethereum for their down payments on a condo project, particularly aimed at university students.
Bitkub, Thailand’s largest domestic digital exchange, sees over 1.5 million applications for trading and an average daily trading volume exceeding 1.2 billion baht. Because of the extraordinary expansion in the digital asset market, ASW recently established Digitonize Co to explore opportunities in this dynamic field.
Furthermore, next month, Sansiri Plc, another property development company, aims to accept payment in four cryptocurrencies through Bitazza, a local digital asset broker. This strategy claimed would be immediately beneficial if regulations permit foreign purchasers to transact with cryptocurrencies.
SC Asset Corporation Plc has also taken advantage of Bitkub’s services, providing an investment portfolio of up to 1 million baht for purchases in their high-end condo projects. Meanwhile, online sales channels — which were rapidly adopted since April of last year — are predicted to remain as standard practice beyond the pandemic, according to Sena Development Plc.
Moreover, the pandemic has substantially fostered online sales, with an increase of 70-80%. Developers now recognize the potency of digital tools, such as virtual tours and information provision, in project promotion and customer decision-making. Testimonials from property developers like Pruksa Real Estate Plc and the Phuket Real Estate Association reiterate that online sales platforms significantly support traditional sales, particularly in the context of the pandemic.
To deal with the post-pandemic housing market, digital solutions such as these are prudent strategies to embrace, as pointed out by Yanyong Thaicharoen, Economic Intelligence Center’s leader.
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