Caters to emerging class of world-travelled home-owner demanding highest quality in every aspect of design, rather than just lavish materials
Long-time property development innovator Yongyutt Chaipromprasith, who has been behind many of Thailand’s notable residential developments, today, 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 Bht 11,200 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.
According to Mr. Chaipromprasith, “In the highest quality segment, regardless of whether you build homes, cars, or make handbags, the type of organisation and the business model needed to deliver the highest standards are very different from a traditional organisation catering to multiple segments.
“In a specialised organisation such as SCOPE the approach to costs is different, the mindset of the purchasing department is different, the design and development timeline is different, the supplier network and contractor qualification is different, and there is a lot of emphasis on attention to the finest details and intolerance to imperfection.”
He added, “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.”
“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.
“We are also breaking the norm in terms of how we design our buildings,” he said.
“At SCOPE, all departments – whether they focus on layout, or electrical and mechanical works, or plumbing – sit together and hammer out solutions together, rather than working independently, and even the CEO sits in virtually every planning and design session.
Also, our teams do not work on multiple projects, but work on only one project at a time to ensure there is time for the extra attention to detail,” he said.
Mr. Chaipromprasith said that SCOPE also aims to manage its own buildings for ten years.
“We will provide the service as an integral part of SCOPE’s promise to deliver a truly exceptional quality experience and not do it through a separate, profit-driven company, as is the traditional business model,” he said.
Mr. Chaipromprasith estimates that there is “potential annual demand for ‘international premium’ standard condominiums of around 6,500 units a year, across all price points, and valued at Bht 90,000 million. He expects around 80% of SC’s sales to be to a well-heeled, young generation of Thai buyers with an international outlook, and around 20% to international buyers looking for the highest standards of design and construction in Bangkok.”
He said that the market for the highest quality condominiums in Thailand is estimated to worth approximately Bht 78,500 million in 2019, and that the price per square metre of the “highest quality condominiums in the best locations in Bangkok could reach Bht 800,000 per square metre in the next several years.”
Mr. Chaipromprasith is one of Thailand’s most experienced and respected names in residential development and whose ideas have influenced many of Thailand’s largest residential developers. He has led more than 90 property development projects of different classes and types, and has been a partner or advisor to some of Thailand’s most established residential developers, including Magnolia Quality Development Corporation, SC Asset pcl, Ananda Development pcl, and Pruksa pcl.
He has co-founded 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 2-rai plot of land on Langsuan Road where real estate values have exceeded Bht 3 million per square wah, and with a total project value of Bht 7,800 million. Before the end of 2020, SCOPE aims to launch two additional projects, one in the Thonglor area, and another along Sukhumvit Road.