“Nirvana” Moves Forward its Real Estate Business in 2023,
Record-breaking Launch of Nine New Residential Projects worth
21.1 Billion Bt, Sales Set to Grow to 8.5 Billion Bt
Bangkok, 23 February 2023 – Nirvana Daii PCL announced its business plans for 2023, to launch the largest ever range of 9 residential developments, comprising both horizontal and condominium projects around Bangkok worth over 21.1 billion baht. The focus remains on the luxury market, with new brands covering homebuyers’ needs in various segment. There is confidence that business will grow in 2023 with a pre-sales target of 8.5 billion baht.
Mr. Sornsak Somwattana, CEO of Nirvana Daii Public Company Limited (NVD), reveals about its business directions in 2023 that the company plans to expand its real estate business after a two-year period of restructuring, which has now been completed. This year, the company will invest 4.37 billion baht to launch nine new residential projects including detached houses, townhomes, and condominiums worth 21.1 billion baht. It is a record-breaking number of concurrent projects for the company, and the new projects about to open are primarily aimed at the high-end sector. The company is also launching new brands in both horizontal and vertical projects to cover residential needs of every segment.
“2023 is the year that Nirvana is reaping what we have sown with our business operations and investments in land over the last two years. We are confident that the luxury segment of the residential market still has strong demand and potential for growth following the COVID-19 crisis, so we are now launching 9 new projects with a pre-sales target of 8.5 billion baht. This represents a 160% growth over last year, on revenues of 4.5 billion baht, rising 75% year-on-year,” said Mr. Sornsak.
Nine residential projects worth over 21.1 billion baht are projects in the luxury segment with brands catering to the needs of home buyers in many different sub segments – Ultra-luxury, Modern Luxury, Modern High-end and Affordable Modern High-end. The nine projects comprise three detached house projects, one townhome project, three home office projects, and two condominiums. They are 1) The Nirvana Collection Krungthep Kreetha ultra-luxury detached home project, 2) The Nirvana Absolute Ekkamai Ramintra housing project, 3) The Nirvana Absolute Krungthep Kreetha housing project, 4) The Nirvana Define Krungthep Kreetha townhome project, 5) The @Work Nirvana Township home office project, 6) The @Work Krungthep Kreetha home office project, 7) The @Work Romklao home office project, 8) The Most Condominium Rattanathibet, 9) Condominium Sukhumvit 23.
Mr. Sornsak added that Nirvana would continue to focus on the Krungthep Kreetha area, which was a prime growth location for the luxury residential segment, a comparable “Beverly Hills” of Bangkok. The area still has a lot of potential for residential projects, from its connections with major roads into Bangkok such as the Rama 9 Expressway, and access to mass transit rail with the soon-to-open Yellow Line and current Airport Link. The other key highway connection is to the Outer Ring Road and the Chonburi Motorway enabling rapid transportation to many different areas. The area is also convenient for Suvarnabhumi Airport, international schools, hospitals, leading department stores and many other essential facilities.
The company’s land bank in Krungthep Kreethaa over 200 rai is devoted to Nirvana Township, which has ultra-luxury and high-end residential developments, premium home offices, and a lifestyle community mall. As a centerpiece to support luxury residential developments, the lifestyle mall provides all kinds of conveniences such as supermarket, retail shops and other facilities at the entrance to the project, for residents to have a complete lifestyle at Nirvana Township.
Last year, Nirvana prioritized the reform in many areas, both developing new products which better cater to the needs of home buyers, while purchasing new land plots as a land bank for future projects. The company recorded total revenues of 2.56 billion baht and presales of 3.26 billion baht in 2022, of which 87% of presales came from low-rise housing and 13% condominiums. Two new projects were launched, Nirvana Absolute Bang Na and Nirvana Define Ekkamai-Ramintra, which made total combined sales of 720 million baht in just two weeks.
Nirvana will pursue its business plans with caution, while being agile to adapt at all times with cash flow management and a diverse product portfolio covering every segment. Under the company’s new mission, residences are being constructed for the new generation which focus on location, design and function under the concept of Living Revolution, for every family member to get along happily.
“Nirvana will continue making every effort to develop new residential projects which meet the demand of homebuyers. In this, we can rely on our 25 years of experience of building luxury homes. Nirvana will launch its branding campaign – I Found Myself in Nirvana, to reflect its strong point in location. Every project is located in prime location, which has growth potential and transport convenience together with a complete range of facilities and safety for family members. Moreover, land prices are likely to rise and the house could be a good valuable asset to transfer to the next generation. The modern luxury house design has a proper space divide to create privacy while there is space for all family members to do some activities and build family bonding,” concluded Mr. Sornsak.
