Century 21 seeking local realty foothold in Thailand

Brokerage aiming for 30 franchisees in the Kingdom of Thailand

The local unit of the giant US real estate brokerage Century 21 plans to manage sales of at least 10 projects worth 20 billion baht and have 30 franchisees by the end of this year, says executive chairman Kitisak Jampathipphong.

"We will expand our network, build the brand and develop technology, aiming to be among the top three property service providers in Thailand," said the former executive vice-president of Harrison (Thailand).

Century 21 Realty Affiliates (Thailand) Co Ltd was established two months ago and is currently managing sales of six projects, including the three-billion-baht 340-unit Hua Hin Heritage condominium in Khao Tao, developed by Thai Factory Development Plc.

In June, it plans to begin sales of two condominiums near the Charoen Nakorn BTS station, developed by General Environmental Conservation Plc with 171 and 79 units respectively.

It will also manage sales of some freehold units of the Waterford condominium in Sukhumvit Soi 50, which would be leased for 15 years at prices of 30,000 baht per square metre, half of the freehold selling prices.

The developer Waterford Property also plans to sell 50 of the current 160 serviced apartment units at its Water Diamond project in Sukhumvit Soi 30/1 for leasehold with sales managed by Century 21 (Thailand).

The brokerage has also signed a contract to manage sales of a new 500-unit condominium worth 1.6 billion baht on New Phetchaburi Road near the Thong Lor junction, being developed by Pool Asset Co.

Besides property sales, Century 21 (Thailand) offers a broad range of services, including international sales, valuations, property management of condominiums and offices, and business affiliation opportunities or franchises.

Mr Kitisak said that after the company held talks with 20 property brokers, two had signed on as franchisees. Century 21 (Thailand) charges an upfront fee of 600,000 baht for five years, plus an additional 30,000-50,000 baht per month, which would be waived during a promotional launch.

By the end of the year, Century 21 aims to be managing 30 properties, rising to 80-100 next year.

This year it expects to have 20 franchisees nationwide to sell across its database and share commissions.

"Property developers can be our franchises as we have a worldwide network, including buyers and sellers," he said.

Thailand is the 68th country where Century 21 has opened operations. It has 8,800 offices worldwide.

"The US property market is alive now. The Thai market is also resuming, following China," said Donald Lawby, president of Century 21 Asia Pacific. "Despite the political unrest, we believe there's an opportunity here."

Source: Bangkok Post 22 May 2009