1.) Could you please tell me a bit about your company’s profile. How many projects have
CW Asset developed in the past?
CW Asset Co., Ltd. is owned the Luekhamharn family.
CW Asset Co., Ltd. was formed in 2010 to develop multi family projects
in Thailand by acquiring a land bank for "Green" residential developments. In June 2010
the the company acquired a 1-1-37 Rai plot of land, 200 meters from the beach, in Bang Saray
Municipality, Chonburi Province to build the 220 million Baht, solar powered Bang Saray Beach
Condominium, which consists of two buildings of 8 floors each with a total of 150 units.
2.) What’s the idea behind solar powered condominium? (ex. Where the idea originated from,
do you think it will be the selling point, why do you think buyers will be interested in it, etc)
Why do you think residential projects like condominiums should be green when many people
tend to think about green offices or green factories?
The idea behind a solar powered condominium is that it will give buyers greater value at a
lower cost and also contribute to a sustainable way of life. Living near the beach and saving
money while getting a higher quality of life are our prime selling points. Our customers benefit,
as does the sustainability of earth's resources.
It may sound naive, but everyone should do what they can to live "green". With that goal in
mind CW Asset company was formed with the mission to develop residential buildings that
contribute to sustainable living by using plumbing fixtures which help reduce water waste,
purifying grey water for landscape use, reducing electric consumption with solar panels
and recycling refuse.
To secure the future of life on planet earth we must take a more managed approach to our
resources. Residential buildings as with commercial and industrial buildings have three
major areas that can be managed to reduce waste, create value and operate in a more
The three areas which can benefit from a managed approach are water consumption,
electric usage and refuse recycling and disposal. CW Asset Co. has made it a priority
to develop residential projects that have "Green" operations and sustainable practices.
We feel it should be a priority for all types of buildings to strive for the goal of "Green"
processes and sustainable eco friendly methods.
3.) Who’re your target buyers?
Our target customer is anyone looking for a good oceanside property investment and
a quality condominium for a low cost. After only two months of pre-launch sales we
have sold 13 condo units to a wide spectrum of buyers. To date 70% of our buyers
are Thai nationals and 30% are foreigners.
Both Thai and foreign customers like that our project is located just 200 meters from
Bang Saray Beach, has a wide variety of small unit sizes ( 25, 30, 36 and 42 sqm
studios and 1 bedrooms) and that unit prices are between (34,000 to 46,000 Baht
per sq meter) 850,000 to 1.9 million Baht for mountain and ocean view condos.
Many Thai and Foreign customers have been drawn to purchase condos in our project
because we are offering 50% guaranteed financing for their condo purchase. There is
no credit check or income verification required. The buyer pays a deposit on signing a
purchase contract of 50% of the unit cost. The balance of the purchase price is financed
by our company as a 5 year Mortgage (60 payments). Mortgage payments begin on
transfer of title of the condo to the buyer.
Oceanside living is very affordable at Bang Saray Beach Condominium when compared
to other projects in Pattaya that are selling at up to 120,000 Baht/sqm for ocean view
condos. There is an old adage that goes if you want to make a good return on your
property investment you should always buy the lowest cost and nices property in a
neighborhood of high priced properties. With such high prices for ocean view condos
at other projects in the area, it will give our condo buyers a high rate of investment return.
4.) Could you please explain unique characteristics of the project? How will buyers
benefit from them? How much the solar power will help the project save power?
(could be in percentage)
Bang Saray Beach Condominium is an oceanside development providing buyers with
a tranquil, natural setting and a high quality of life, but located just minutes from
Pattaya shopping, dining and entertainment. Buyers who value a slower pace, walks
on the beach and a life away from the congestion and noise of city
living, are very attracted to our project.
Value, quality living, low cost per square meter and high investment return are what
buyers will find at Bang Saray Beach Condominium. Having features like solar power
enhance the value our buyers receive.
The solar power generated at Bang Saray Beach Condominium is for the benefit of all
condo buyers. The power will be used to light all internal and external common areas
and power common area facilities. This will reduce the amount that the condo association
must spend on power by 50 to 75%.
5.) How much electricity will the solar panels generate? How much revenue do you
expect from selling excess power to EGAT per year?
The amount of power generated by our solar panel array will vary with the weather.
The solar panels are being installed at no cost to the buyers. The savings on power
costs will add value to condo ownership in Bang Saray Beach Condominium.
The amount of revenue generated by our solar panels is a secondary concern, but it
will depend on the rate of payment by EGAT, which is effective at the time of completion
of the project. EGAT has just reduced the "Adder" amount (premium paid to solar projects
over the basic rate charged for electric consumption) and may reduce the amount further
in the future as more solar power projects are completed in Thailand.
6.) What’s the investment budget and what’s the project’s sales value? Is the investment
cost higher than usual with solar power technology included?
The sales value of the Bang Saray Beach Condominium project is approximately
220 million Baht. As a percentage of the cost of the project, the solar panels are a
relatively small additional investment but will represent excellent value and a big
cost savings over the life of the condominium.
7.) Have you obtained EIA approval for the project? When do you expect sales would
reach 50% and when do you expect to close sales?
Bang Saray Beach Condominium is being developed as 2 separate condominium projects
and since it is less than 23 meters in height and does not exceed the maximum number
of units allowed by the Condominium Act, the project does not require EIA approval.
Sales seem strong and we are pleased with having sold 15% of our units in the first two
months of our pre-launch sale. We will officially launch the project on December 1, 2010
and at that time will increase all condo prices by 20%. At the current pace we expect to
have sold 50% of our units by early spring 2011 and will likely close sales by the end
8.) Do you expect to get green-building certification such as LEED?
We will not seeking LEED certification. We are not looking for recognition but only to add
value to our customers condominium purchase.
9.) How do you see the trend of green buildings in Thailand compared to neighbouring
We are not that knowledgeable about what is happening in neighboring countries. Businesses
in Thailand though, have recognized the benefits of going green, saving money and adding value.
It is a trend we think will continue to grow in Thailand.
10.) What’s your view on the property market in Thailand and in Pattaya for the remaining
months and next year? Have foreign buyers returned?
We think the property market will continue to improve in Pattaya and Thailand due to a
change in foreign visitor nationality. While there is a decline in European and American
visitors, there seems to be an increase in Asian, middle east, Indian and Russian buyers.
This trend will continue as long as Asian currencies are strong and the dollar along with
Euro currencies are weak.
Thai buyers as well have more purchasing power than before. With the very high employment
rate in Thailand, more families have resources and are looking for good investments. The low
savings return in Thailand will only encourage more Thais to invest in properties like condos
11.) Do you have future projects in the pipeline? Please give details. Will you continue to
focus on green buildings?
We are always looking to add to our land bank and have plans to continue developing
green buildings.Caring about our environment and living a sustainable lifestyle are goals
worth working hard to achieve. We think there are many buyers that share our values
and vision. We are confident we can prosper while creating buildings that have a positive
effect on our environment and return value to our customers.