Bangkok Post : Sansiri sees new niche in London

Bangkok Post : Sansiri sees new niche in London

Amid a recovery in the UK property market, Sansiri Plc will launch its first project in London this year - six apartment units worth a combined 600 million baht.

The company is looking at New York as its next destination, with a net profit target of 15%.

President Srettha Thavisin said the UK property market had been reviving ever since the economy began picking up in mid-2010, with prices returning to normal and financial institutions approving mortgages again.

Property prices in the country had dropped by 15-20% after the global financial crisis started in the third quarter of 2008. Post-crisis, financial institutions stopped extending loans to homebuyers, effectively freezing property transactions.

The property market is finally recovering now that the banks have regained their strength, said Mr Srettha.

"London is a financial centre. It attracts high net worth people from Russia, the Middle East, China and India, as having a house in London connotes social status," he said.