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Small is beautiful and lucrative for Norm Boon

SOMPORN THAPANACHAI


The small property developer Norm Boon sees the beauty of being small, as it can offer unique products to tap niche markets in the growing Srinakarin area.


The company plans to launch two projects worth a combined 970 million baht this year, targeting 320 million baht in revenue.


While most developers tend to set lofty aims for their businesses each year, Norm Boon, managing director Mana Jiranapakul opted to stick to a humble goal of doubling annualized revenue to 600 million baht in the next five years.


“We have no policy nor the ambition to be a large developer, as we’re unable to compete with other developers by applying our strength in design, said the architect, who started his own firm in 2006 with 60 million baht in registered capital.


Since its establishment, Norm Boon has developed two detached housing projects, of which all except two
units have been sold .


he company has 150 million baht worth of units to be transferred this year, while the rest of its forecast revenue will come from the new projects.


The first project is the 540- million baht Le Nextra, to be launched in May with 117 three-storey townhomes sized 30 square wah and priced from 4.19 million baht.


Mr. Mana said his townhomes are designed to address the problem of insufficient parking space normally associated with townhouses.


The 540-million-baht Le Nextra, to be launched in May, offers 117 three-storey townhomes sized 30 square wah and price from 4.19 million bath.


His design will have a 7.5-meter front, Sufficient to park two cars and eliminating the need to leave cars outside the units, which may annoy neighbors.


The 430-million –baht single housing project will be launched in June, offering 76 units sized from 50 sq wand priced from 5 million baht.


Mr. Mana said the property year will likely be sluggish. Buyers are still worried
about flooding and may want to wait until after the rainy season.


During last year’s floods, the Srinakarin area was spared. New bridges linking to Rama also makes the area more popular, as reflected by the soaring land prices.


However, Norm Boon has no policy of building a land bank, so it is willing to pay high prices for locations it is confident of selling.