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Monday, June 17, 2024

Sena Launches Rent-to-Own Scheme for Bangkok Condos

Sena Development, a leading property developer listed on the Stock Exchange of Thailand (SET), has announced the launch of a novel rent-to-own program targeted at facilitating the sale of 1,000 ready-to-move-in condominium units, valued at approximately 1.4 billion baht, by year-end. Kessara Thanyalakpark, the managing director, highlighted that the scheme allows renters to convert their monthly payments into equity, easing the transition to homeownership.

The initiative is designed to address common hurdles faced by potential homebuyers, including financial readiness and concerns over economic uncertainties. The program is especially appealing to those needing time to improve their financial standing or accumulate sufficient funds for a down payment, as well as to young professionals uncertain about long-term residential commitments.

Under this program, rental payments are effectively transformed into savings, subsequently applied as a discount on the purchase price of the property. With an attractive interest rate of 1.8% per annum, participants pay only 4,100 baht per million baht of the property’s price.

Prospective participants undergo financial assessment by Ngernsod Jaidee, a subsidiary of Sena, ensuring tailored financial advice and planning. Approval is swift, allowing occupants to move in shortly after a deposit, equivalent to three months’ rent. The flexible contract, lasting up to three years, permits tenants to opt for purchase or secure a mortgage, with their rental payments deducted from the property price.

Kessara emphasized the program’s flexibility, noting that tenants can opt-out, with Sena facilitating the search for new participants. Nevertheless, she encouraged tenants to finalize their purchases.

The Livnex program, initiated last year, has successfully enrolled 100 customers in contracts worth between 200 and 300 million baht, with no defaults reported. The program encompasses 19 condo projects across 18 locations in Greater Bangkok, each priced at or below 5 million baht, limiting participation to 25-30% of available units per project. Sena contemplates extending the program to include project changes and potentially to international buyers, depending on its success.

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