What is Innovative Real Estate Development Program, Thammasat Design School by tds.thammasat

Innovation for Real Estate Development

PROGRAM DESCRIPTION

BACHELOR DEGREE

POLICY APPROACH

MARKET APPROACH

NICHE MARKET APPROACH

TREND SHIFTING APPROACH

VALUE-ADDED APPROACH

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NON-PROFIT APPROACH

108

PROBLEM-BASED APPROACH

116

MASTER DEGREE THESIS

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Program description

WHAT IS rd?

Department of Innovative Real Estate Development is one of the departments in the Faculty of Architecture and Planning, Thammasat University. The department handles two programs concerning real estate development professionals: (1) Bachelor of Science Program in Architecture for Real Estate Development (B.Sc. ARE) and (2) Master of Science Program in Innovative Real Estate Development (MIRED).

POLICY APPROACH MARKET APPROACH NICHE MARKET APPROACH TREND SHIFTING APPROACH VALUE-ADDED APPROACH NON-PROFIT APPROACH PROBLEM-BASED APPROACH

BACHELOR DEGREE

BACHELOR Degree Bachelor of Science Program in Architecture for Real Estate Development (B.Sc.ARE) provides a foundation in architecture with real estate development aspects through the intensive studio and technical courses. The program is designed specifically for architecture students who have an interest in real estate development, building technology, project management, facility management, and construction management. The program challenge student creativity through project-based learning that is multidisciplinary. They must respect the values that other disciplines bring to a project and learn to integrate multiple ideas through collaborative under the philosophy of Thammasat University, creating bodies of knowledge and addressing the country’s issues with a commitment to virtues and the public interests. The course sequence introduces students to the foundation analysis of architecture, business model and theory, expanding from small-scale installations to large-scale mixed-use projects. The program maintains a high standard of academic works by integrating real estate development bodies of knowledge, professional practices to enhance the improvement in the real estate development industry and academy.

Bachelor of Science Program in Architecture for Real Estate Development Bachelor of Science (Architecture for Real Estate Development)

POLICY APPROACH

POLICY APPROACH Students have to develop real estate projects based on the government’s current and future policies. In order to develop their architectural design projects, students are required to conduct thorough programming analysis based on studies of precedents, current issues, policies, and the nation’s plans relating to or potentially affecting their projects. 9

POLICY APPROACH

Commercial Gateway STUDENT Manaschanok Limsuwan

The Commercial Gateway is a one-stop hub for EEC businesses in the exhibition, sales and distribution of goods; leading in innovation and industry in the region and close to production sites and industrial parks.

POLICY APPROACH Development project for an alternative regional public transport terminal. With the climbing demand for public transport, the terminal provides public buses, minibuses and passenger vans from Bangkok to the rest of the country. This is a pilot project that seeks to address existing problems such as overcrowding by making effective use of the passenger terminal’s capacities and to improve the image of public transport by providing a full range of passenger services and facilities.

Design Guideline for Bangkok New Bus Terminal and Commercial Area STUDENT Suchaya Prakunwong

POLICY APPROACH

Design Guideline for business development plans, Sattahip Commercial Port STUDENT Suparada Sa-ingthong

A world-class modern cruise terminal in the form of a low-rise mixed-use development consisting of passenger terminal, cruises, shopping center and hotel.

POLICY APPROACH

Design Guideline for Hat Yai International Airport New Terminal STUDENT Thitiporn Sungthip

A study for a new passenger terminal that includes a commercial area to expand the scope of services in the airline terminal, as well as accommodating the projected increase in the number of passengers and developing the Hat Yai International Airport into a “Gateway to the Southern-most of Thailand.”

POLICY APPROACH

MARKET APPROACH

MARKET APPROACH The market approach emphasizes accurate analysis of the market and targeting. Students are required to conduct marketing research, through customer analysis, STP, 4Ps, 7Ps, Key Selling Points, BMCs and other market indicators, in order to identify the appropriate target and approach for their projects. Students will also utilize market and case studies in the development of their project’s programming. 23

MARKET APPROACH

The Luxury Premium Outlet STUDENT Chananat Chomngam

Creating a sense of ultimate luxury.

MARKET APPROACH

Home Office @ladprao wanghin

STUDENT Chanokchon Sae-lio YEAR 2018 Home office project on Laphrao-Wanghin Road, conveniently located with full range of facilities and surrounded by an abundance of restaurants.

MARKET APPROACH

chala boutique hotel and spa STUDENT Chotiros Chitpaiboon

Hotel for families and elderly foreigners in Pattaya who want extra services, which include a clinic and shops for everyday items.

MARKET APPROACH

Oraganic Boutique Hotel & Spa This organic boutique hotel and spa is located in the urban center of the Silom area, where there are many visitors including tourists and entrepreneurs. The aim of the design is to provide a place of relaxation from work-related stress for both tourists and business travelers.

STUDENT Duangkamon Niramainipat

MARKET APPROACH

Farm Dek Len An agricultural learning center for children with activities that support the developments of fine and gross motor skills and cognition through nature. Clean air is another factor that contributes to these effective developments. Most child developments at this age range come from playing, and the question is how to play in a way that best support these developments.

STUDENT Jenjira Kamchaw

MARKET APPROACH

Design Guideline for Reformer Resort, Phuket STUDENT Kotchaphan Srichainart

ANTAREE Resort and Spa is a hotel and resort conceived to meet the growth of the tourism industry in Thailand, which sees an increase in both the number and average spending of foreign tourists, in addition to state support. The target group we chose to focus on is the “Chinese Reformer” tourists as well as Chinese-ethnic tourists from other countries as they make up the largest group of tourists in Thailand.

MARKET APPROACH

Village with No After-Bought Cost STUDENT Leenawath Limrungrot Holiday homes with no running costs or service charges by using income generated from renewable energies to offset these costs.

MARKET APPROACH

Indoor Sports Complex For Interaction

STUDENT Natthanon Piyapattarakul

A sport complex whose spaces have been designed not only for playing sports but also to foster social interactions between users.

MARKET APPROACH

Theme Resort STUDENT Panbua Tipparath

New destination theme resort in Thailand that provides for every need including relaxation, dining, complete range of facilities and services and recreational activities. Being the first such resort in the country, its aim is to be a model for stimulating the economic growth of secondary cities as well as the country at large.

MARKET APPROACH

LOHAS Phuket Resort STUDENT Panchaya Thongsri

A health and sustainability lifestyle resort that provides a place of serenity within a pristine natural setting.

MARKET APPROACH

Never’O Longstay Resort

STUDENT Pantita Thongsem

This long-stay resort for retirees was conceived to meet the demand of the growth of both domestic and foreign retirees in the tourism industry. The project studied the behaviors and needs of this specific user group, the findings of which are reflected in the building program, which focuses on activities that promote the sense of community among the elderly. The project design and planning prioritized ease of use and access.

MARKET APPROACH

Design Guideline for Grade-A Office Building in CBD STUDENT Pawichaya Yongpaibool

Project for a grade-A office building in the CBD area located 500 meters from the Chong Nonsi BTS station. Designed under the concept “WorkGrow-Playground,” in which: 1) “Work” is the leasable area including office space, commercial space and parking area, 2) “Grow” is for efficiency and convenience from having on-site facilities, 3) “Playground” is the design of the office space as a playground to relieve work-related stress.

MARKET APPROACH

THE ONCE RAMA IX (Super-luxury home office) STUDENT Pijak Thaiphadungpanich

The project is situated on Soi 17, Rama IX Road and comprises 12 units of 5-story home offices, with projected completion in the fourth quarter of 2020.

MARKET APPROACH

Design Guideline for Family Hotel, Pattaya STUDENT Sathita Baiphowongse

The tourism industry is one of the most important income generators in Thailand, especially in the city of Pattaya, where the number of both domestic and foreign tourists are growing each year. This project for a family-friendly hotel focuses on catering to families and their needs.

MARKET APPROACH

Teenager Activities Park STUDENT Siriyakorn Tiatrakul

A project that encourages teenagers in Nakhon Ratchasima to use their free time to develop skills both related and unrelated to their formal education. Activities include studying, reading, playing music, dancing, skateboarding and rock climbing.

MARKET APPROACH

High-End Office Building in CBD STUDENT Waraporn Bubpha

A new office hub in the heart of Sukhumvit area at the center of the capital, fitted with modern and innovative facilities and conveniences for both office workers and visiting clients.

MARKET APPROACH

niche market approach

Niche Market APPROACH The niche market approach focuses on providing specific value to a very specific segment of the market. Students are to carefully study and analyze market data, financial models, laws and regulations to aide in their discovery and proposal of the project’s program and financial feasibilities. 67

niche market approach

Meeting Point & Car Hotel (Treffen Garage) STUDENT Kosit Lowmutitanon A meeting point and car hotel for car enthusiasts to gather and share their interests and experiences with activities and services on site. The project comprises car care, car showroom and parts and accessories shop, restaurant and hotel.

niche market approach

Vegan Community mall STUDENT Monalynn Thiangtham

Viva la Vegan (Ekkamai 22) is the first plant-based (vegetarian and vegan) shopping mall in Thailand that gather together vegan and organic products to satisfy the lifestyles of vegans and vegetarians.

niche market approach

DEUX WHEEL HOTEL STUDENT Natchaya Suchatvudhi

A hotel for cycling enthusiasts with motocross tracks and speed lanes. The project offers a complete range of related facilities from café to shops for bicycle repair and parts and accessories.

niche market approach

Wellness Resort STUDENT Pasinee Wongpian

A wellness resort for the health-conscious, providing a place of relaxation and therapy for both body and mind.

niche market approach

Pets Resort STUDENT Pimchanok Lakkam A full-service pet-friendly resort located by the sea in Hua Hin. Guests can spend quality time with their pets in a resort with a wide range of facilities including swimming pool, spa, breakfast buffet for pets, as well as pet care for when owners need to visit places that do not allow pets. A variety of room types are available from hotel guestrooms to private villas.

niche market approach

KarnWayLa Hotspring Beach Resort & Spa Krabi STUDENT Preeyanuch Udomsri A resort and spa on the world-famous Railay Beach, with the atmosphere of a private island surrounded by nature. The romantic vibe is complemented by the first saltwater hot spring in Thailand, and supported by a wide-ranging program of seaside activities.

niche market approach

Sound Of Bangkok STUDENT Pusana Chuechui

By creating an identity for the sounds of Bangkok, this riverside development aims to create a new musical landmark in Bangkok in order to promote the music industry and related businesses.

niche market approach

trend shifting approach

Trend Shifting APPROACH This approach capitalizes on capturing opportunities which arises from emerging trends in real estate development and consumer culture. Students are required to study the changes in consumer, market, and business behavior and provide substantial feasibility studies for their projects. 85

trend shifting approach

The no.0 STUDENT Dilok Inkoom A mixed-use development that integrates investments in real estate with startups, supporting both domestic and foreign startups in order to create a strong ecosystem that will drive the national economy.

trend shifting approach

Design Guideline for YouTube Studio for YouTuber Network Business STUDENT Natapon Busayaburt The aim of this project is to support new professional YouTubers by providing studio spaces that facilitate the creation of better-quality video content.

trend shifting approach

Working Condominium STUDENT Silapoom Meesawat The Working Condominium, located in the CBD area around Sukhumvit 49 Road, is designed for both business and living.

trend shifting approach

Herbs Farm and Accommodation for Ecotourism STUDENT Sirilak Homraruen

An ecotourism project comprising of a herbs farm and accommodation, as well as herbs processing factory, restaurant, café and herbal product store for both day visitors and guests. The attraction provides knowledge of Thai herbs in a natural setting.

trend shifting approach

Design Guideline for Local Homestay Network Business in Thailand STUDENT Warittha Vichayavetang With the continual growth in tourism in Thailand, this project explores the development of local homestays with a business model that seeks to create added value from the local identities of 30 communities (60 households). The project looked at the ways of life of 6 different types of communities in Thailand and two case studies: Mae Sam Laep village in Mae Hong Son Province and Ko Phithak Island community in Chumphon Province.

trend shifting approach

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value-added approach

ValueAdded APPROACH Based on the BMC (Business Model Canvas) approach to value proposition, students are to identify key factors and activities which will add value to their project’s existing value propositions. After careful analysis and consideration of all specific information, students are to highlight the differences in value in their project before proceeding on with their project’s development. 103

value-added approach

International Stadium Heart of Bangkok [Rajamangala National Stadium] STUDENT Arinchawith Taewarparthep The project began with an interest in whether the site and existing stadium had enough potential for a renovation due to its historical and present significance. Studies were carried out to determine its potential in terms of program and feasibility. The new business model proposes that the stadium increases its use as a concert venue in addition to a sports arena to make it more financially viable.

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value-added approach

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NON-PROFIT APPROACH

NonProfit APPROACH Non-profit projects focus on the issues and problems the project is trying to solve over the profitability of the project. Students will need to conduct researches to identify the project’s key partners, activities, and resources necessary to ensure the basic feasibility of the project. 109

NON-PROFIT APPROACH

Design Guideline for Sustainable Real Estate Development at The Church of Christ in Thailand

STUDENT Chalita Yuenyong

A proposal to develop the student dormitory area of The Church of Christ in Thailand in order to generate sustainable income to maintain the church’s program of social missions.

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NON-PROFIT APPROACH

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NON-PROFIT APPROACH

Design Guideline for Suphanburi F.C. Stadium STUDENT Nitiphat Kuhawijit A proposal for a stadium for Suphanburi F.C. as a way to stimulate the sports industry, sports tourism and economy of Suphanburi Province.

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PROBLEM-BASED APPROACH

ProblemBased APPROACH Akin to the non-profit approach, problem-based approach focuses on finding specific solutions to specific problems. Students must identify the lynch pin of the issue and the cause of the problems and devise strategies to tackle said problem. Students will also be required to study and propose a sound business model in accompaniment with their project’s programming proposals. 117

PROBLEM-BASED APPROACH

Resort in National Park STUDENT Trin Chouchom

A resort project in a protected area concession to improve the quality of accommodations in national parks for median-income domestic and foreign tourists. The outcome was achieved by performing financial, marketing and design analyses.

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MASTER DEGREE Master of Science Program in Innovative Real Estate Development (MIRED) focuses on producing morality, ethics, maturity, higher knowledge in sustainable real estate development goals in various aspects of economy, society, culture, technology, and environment in hyper competition with multi-disciplinary according to initiative philosophy of “Thammasat University,” creating bodies of knowledge and addressing the country’s issues with commitment to virtues and the public interests. Master of Innovative Real Estate Development Program is an advanced professional program. With an emphasis on developing strategic thinking skills and expertise in real estate development, the program addresses the theory of real estate development, law for real estate business, project management, marketing for real estate in twenty-first century, financial management and investment in real estate project, feasibility study for real estate development project, including innovation, construction, property and facility management for sustainability and social responsibility. As to the research works, Master of Innovative Real Estate Development Program has produced research works in various fields, both in forms of thesis and independent study, covering the major domains in real estate development business. The program maintains high standard of academic works by integrating real estate development bodies of knowledge, professional practices, and research methodologies in order to enhance the improvement in real estate development industry and academy.

MASTEr Degree

Master of Science Program in Innovative Real Estate Development Master of Science (Innovative Real Estate Development) 121

MASTER DEGREE

Buyer’s Behavior of Buying 5-10-Million -Baht Detached Houses on Minor Roads in Ratchaphruek and Nakorn-in Area, Nonthaburi Province STUDENT Aekachai Wangwiboonkit ADVISOR Asst. Prof. Warakorn Likitanupak, Ph.D.

This study is about consumer’s behaviors that induced decision of buying single house with price between 5-10 million baht and location is not contact with main road in area of Ratchaphruek, Nakorn-in, Nonthaburi. The research is a quantitative research. A questionnaire survey was performed with 194 respondents, and the acquired data were analyzed by Descriptive Statistic. The results showed that the majority of the respondents is male, age between 31-50 years old, married, and graduated in Bachelor’s degree. They are employee and business owner with monthly income around 100,000200,000 baht. As to their behavior, they used 1-3 months of making decision, comparison between 1-3 projects. Mostly, they did for adapted family, change environment for better and bridal house respectively. The location is far from main road

not more than 4 kilometers, in price between 6,000,000-8,000,000 Baht. The important factor is good location, convenient transportation, the price is equal the payment capability, modern style, land space 50-70 square wah, useful space 181-240 square meters, 3 bedrooms 3 bathrooms and 4 bedrooms 3 bathrooms, and the influencer is consumer own self, husband or wife and parents respectively. The mostly respondents got news from billboards and online media such as website and Facebook. They reserved through sale gallery in the period of opened project which ready to transfer ownership. When considered, marketing is most influence for making decision of consumer. So, the study’s result can be the guideline for developer to plan about single house project which locate not contact to main road to meet the needs of consumers.

Business Strategies of Small Real Estate Developers in Thailand

STUDENT Mr. Assadawut Mongkolpornrugee ADVISOR Asst. Prof. Kongkoon Tochaiwat, Ph.D.

Business strategy is important for organization’s business operations especially for small developers who run business amidst intense competition. Therefore, it needs to have a business strategy to maintain benefits and market share. This research aimed to study and research the business strategies of small real estate developers in Thailand. This is a study of residential property companies by qualitative approach, collecting data from in-depth interviews with the 5 executives of the organization and studying the documents and performing Content Analysis.

and politics; and lastly, the operating environment factors, customers. Moreover, it was also found that the small real estate developers generally use business strategies and the functional strategies mainly. For business advantage, research studies made aware of factors that affect business strategy and of guidelines for the preparation of business strategies by those who are interested in investing, researchers, marketers and corporate executives. In addition, they can apply research results in business operations and further research.

From the research, it was found that the factors that affect the business strategy are divided into 3 main aspects: firstly, the internal environment factor such as organizational culture; secondly, the general external environment factors, i.e. economy, competition

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MASTER DEGREE

The Study of Changing Land Value Due to The City Planning Act Nonthaburi 2019 (Waiting for Announcement): A Study of Yothadikarn Road 1016 STUDENT Bandit Ravang ADVISOR Asst. Prof. Warakorn Likitanupak, Ph.D.

Main objective of this research is to calculate the changing of land value which affected by new Nonthaburi city planning (waiting for announcement). The selected land for this research was land which can develop to row house until new city planning was announced. The assumptions used in preliminary calculation were derived from row house and detached house marketing information. By searching the value with think backward method from the feasibility study. The results found, the reasonable land value for row house development and

detached house development were about 13,071 baht/sq.w. and 12,737 baht/sq.w respectively. Moreover, to maintain gross profit margin, detached house’s asking price had to increase about 2% if land cost was fix in same value with row house development. Therefore, the announcement of new Nonthaburi city planning cause land value in Nonthaburi were decline. If land cost in detached house development was fix in same value with row house development the asking price maybe.

Risks Identification of the Direct and Indirect Real Estate Investment

STUDENTS Channarong Wonglakul ADVISOR Asst. Prof. Sukulpat Khumpaisal, Ph.D.

Real estate is alternative investments that have been received the most popular which can be invested either directly, i.e. investing in real estate that is an tangible assets and indirect investments in real estate that are intangible assets. Any investment will have a risk. The purpose of this research is to study and identify the risks of investing directly and indirectly in real estate business by collecting data for investors who have direct and indirect investment experience in real estate business not less than 5 years, 10 cases, and analyzed by content analysis on the issue of the risks of investing in real estate business.

The research results found that the possibility of the most risks of investing only directly are financial risk and compliance risk. Some examples of financial risk are working capital management, credit, capital budgeting, and also the shortage of cash flow. These risks will lead to creditability of the corporate and risks of credit both assets and liabilities. Moreover, the possibility of the most risks of indirect investment, i.e. investing in mutual fund such as, Real Estate Investment Trust or REIT are financial risk, economic risk, and political risk.

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MASTER DEGREE

Enterprise Value Appraisal Case Study of Mandarin Hotel Public Company Limited

STUDENT Chadchawal Termsri ADVISOR Asst. Prof. Sukulpat Khumpaisal, Ph.D.

Hotel Business is a business that is very important to the Thai tourism industry which generate a lot of income for the country each year. The continued growth of tourists has resulted in many entrepreneurs choosing to invest in hotel development which has a very high investment value. The valuation of the hotel business is very important to investors’ decisions and financial institutions to provide credit to investors in the hotel business. This research aimed to evaluate the value of the business by using discounted cashflow method in the

case study of Mandarin Hotel Public Company Limited. The research found that net present value derived from discounted cash flow method during 2018 – 2024 of Mandarin Hotel Public Company Limited is 858,343,759.19 baht. Collateral appraiser can apply the research results as a guideline for evaluating the business appropriately.

Table 1 : Cash flow estimation

Table 2 : Cash flow estimation (cont.)

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MASTER DEGREE

Operation Plan of the Second-hand House Flipping

STUDENTS Chattapol Getsumpao ADVISOR Asst. Prof. Kongkoon Tochaiwat, Ph.D.

Investment in second-hand accommodation is a business that is becoming more and more popular today. Knowing various techniques in investment, it is beneficial to investors and the general public who are interested in investing in second-hand accommodation. The objective of this research was to study the operation plan of second-hand house flipping which consists of an acquisition plan, a repair plan, and a selling plan. This research is a qualitative research which performed by conducting interviews with structured interview forms. The informants are the investors who had invested more than ten second-hand properties. The acquired data were then analyzed by Content Analysis. The results of this research can be used as a guideline for investors and those interested in investing in second-hand residential properties. The result of the research found that there are 3 operation plans for the second-hand housing flipping: Design

as a positioning, Location as a positioning, and Price as a positioning The operational process of the informants of the research were summarized in the following figures: (1) The investors who use design as a positioning present interior works as a key selling points. They select 2.5 – 3.5 MB properties in Phuket or Bangkok and its vicinity. And then sell them to the foreigners or the customers who have children with 20 – 35% net margin. The investment cycle time is about 8.5 – 10.5 months. (2) In addition, the investors who use location as a positioning focus on townhouses with good location with 2.5 – 3.0 MB buying price. After renovating, they sell the properties with about 20% net margin. The investment cycle time is about 6 – 18 months. (3) Finally, the investors with price as a positioning prefer 2.5 MB properties and expect net margin 20%. The investment cycle time is about 6 - 18 months.

Property acquisition 1 - 2 months

Design 2 weeks

Renovation 4 months

Sell the property 4 - 6 months

Figure 1 : Process of secondhand housing flipping by design

Property acquisition from Legal Execution Department 1 - 2 months

Renovation 4 months

Sell the property 4 - 12 months

Figure 2 : Process of secondhand housing flipping by location or by price

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MASTER DEGREE

A Study of Entrepreneur’s Perspective on Energy Conservation Hostel’s Image: Case Study of Bangkok Hostels

STUDENT Jomkhwan Srikrisanaruk YEAR 2018 ADVISOR Asst. Prof. Sukulpat Khumpaisal, Ph.D.

Nowadays, everybody concerns about environmental protection. The position and attitude of the hostel entrepreneurs towards the hostel in the form of energy-saving buildings is important to create a good image for tourists. This research focuses on the hostel in the form of energy-efficient buildings in Bangkok. Through literature review and interview of hostel entrepreneurs in Bangkok and hostel business specialists. This research is qualitative research. Collect data by interviewing 4 Bangkok hostel entrepreneurs and 1 hostel business specialist. The finding reveal that entrepreneurs and specialist pay attention to the following matters:

1) Sustainable site 2) Energy and atmosphere 3) Material and resources 4) Indoor environmental quality, which is consistent with the good image that the guest can recognize is 1) Sustainable site 2) Energy and atmosphere 3) Indoor environmental quality. Such factors help create a good image and affect the occupancy rate.

Figure 1 : External factors affecting building design Source : Department of Alternative Energy Development and Efficiency, 2015

Figure 2 : External factors affecting building design Source : Department of Alternative Energy Development and Efficiency, 2015

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MASTER DEGREE

The Requirements of small Modular Houses for Elderly in Bangkok Metropolitan Area

STUDENT Kittipong Jaruvedyasom ADVISOR Asst. Prof. Sukulpat Khumpaisal, Ph.D.

The elderly population has increased and is likely to increase rapidly in the future. The base of the elderly population is expanding would mean the need for elderly retirement homes. This research aimed to study the needs of small modular house models for the elderly and the relationship between personal factors of the elderly and the need for a small modular house model for the elderly by collecting data from samples of 80 elderly people aged 51 years or older with convenient sampling, analyze data by using descriptive statistics and testing the hypothesis of research with Chi-Square. The research found that the most respondents have a need for a small modular house in a contemporary style

that is 6 x 12 meters in size, 1 bedroom with a pantry kitchen, and has a coordinated system with emergency rescue and non-slip floors with a price range of 250,000 – 450,000 Baht. In addition, it also found that the personal factors of the elderly that related to the need for a small modular house model for the elderly with significantly statistical at the level of 0.05, including gender, marital status, education, occupation, average household income per month, and congenital diseases. The developers and those who are interested in investing in housing projects for elderly in the form of small modular houses can apply the research results to design the physical characteristics of the project as needed of the elderly.

Feasibility Study on Small Land Plot Developments in the Central Business District of Bangkok Case Study: Land in Soi Sathorn 15 STUDENT Nitphon Kajaree ADVISOR Asst. Prof. Sukulpat Khumpaisal, Ph.D.

Figure 1 : Project’s location

Figure 2 : Land plot of the project

The major problems in the development of real estate projects on land in Central Business District are the price of land that has risen, there is not enough space to develop the project, and some vacant lands have no potential for development due to being affected by legal restrictions. The purpose of this study is to study the highest and best use and the possibility of developing a project on a small land plot with procedures including, idea inception, idea refinement, and conducting a feasibility study on the development of legal, physical, marketing and finance.

and marketing but without financial possibilities because the Net Present Value obtained from financial feasibility studies both of freehold and leasehold of land for project development is higher than 0 and the internal rate of return on investment is more than the financial cost. However, in the case of leasehold, the financial feasibility is the most likely because Net Present Value and Internal Rate of Return higher than freehold. Therefore, investors who are interested in developing real estate projects on small land plot in the central business district should rent land to develop projects and conduct feasibility studies in various fields for consideration of investment decisions.

The research found that case study land is feasible for the development of apartment projects in the legal, physical

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MASTER DEGREE

The Study of User Satisfaction on Engineering Management of Luxury Condominiums in the Central Business District of Bangkok STUDENT Maysa Talerd ADVISOR Asst. Prof. Warakorn Likitanupak, Ph.D.

Condominiums have deteriorated according to usage and time. Condominium Juristic Person have to manage the building to be able to satisfy the users. The purpose of this research aimed to study the engineering management model and the satisfaction of users with the engineering management of luxury residential condominiums in the Central Business District of Bangkok. This research using a mixed methodology: structured interviewing 1 condominium manager and collecting data from a sample of 40 users by using the questionnaire, then analyze the data by using content analysis and descriptive statistics.

The research found that management of engineering systems by using preventive maintenance able to make the users satisfied with the overall engineering systems of the building at a high to the highest level. Design of building, quality of construction, effectiveness of building management, knowledge and expertise of the management team, sufficient manpower allocation and divide the work periods that overlap each shift, preventive maintenance, regular and continuous maintenance of building physical resources, cooperation in the payment of common fees, and the building has various types of space are the variables that affect the satisfaction of building engineering management.

Figure 1 : Central Business District (CBD) of Bangkok Source : CBRE, 2017.

Figure 2 : Relationship of maintenance system Source : Adapted from Shenoy & Bhadury. 1998, Maintenance Resources Management Adapting MRP.

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MASTER DEGREE

The Study of Real Estate Developer’s Expectation of Quantity Surveyor Service for Condominium Development in Bangkok STUDENT Napaphat Muenkamsaen ADVISOR Asst. Prof. Warakorn Likitanupak, Ph.D.

The objective of this research is to study of real estate developer’s expectation of quantity surveyor service for condominium development in Bangkok which related to identity roles, duties, responsibility, composition, knowledge, ability and necessary skills of the quantity surveyor. The research’s results can help quantity surveyor improve them to make more satisfied to their clients. The research collected data by interview 5 real estate developers and 5 quantity surveyors. Then, data were analyzed by content analysis.

The research found that the important roles of quantity surveyor which expected by condominium developers were; 1) feasibility study and design 2) tendering stage 3) construction stage 4) closing and final account. Moreover, the important skills for quantity surveyor were 1) good working attitude and be honest, 2) accurate and thoughtful to be the quantity surveyor, 3) understand construction documents and have price inquiry skills, 4) responsible and punctual, 5) team works, ability to work with colleague, 6) lifelong educations, 7) good personality and presentation skill, and 8) have patience.

CORE COMPETENCY 1.Communication skill 2.Business administration skill 3.Collecting data skill 4.Professional skill 5.Legal skill 6.Survey skill 7.Understanding of drawings skill

IMPORTANT COMPETENCY

EXPERT COMPETENCY

1.Understanding the contracts and agreements 2.Technology knowledge 3.Economics knowledge 4.Procurement and financial management knowledge

1.Ability to resolve disputes 2.Survey skill 3.Collateral knowledge 4.Project management skill 5.Investment understanding and knowledge 6.Research and development 8.Understanding taxation systems 9.Understand value engineering

Table 1 : Desired competency for surveyor Source : Adapted from Royal Institution of Chartered Surveyors (1998) , “The APC Requirements & Competencies, London: Royal Institution of Chartered Surveyors.

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MASTER DEGREE

A Study of the Facilities and Utilities Affecting on Buying Decision of 20-40-Million-Baht Detached House Projects in Ratchaphruek Road Area STUDENT Pansak Sakwirot ADVISOR Asst. Prof. Warakorn Likitanupak, Ph.D.

Figure 1 : Example project plan according to facilities and utilities This research is a Quantitative Research which analyzed and focused on the relativity of the physical factors on facilities and utilities of detached house projects to explain the consumer’s decisions for buying detached houses valued 20-40 million baht. The researcher used the questionnaires as a material, surveyed in Ratchapruek area for 3 projects of detached housed, 20-40 million baht. Subjects are 2 groups, one is a co-owner of 3 projects (56 persons) and another is a prospect not buy yet, budget over 20 million baht (94 persons). The data was analyzed by descriptive statistics; mode, mean and median. This research found that there are 13 strong factors that impact to the buyer decision. 1) The width of internal road in the project 2) Communal car park 3) The project entrance must

have tree island 4) Electricity wired underground 5) Securities system ; Double security gate, CCTY, Keycard access, Emergency alarm and guard controls. 6) One main park, no small parks 7) Big club house located in the center of project and easy to access 8) Swimming pool 9) Private dining room 10) Meeting room 11) Fitness center 12) Indoor playground and kid room 13) Flood protecting system These 13 factors respond to the needs of buyer whom required security safety and elevating buyer image as from the theory of needs by A. Maslow. In summary, the developers should attend to the 13 factors that affect the buyer decision which will help to elevate the quality of the projects and respond to the buyer needs.

Return on Investment of Condominiums on Srinagarindra Road

STUDENT Phattanaphong Prateepasen ADVISOR Asst. Prof. Sukulpat Khumpaisal, Ph.D.

This research aimed to study the factors affecting to rental rates of condominiums on Srinagarindra Road by collecting data from condominium projects located within a radius of 2 kilometers from Srinagarindra Road and located in Bangkok area which was announced for rent during July – December 2018, total 100 units. Using multiple regression analysis to test the influence of factors on rental rates of condominium and create a forecast model for rental rates of condominium in the study area. Then, using forecast model to test with a sample of 30 samples to analyze the comparison of the rental rate calculated from the forecast model and the rental rate announced for rent by Paired T-Test. The research found that unit area is a factor that can predict the rental rate

of condominiums on Srinagarindra Road with statistical significance, a regression coefficient is 123.594 and predictive power in the same direction A forecast model can explain the influence on rental rates of condominiums on Srinagarindra Road by 10.40% and 89.60% due to influence from other variables that are not studied which can create a forecast model that Y (rental rate) = 4740.066 + 123.594 (unit area). For the result of the difference between the two independent population values (Paired T-Test) with the value of Sig. is 0.178, including that the predictive equation can predict the rental rate of condominium, which is not significantly different from the rental rates announced in condominium projects. The average return on investment is 5.1%.

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The Study of Small Land Plots for Luxury Condominium Developments in Bangkok’s CBD

STUDENT Thamonwan Liammanee ADVISOR Asst. Prof. Warakorn Likitanupak, Ph.D.

The objective of this research is to study about the smallest land size for luxury condominium development in Bangkok’s CBD. The results can help developer to increase opportunity and reduce time in land acquisition process. The researcher compares the land size and physical data of the 7 case studies by content analysis. Then, analyzes case studies and try the smallest land size with 10.00 meters wide road assumption, which is the narrowest road allowed to develop

high-rise building by Thai law and regulation. The smallest land size that appropriately developed luxury condominium is 34.97 meters in width, about 72.60 in length meters, land area 2,539.77 sq.m (1-2- 34.94 Rai) in the regular parking system case. Moreover, in the automatic parking system case, the land plots are 29.97 meters in width and about 77.30 meters in length, land area 2,316.44 sq.m (1-1-79.10 Rai).

Figure 1 : Model of luxury condominium project with automatic parking system

Figure 2 : Model of luxury condominium project with regular parking system

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A Selection of Competitive Strategy of Home Builders in Home Builder Association

STUDENT Thanphat Wongitsaranugoon ADVISOR Asst. Prof. Kongkoon Tochaiwat, Ph.D.

Currently, home building companies pay more attention towards their customers’ needs, but there are many companies that have to face with the direct competitors who also respond to the customers’ needs, the home builder companies must be addressed that the customers’ preferences and perceptions towards the products are the information that can be recognized by their customers as well. The goal of the marketing strategy is to create the marketing channels and to increase the products’ demand of each company. In this regard, the companies may use various marketing factors that represents the company’s competitive advantages, in order to analyze the competitive strategy on the dimension of the 7PS marketing mixes of the home builders. The new marketing strategies will gradually adjust the marketing rules to be in accordance with the fluctuated business environment. This research was a qualitative research using expert interview of 5 high–level management in home builder companies studying relevant literatures from various sources. It is because of home building companies

are counted as the service business. Therefore, service marketing mix theory (7P’s) was employed in this research as a main theory to select the best competition strategy with other home builders. Then, the researcher used the qualitative content analysis to verify which data would be used in marketing analysis. The information required are the strengths, weaknesses, opportunities and threats of the home builder companies, and information related to the needs and behavior of customers who want to build houses on their own land. The results showed that the majority of entrepreneurs use cost leadership strategy while they try to create some different selling points to their customers by applying product and process marketing mix factors such as building the whole home by their own staff (Process), custom–made design for every home (Product), and emphasizing a specific style for home design (Product). The knowledge obtained from this research is expected to be used by home builders, in order to understand the components and selection of the competitive strategies.

Student Life and Activities

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INNOVATION FOR REAL ESTATE DEVELOPMENT PROGRAM

FACULTY Associate Professor Kongkoon Tochaiwat, Ph.D. Assistant Professor Chompoonut Kongphunphin, Ph.D. Assistant Professor Sukulpat Khumpaisal, Ph.D. Assistant Professor Dr.Vuttapong Larpcharoen Assistant Professor Warakorn Likitanupak, Ph.D. Assistant Professor Anake Suwanchaiskul Assistant Professor Maniporn Sambandaraksa Assistant Professor Wiruj Somsopon Instructor Chunyarat Nitierapad, Ph.D. Instructor Than Dendoung, Ph.D. Instructor Alita Chaladdee Instructor Tirawat Pimwern COLOPHON RD: Innovation for Real Estate Development Book Editor: Maniporn Sambandaraksa Project Editor & Translator: Natre Wannathepsakul Design: Saran Tangtrongsit Printed in Thailand by TOP INTERTRADE COMPANY LIMITED ©2022 Thammasat Design School All rights reserved. No part of this publication may be reproduced or used in any manner whatsoever without the express written permission of the publisher except in the context of reviews.

Faculty of Architecture and Planning, Thammasat University 99 Moo 18, Klongneung, Khlong Luang, Pathum Thani 12121 Thailand T +66 (0) 2986 9434, +66 (0) 2986 9605-6 F +66 (0) 2986 8067 info@ap.tu.ac.th www.tds.tu.ac.th