In every crisis lies an opportunity. MQDC demonstrates its vision for the real estate industry in the post-COVID-19 world and highlights the emerging “home-based economy/lifestyle” as a “new normal” for home-buying decisions. The Company is also forging ahead with residential projects under the concept of “For All Well-Being”, catering to future lifestyles where consumers prioritize space and green areas and adopt “Everything at Home” ways of life.
Mr. Visit Malaisirirat, Chief Executive Officer of Magnolia Quality Development Corporation Limited (MQDC), said that: “The spread of the coronavirus disease 2019 (COVID-19) has brought about 'new normal’ behavior. For example, some people have been working from home to reduce their exposure to others. Some have started cooking their own meals instead of eating out because restaurants were closed for a time. Others have taken up gardening as a hobby after being forced to stay home 24 hours for days on end. It’s safe to say that demand for homes is also changing: Buyers no longer look just for a place to live, but for a home that caters to their various needs, which include working and leisure activities that will allow them to stay physically, mentally, and emotionally healthy when they are home.”
“This is in line with the research conducted by the FutureTales Lab, which found that being home-quarantined during the spread of the pandemic has affected home-buying decisions as society is transitioning into a home-based economy/lifestyle, which we might call an 'Everything at Home’ way of life. Consumers are now prioritizing space over convenience. Consumers previously valued properties in the heart of the city, focusing particularly on those along mass transit lines. But the pandemic has had profound effects on the future of work. Many businesses have made many of their operations remote, removing the need for daily commutes. This means people no longer need to live in the city or in a small condominium unit in the city center. Many will look for suburban homes that are more spacious and come with a garden as their primary place of residence,” says Dr. Karndee Leopairote, Chief Advisor to the FutureTales Lab by MQDC.
MQDC has always taken research findings on housing demand and trends into consideration before developing any property project. This serves as the DNA of its projects. All of these are backed up by research to stay relevant to consumer needs in lifestyle behavior and construction design in every aspect and to deliver homes that can provide happiness to customers. All projects are conducted in compliance with the “MQDC Standard”. The standard is reflected in their decoration, in construction materials that are both eco-friendly and safe for residents, and in the development of urban air purifier towers currently in use at Magnolias Ratchadamri Boulevard and Whizdom Sukhumvit projects, to ensure “For All Well-Being” in line with “new normal” lifestyles.
Therefore, prime location in the city center is no longer a key single factor that influences home-buying decisions. A good environment is fast becoming a top priority and this trend is expected to continue in the years ahead. This is in line with studies conducted by the world’s leading universities, including Harvard University and Massachusetts Institute of Technology (MIT), which show that spending time in nature every day reduces stress and improves our health. Building on this finding, MQDC is introducing sustainable green space in its megaproject The Forestias, which will include a real forest of 30 rai. Over 70% of this project will be covered in greenery, making it the first residential project of its kind: one that is a city in its own right complete with facilities and large green areas. The Forestias will consist of Whizdom condominiums perfect for working adults, Mulberry Grove cluster homes, and The Aspen Tree residences tailored for older adults with a full spectrum of services, including health and well-being programs.
“As MQDC has continued to work with global partners in its property development projects, The Forestias will benefit from our partnerships with various brands that specialize in short- and long-term accommodation as well. These include Six Senses, which will bring in both residences and a hotel; Foster + Partners (Thailand), which acts as an advisor and co-designer of the project; ITEC Entertainment, which helps to plan leisure, lifestyle, and resident experiences; and Atelier Ten, which works with us on a plan to minimize environmental impacts for sustainability. We have also conducted research with experts in residential lifestyles. In addition, in line with the FutureTales Lab’s findings that technology is becoming part of our lives, we are joining force with the tech giant Huawei to develop a smart city using its digital platform. The Forestias will be the first project to see this happen,” Mr. Visit adds.
A total of 24 MQDC-owned property projects are now in planning, available for sale, in construction, or awaiting ownership transfer, totaling THB300 billion. These include super-luxury projects such as Magnolias Waterfront Residences ICONSIAM (379 units) and The Residences at Mandarin Oriental, Bangkok (146 units), whose ownership transfer rates stand at nearly 100% and 60%, respectively. The two projects combined are valued at more than THB20 billion and the total transferred amount stands at THB15 billion. This reflects consumer trust in the brand and also the latter’s management by Mandarin Oriental. Recent projects include Whizdom Avenue Ratchada-Ladprao, Whizdom Station Ratchada-Thapra, Whizdom Connect Sukhumvit, Whizdom Essence Sukhumvit, and Whizdom Inspire Sukhumvit. Three projects have started construction and are now ready for sale: The Forestias, The Strand Thonglor, and Mulberry Grove Sukhumvit. Studies are also being conducted for another 3-5 possible projects.
The Company regards the COVID-19 pandemic as an opportunity to offer quality living that prioritizes “For All Well-Being”, or physical and mental well-being in line with the “new normal” lifestyle in the post-COVID-19 world.