Introducing PRIMA REALTY: A Luxury Real Estate Consultancy for Residential Living and Trusted Partner for Luxury Project Developers
When asked about the key to success in the consultancy business, opinions may vary. However, Prem Narula and Phonpailin Poonsawat, executives at PRIMA REALTY with two decades of experience in the industry, believe that “quality human resources, meticulous attention to every process, and diverse sales channels” are the crucial factors that drive the success of a real estate consultancy business.
In response to this, Prem Narula and Phonpailin Poonsawat founded PRIMA REALTY, a real estate consultancy that positions itself as a “Boutique Real Estate Agency.” The company aims to act as a bridge between property developers and both Thai and international clients, offering the distinctive advantage of one-stop services.
Prem Narula
Managing Director from PRIMA REALTY
Prem shared the inspiring story behind the founding of PRIMA REALTY, explaining that it stemmed from recognizing a gap in the market, with only a few players specializing in luxury residential real estate consultancy. As a result, he brought together a team of experienced professionals with a shared vision to launch the company.
“I believe that when business entrepreneurs focus on their strengths, they can achieve the best results. Therefore, we are committed to building on PRIMA REALTY's strengths, which include interacting with end users from the HWI group and continuously collecting data to create a database for analysis. This enables us to provide comprehensive sales and marketing consultancy to property developers. Additionally, we offer in-house services provided by industry experts, ready to advise property developers, including guidance on project design to ensure it aligns with the target group.”
Baan Issara Bangna, Luxury Single Detached House Project
MUNIQ Langsuan, Luxury Condominium Project
Despite launching during a period of economic challenges, PRIMA REALTY's unique and distinctive strengths have enabled it to gain significant trust. In 2024, its first year of operation, PRIMA REALTY was entrusted with managing five luxury projects in Bangkok, including the Baan Issara Bangna project and the MUNIQ Langsuan project, which was recently sold-out in January.
PRIMA REALTY Team
RIMA REALTY Assembles Top Experts in Sales and Marketing
In addition to its expertise and experience, as previously mentioned, PRIMA REALTY places top priority on hiring highly capable personnel. The company is committed to a meticulous selection process, focusing on individuals with experience, skills, and a positive attitude. Most importantly, PRIMA REALTY pays close attention to service details and providing valuable advice. It is also dedicated to the continuous development of know-how and skills among its staff.
“We are like old wine in a new bottle, full of freshness. We have a highly selected team with years of experience in the industry, and we continuously update our knowledge of the latest trends. This allows us to stay current and penetrate new sales channels both in Thailand and abroad. When combined, these factors create the perfect blend: a modern organization that emphasizes agility and is committed to meeting our customers' needs and helping them achieve their goals.”
Phonpailin added, “No matter how much technology comes into play, the real estate industry is still driven by people. Moreover, personnel remain at the forefront of customer interactions and are an important link in connecting with various parties, including clients, project developers, and sub-agents. Most importantly, personnel act as advisors, offering guidance and addressing customer needs for both personal living and investment purposes. Over the past year, the company has successfully developed a network of hundreds of sub-agents, both domestically and internationally. These channels have proven highly successful, generating consistent sales. As a result, this year, we are committed to further developing these networks.”
Prem Narula and Phonpailin Poonsawat
Executives from PRIMA REALTY
Real Estate Market Overview: Waiting for Purchasing Power to Return
Looking at the overall picture of the real estate sector in 2024-2025, Prem believes that the economic recovery is not progressing uniformly across all sectors. Combined with high levels of household debt and the aftermath of geopolitical conflicts, this has led to delays in decision-making. However, as PRIMA REALTY operates in the luxury segment, focusing on Thai and foreign customers with high purchasing power, who are the least affected group, it has been able to leverage its customer database and diverse sales channels to generate continuous sales for project developers.
"Many had previously believed that there was still an excess of supply in the market. However, in the two years following the COVID-19 pandemic, much of this supply has already been absorbed. Data from the third quarter of 2024 shows a decrease in remaining supply, with liquidity beginning to return. Therefore, with strong belief in the continued potential of the Luxury Segment, PRIMA REALTY participated in launching a Super Luxury project in the city center last year, receiving an overwhelmingly positive response. As a result, this year, PRIMA REALTY sees continued growth potential in the Luxury Segment, both among Thai and international clients."
Prem further added, "To address the remaining supply, the government should implement short-term measures to encourage high-purchasing-power foreign buyers to invest in condominiums or landed properties. One approach for condominiums worth considering is increasing the Foreign Quota Ratio beyond its current level. Regarding residential houses, foreigners should be allowed to hold leasehold ownership for 60-90 years in projects priced above 20 million baht, with the government potentially specifying certain areas and timeframes during which foreigners would be allowed to hold ownership.
Regarding current housing trends, Phonpailin added, “While the COVID-19 pandemic did change lifestyles, it was only a short-term shift. One noticeable trend is the growth in single-detached home sales during the pandemic. However, as the situation improved, the natural human need for social interaction led to a resurgence in demand for condominiums. For luxury condominium buyers, they are not only looking for locations that align with their lifestyle but are also seeking condos that offer the privacy of a home, with spacious living areas, located in the city center, and convenient transportation. As a result, we are seeing a trend where modern condominiums are offering expanded living areas, with some projects even featuring entire penthouse floors.”
PRIMA REALY Joins in Launching the Sales of Super Luxury Project in the Heart of the City
Looking at the overview of the real estate market, and in order to lead the business forward in a market full of opportunities and challenges, Prem emphasized three key strengths of PRIMA REALTY: the 3P principles—People, Partnership, and Promise.
“In addition to prioritizing 'People' within the organization, where we carefully select individuals, we also value our partners, including clients, project developers, and sub-agents both in Thailand and internationally. We firmly believe that fostering strong relationships and ensuring satisfaction on all sides is key to sustainable business success. Regarding 'Promise,' or the commitment to building trust, we not only honor the promises made to our employees but also uphold our commitment to delivering quality work from the first day of the project to its completion.”
Regarding the business direction in 2025, PRIMA REALTY aims to take on more new launch projects within the Luxury Segment. At the same time, to stay ahead in the dynamic business world, the company continues to prioritize organizational development by committing to uphold and enhance its standards for both personnel and operational capabilities. The company is also exploring new marketing channels and launching a new website. Additionally, PRIMA REALTY is actively seeking new business opportunities, including international projects, to cater to the diverse needs of Thai customers.
For companies seeking consultation on project development or residential project sales and marketing, please contact us at 02-055-6898 or [email protected]. For more information, visit our website at https://www.primarealty.com.
Source: FORBES Thailand