SET-listed developer Sena Development is planning to extend its rent-to-own scheme to low-rise houses and rebuild buyer confidence in high-rise condos in the aftermath of the earthquake, which severely impacted Bangkok's condo market.

Managing director Kessara Thanyalakpark said the company has begun piloting the rent-to-own programme with low-rise houses, following its earlier implementation with condos last year, though the number of participating low-rise units remains limited.

"We will expand the number of low-rise units under the programme this year, as we expect many homebuyers may shift to low-rise houses over condos after the earthquake raised concerns about high-rise living," she said.

Under the programme named LivNext, buyers rent directly from the company, with monthly payments converted into savings that are later deducted from the home price at the time of unit transfer.

The programme aims to support potential homebuyers who are not yet ready to take out a mortgage, need more time to clear existing debts, build a stronger financial record or lack sufficient funds for a down payment.

Ms Kessara presents the plan to extend Sena's rent-to-own scheme to low-rise houses.

The programme also provides Sena with the opportunity to sell completed, unsold units, of which Sena has a large number on hand.

Launched in April last year with a focus on condos, Sena has rented out 1,000 condo units so far, along with a few low-rise houses. She said as there were many low-rise house buyers unable to get mortgage loans, Sena did not want to leave them behind.

"Adding low-rise houses to LivNext is quite different from condos as low-rise houses have higher interior costs," she said. "We're also concerned about the potential for dilapidated homes if customers eventually change their minds about accepting the unit transfer."

"Today, the active market will likely be low-rise condos and low-rise houses," she said. "High-rise condos can be retrieved if developers address the damage effectively and restore confidence among buyers."

To rebuild confidence among high-rise condo buyers, Sena will implement a customer-centric strategy and philosophy called Geo Fit+ from its Japanese partner Hankyu Hanshin Properties Corp.

One aspect of the strategy will focus on design elements to prevent or minimise damage within units during an earthquake.

For example, it will include furniture with anti-tip bases and kitchen cabinets designed to withstand seismic events.

Sena will also distribute a disaster prevention manual in Thai, provided by Hankyu, which shares real-life experiences from earthquake events in Japan.

"The key is detailed communication with customers and addressing the issues they face. Our goal is that at least 80% of our condo buyers who experience earthquake damage will be able to return to their units," she said.