Ananda Development's Ideo Q condominium on Rama IV Road. SEKSAN ROJJANAMETAKUN

Artificial intelligence (AI) will be factored into Ananda Development Plc's business model as the company works to achieve urban living solutions.

The developer says steady expansion of the transit system has brought about changes in the structure of the city and the real estate market.

The areas along electric rail routes are considered "real estate gold", with the value of land downtown dubbed "diamond-studded gold", said chief executive Chanond Ruangkritya.

When finished, the electric train network will span 11 routes with 297 stations at a length of 466km.

Mr Chanond said the company knows that as the price of land soars, demand for vertical living in condominiums will rise. But traffic woes will remain a major problem as people spend more time and money commuting.

Experts have agreed that while electric trains offer a new transport alternative, they don't reach every corner of the city. Questions of how affordable the fares will be are also on many people's minds.

Mr Chanond said Ananda is working to tailor urban living solutions to address challenges for the city's inhabitants. The key to developing quality urban housing projects is to pick convenient locations with high growth potential. Easy access will help reduce daily travel expenses.

At the same time, the company stands ready to adopt new technologies and introduce innovations in its housing projects to boost convenience and safety, as well as increase project value.

The introduction of the technology starts right from the phase of construction and extends to after-sale services. Technological features will be a mainstay for new accommodation at Ananda projects under the Urban Tech concept.

The company considers itself fully prepared for changes in the housing sector, helped by a willingness to embrace the technological singularity, which describes the theory of artificial superintelligence abruptly triggering runaway technological growth that transforms human civilisation.

AI is forecast to be the norm, not the exception, in changing the face of many industries, including real estate. This view is shared by Neil Sahota, a worldwide business development leader and master inventor for the IBM Watson group. He predicts that AI will gain ground in real estate and several other industries this year, according to a report in www.cio.com.

"It has been forecast that in the next 5-10 years, technology will advance rapidly and alter the way the industry operates, from methods of construction and housing design, to the facilities in the housing projects," Mr Chanond said.

"AI will be integrated into people's lifestyles and produce innovations that save time, take care of personal health and so forth. It will be part and parcel of everyday life."

For Ananda, the new technology will influence the company's investment strategising and planning to best respond to customer needs. Technology will also help with product differentiation and the creation and design of building materials to provide solutions for new urban living.

Mr Chanond said Ananda is studying the possibility of conducting a joint research and development project with other giant developers such as LPN to mutually harness their strengths.

He said the company has set a revenue target of 38 billion baht in 2018, with nine projects completed and ready for owner transfer to customers. Ananda is launching 16 new projects worth 35 billion baht this year.

Mr Chanond says technology will rapidly alter the real estate business.