Sena Development expands rent-to-own scheme to foreign buyers to clear 6,000-unit condo stock

SET-listed Sena Development is extending its rent-to-own scheme to foreign buyers as it seeks to reduce a condo inventory of more than 6,000 units. The move comes amid weak domestic demand driven by mortgage rejections and falling purchasing power after recent floods.

Sena Development, a SET-listed Thai developer, is extending its rent-to-own programme to foreign buyers in a bid to clear its condominium inventory of more than 6,000 units. The decision follows persistent weakness in domestic demand, which the company attributes to mortgage rejections and declining purchasing power in the aftermath of recent floods.

The expanded scheme allows overseas purchasers to rent a unit with an option to buy, a structure the developer hopes will unlock stock that has been slow to move in the current market. Sena has not disclosed the specific terms of the foreign-facing plan or the number of units earmarked for it.

The company said the floods have added further pressure to an already sluggish sales environment, compounding the effects of tighter bank lending and reduced household budgets. Domestic buyers, particularly first-time purchasers, have struggled to secure financing, leaving the developer with a large completed and unsold pipeline.

By opening the rent-to-own route to foreigners, Sena is seeking to tap demand from expatriates and overseas investors who may face fewer financing hurdles. The strategy mirrors similar moves by other Thai developers in recent years as the sector grapples with oversupply in the Bangkok condominium market.

Sena has not provided a timeline for clearing the inventory or indicated whether further incentives would be offered to foreign renters. The company continues to monitor demand trends as it works through its stock over the coming quarters.