Big Corp Real Estate Receiving the benefits of the new government, politics has become calmer. Grab the opportunity to move forward and open a new project. “Land and House-Sansiri-AP-Noble” accelerates the launch of luxury condos in prime locations in the heart of the city, along the waterfront, to meet the demand of Thai and foreign millionaires. “China-Russia-Myanmar” flock to migrate and settle down in Thailand.

Thailand, under the new government's drive at this time, is sending a positive signal to the real estate sector in moving forward with its business plans. Continuously opening new projects to meet the demands of Thai and foreign customers, especially "luxury condominiums" which are still a potential market. under limitations Land and locations are becoming harder to find.

Currently, luxury projects in freehold format have an average selling price higher than 300,000 baht per square meter. In the downtown area, including the Witthayu zone, Sukhumvit zone, and the Chao Phraya River zone, the average growth is 7.9% from 2022, while the luxury market's supply remains at only 19%, partly from the difficulty of freehold land in this location. and the price continues to rise

Ms. Athitaya Kasemlawan, Head of Residential Project Trading Department, CBRE Thailand, said that developers are now focusing on developing condominium projects in the heart of the city. Because it is a location with potential from environmental factors The emergence of Grade A office buildings New retail project This causes demand for housing to follow.

Combined with the high price of land, it has to be developed into a luxury condo. which has demand both from local and foreign countries If the project is developed in a good location It is a worthwhile price. Make it sell well The price level in the city ranges from 250,000 -300,000 baht per square meter. For example, the Tonson Wan project sold 80%.

Nowadays, most condos in the middle of the city are leasehold, while there are few freeholds or outright purchases. And during COVID-19 or the past 3 years, there were hardly any condo launches in the city center. Including a waterfront location causing there not to be much new supply Most of the condo launches during COVID focused more on the suburbs.

“The customer group has high purchasing power, that is, they have the financial limit to buy a condo priced at 15-30 million baht or more in a central location. Especially business areas such as Witthayu, Silom, Sathorn, Lumpini, Sukhumvit, Pathumwan and locations along the Chao Phraya River for living."

In the past year, many Myanmar, Singaporean and Thai clients entered into contracts to buy and sell projects ranging from 5 million baht to more than 100 million baht, focusing on luxury condos with 2 bedrooms priced 15-30 million baht in prime locations. Lumphini and Sukhumvit

Adjust the portfolio to diversify the foreign customer base

Mr. Thongchai Busaraphan, Vice Chairman and Co-Chief Executive Officer of Noble Development Public Company Limited, said that the property market situation In the second half of the year, there were continued positive signs from the recovery of both domestic and international markets. Even though foreign customers from China have not yet fully arrived.

The company has adjusted its portfolio to diversify its foreign customer base to be more diverse, such as Taiwan, Singapore, Hong Kong, and Myanmar, etc.

“At this time, real estate buying behavior of foreign customers has changed Focus more on buying to live in yourself. But there is also a growing group of customers who buy for investment.”

Therefore, during the 4th quarter, the company is preparing to launch the "Embassy Wireless" project, worth 9,900 million baht, on Wireless Road, as a joint venture project with partners. "Hong Kong Land"

Go for a new luxury condo in a potential location

Mr. Ong-at Suwannakul, Assistant Managing Director Condominium Project Development Department, Sansiri Public Company Limited said that in the second half of 2023, Sansiri aims to develop “New Luxury Condominium” in a potential location with demand to support the needs of high-end customer groups.

“Luxury condos still have little supply. Customers with purchasing power want a location in the heart of Bangkok, such as Ari and Ratchathewi, which are considered places where it is very difficult to find land.”

Recently, the company is preparing to launch the "Via Ari" project worth 2,300 million baht with only 114 units, starting price 7.99 million baht, marking the return after 11 years of "Via", Sansiri's boutique condo brand.

In addition, preparing to launch the project "Chuch Ratchathewi" worth 5,200 million baht, loft-style condos with 4.5 meter high ceilings, almost 100% of the entire project. Focus on student groups medical personnel Including a new generation of high-level executives, the starting price is 8.99 million baht, open for sale in October.

Customers are ready to pay for 'luxury condos - good deals'

Miss Kamonthip Bamrungchat Udom Deputy Managing Director Business Development Division, Condominium Products Group, AP Thailand Public Company Limited, said that in the second half of the year they are preparing to launch 2 condo projects, namely "THE ADDRESS Siam-Ratchathewi", starting area 35 square meters, price starting at 8.29 million baht, and the project “RHYTHM Charoen Nakhon” worth 4,500 million baht on 4 rai of land, located on Charoen Nakhon Road. Opposite Icon Siam, average price 170,000-180,000 baht per square meter Room size starts at 35 square meters, price 7.7 million baht.

Mr. Tritecha Tangmatitham, Managing Director of Supalai Public Company Limited, said that the luxury condo market has shown good signs since last year. The company is preparing to launch the Supalai Icon Sathorn project, which is completed and ready for transfer early next year.

“Every crisis, the upper market will come back first. Because this group of customers already has money, they don't have to wait for the economy to be good to be able to buy. If you feel confident Or feel that it's worth it, a good deal, and customers are ready to buy. It is a normal cycle for this market segment.”

Foreigners flock to buy Thai real estate

On the side of Mr. Abhisit Sunthorn Chukiat Chief Executive Officer of Origin Condominium Company Limited, Origin Group, said that in the 4th quarter, the luxury market will expand greatly. With the recovery of more foreigners coming to Thailand, the demand for foreign customers has increased. Especially the CLMV countries (Cambodia, Laos, Myanmar, Vietnam).

“More Myanmar is coming in. But Chinese people are still few compared to before COVID-19. In addition, there are Taiwan and Hong Kong groups buying at a price level of 10 million baht or more. The main locations are still Sukhumvit, Thonglor, Ratchada, Rama 9, tourist cities such as Phuket, Pattaya that foreigners are familiar with.”

Previously, Mr. Chaiyut Chinmahawong, Assistant Managing Director of Land and Houses Public Company Limited, said that this year the company will develop a waterfront condo project. Launched in the 4th quarter to support the purchasing power of Thai people in that area. Including people who want to buy a waterfront condo as a second home. Because it is a project that is easier to sell than condos in general locations.

Source:https://www.bangkokbiznews.com/property/1087326

Date 7/09/2023