Property News · March 19, 2019

Bangkok condo developers forge ahead with launches


Bangkok condo developers are moving forward with launches in key locations this year despite expectations of a slump in the market, according to Colliers Thailand via Bangkok Post. New supply is set to come online in the neighbourhoods of Thong Lor, Ramkhamhaeng, Charoen Nakhon, Sam Yan and Talat Phlu, the consultancy predicted. The areas registered a high absorption rate last year, with more than four units purchased a month. “Some did not have new supply launched in recent years, while others have lower land costs, feasible for development of affordable units,” Phattarachai Taweewong, associate director of property consultant Colliers Thailand’s research department, told the Post. Such pockets of optimism in the Thai capital may yet buck a predicted downturn in market sentiment after lending curbs are implemented on 1 April. In anticipation of the curbs, many developers have opted to mark down selling prices in an effort to unload unsold stock. More: Why branded homes will remain hits for Thailand in 2019 New supply from at least three projects will be launched in an area stretching from Thong Lor to Ekamai, although 3,300 condo units were unsold in the neighbourhood as of the end of 2018. Upcoming mass transit lines will also make sites from Rama IX to Ramkhamhaeng roads popular for condo launches this year. “The key driver is the Orange Line between Thailand Cultural Centre and Min Buri, with construction progress of 30 percent so far,” said Phattarachai. “It will pass locations along Rama IX Road and Ramkhamhaeng, one of the most crowded residential areas.” The opening of upscale shopping centre IconSiam has driven condo developers to launch projects along Charoen Nakhon Road this year at prices ranging from THB150,000 to THB180,000. At least four projects offering freehold and leasehold units are due to launch in the Sam Yan area on Rama IV Road, while the area around Talat Phlu BTS station is expected to have at least five projects with a total of 6,000 units in the pipeline.

Source : property-report.com
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