This 2018, it is expected that there will be continued demand for the latest condominium that were opened to the public this year. Demand is especially higher in three hotspots – Charan Sanitwong, Thong Lor and Phaya Thai. Many are looking forward to the number of projects that are set to open in these areas. These condos are ideal for those staying long-term in Bangkok while a 4 star hotel in Sukhumvit will suffice for those who are staying for only a few days.
Colliers International Thailand is a property consultant firm in Thailand. Its research department’s senior manager is Phattarachai Taweewong and according to him Greater Bangkok will welcome an even higher number of condo units. In the previous year, there was a recorded 58,424 units while this year around 60,000 units will be launching.
He added that developers are set to build and launch more condo projects because they are confident with the current state of the property market in Thailand. They find great potential in locations that are close to the recently completed mass transit system. While things are not picking up so fast on the lower end of the market, there is good news for those that belong in the middle and upper end of the sector as they are deemed to continue being healthy.
The highest number of condo units to be launched is in Thong Lor as there are around 3,300 units available from 11 different projects. The minimum price is quite high because of the prime land costs in the area thus every square meter will cost 250,000 baht.
These new condominiums are developed by listed companies like Ananda and Land & House. Ananda is planning to launch a condo located at the end of Sukhumvit Soi 38 while Land & Houses project is located at the entrance and across Soi Thong Lor.
Sansiri’s future project is to be located in Sukhumvit Soi 34 with a total land area of 495 wah purchased for 332.7 illion baht from its previous owner Prasarttong-Osoth family’s Bangkok Sky Sukhumvit 34 Co. As more developers are investing into condos, others are buying a 4 star hotel in Sukhumvit because of its potential in revenue.