Quality Houses (QH) believes the high-end residential sector is the key to reaching its sales target for the year. While many sectors of Thailand’s property sector have struggled, the high-end market has continued to perform, and the developer is confident of achieving its pre-sales target of THB23 billion thanks in large part to luxury projects.
The company recently launched Q Sukhumvit and the project is at the center of QH’s strategy for the fourth quarter. The luxury condominium, which is close to the Nana BTS station, is estimated to raise THB3 billion in presales. The company believes that the remaining THB5 billion will be raised from housing estates and other condo projects.
Suwanna Bhuddhaprasart, QH senior executive vice-president said that the company made THB15 billion in pre-sales during the first nine months of 2015. QH decreased its pre-sales target from THB26 billion to THB26 billion due to Thailand’s struggling property market earlier in the year.
The high-end residential sector, which has been nearly immune from the economic downturn, is where QH thinks its short-term success is most likely to come from. Suwanna stated that land prices in prime Bangkok locations continues to increase and so too does the demand for high-end properties which means luxury condos projects are likely to keep being successful.
Q Sukhumvit is one such project the developer hopes attracts wealthy buyers. The recently released project is 42-stories tall and prices for a two-bedroom unit start at THB25 million. While Bangkok’s downtown area still remains the most popular place for high-end buyers from both domestically and abroad, projects need to embrace sophisticated interior and exterior design that meets the luxurious lifestyle of most end users demand.
“Affluent customers still have high purchasing power and there is nothing to worry about in this sector,” Suwanna said. “There’s still a lot of demand, but the challenge is to create something that meets their real needs.”
