Property firms in Thailand looked to the luxury segment in the first quarter launching a number of residential projects aimed at the upper-income market, The Nation reported. That is because of high household debt continuing to create uncertainty in other segments of the property market.
Anant Asavabhokhin, chairman of Land & Houses’ executive board, believes the government should stimulate spending in the upper-income segment of the market in order to help boost the overall economy. Land & Houses recently launched a luxury detached housing development in the Rama II area and is one of many developers hoping to cash in from the demand in this segment.
A number of other developers also launched luxury projects this year with both condominiums and detached houses being popular. According to The Nation, developers continue to see strong demand in this segment of the market and it doesn’t look as if it will subside any time soon. It was also noted that launching luxury units now allows developers to bring in pre-sales as commercial banks are still reluctant to provide mortgages for the lower- and middle-income markets.
Sansiri’s most recent launch was a luxury condominium project called 98 Wireless (pictured). The project is worth a total of THB 8.5 billion and The Nation added that THB1.2 billion has already been sold. Sansiri president Srettha Thavisin told the newspaper that although booking for the project isn’t scheduled to begin until later on in the year, the company accepted cash offers for two penthouses.
98 Wireless will only have a total of 77 units when complete with prices starting at THB550,000 per sqm. Sansiri will host the official grand opening of the development during the second half of 2016 once the project has been completed.
Ananda Development is another developer that decided to launch a luxury condominium during the first quarter of this year. Ashton Silom is worth a total of THB5.8 billion and prices start at THB7.9 million per unit.
