By Shabnam Muzammil:
Over 10,000 condominium units worth almost Bt50 billion will be released from existing projects and new launches this year.
In particular, there are nearly 50 new condominiums that have either been completed or are in early stage of construction near Bearing station, said reports.
These include condo projects that were launched from 2010 to 2012, which are expected to draw customers on the lookout for homes close to the mass-transit system.
Since 2011, no less than 30 condo projects have delivered over 10,000 units worth up to Bt30 billion to buyers.
This year, 11 new projects will be added to the bulk and provide an additional 4,200 units worth Bt21 billion. These new launches will be mainly located on Sukhumvit Road from Thong Lor to Sukhumvit Soi 107, with prices ranging between Bt1.3 million and Bt5 million per unit.
Most of them are now 50 percent and 75 percent sold depending on proximity to the main road.
As with supply, demand for resale condominiums also expanded by 20 percent to 30 percent while prices inched up 10 percent to 20 percent.
Pumipat Sinacharoen, Managing Director of Bangkok CitiSmart, said, “Although this area has seen more new condominium projects launched, demand for resale condominiums continues to grow because some home-buyers need to purchase a ready-to-stay property and resale prices are still lower than buying in new projects open for presales at this time.”
Although speculators are fuelling demand, there is still genuine demand from buyers, he added. Hence, there is no sign of a bubble that may be caused by speculative demand.
Still, the area is seeing a significant surplus due to numerous launches, said Samma Kitsin, Director-General at the Real Estate Information Centre.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg
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