Khao Yai popular for its homes: report

By Nikki De Guzman:

Khao Yai continues to attract home buyers including businessmen, celebrities, politicians and retirees, according to a new report by Colliers International Thailand.

“In the past two to three years, many residential projects were launched in Khao Yai, some of which belonged to well-known developers. More than 550 units were launched and completed in 2012 and approximately 100 units were launched in the first three months of 2013, bringing the total number of residential units to approximately 4,650,” according to Surachet Kongcheep, Senior Manager of the Research Department at Colliers International Thailand.

According to the report, nearly 700 condominium units at five projects were launched last year in the central area along Thanarat Road – the highest number on record. In addition, the area along Pansuk – Kudkhla Road also broke a record in 2012, with more than 470 units launched, most of which are at two condominium projects from Sansiri Plc. While only around 80 units were launched in the area along the road to Wang Nam Khiao in 2012, the number skyrocketed to nearly 390 units in the first three months in this year.

Furthermore, condominium prices and average take-up rates also increased across Khao Yai.

“The average take-up rate of condominium units in Khao Yai was around 73 percent,” he explained. “The average selling price in the area along Khao Yai – Wang Nam Khiao Road was the highest at nearly THB80,000 (US$2,724.33) per sq m, and approximately THB68,900 (US$2,346.33) per sq m in the area along Pansuk – Kudkhla Road, the lowest in the Khao Yai area. It was approximately THB74,000 (US$2,520.01) per sq m on both sides of Thanarat Road.”

In terms of property types, houses, landed development projects and villas were the most popular to buyers in over a decade.

“The new supply of houses, villas and landed development projects from 2006 to 2010 was different from the past because they were not located in the same area as hotels or resorts, and most of them had land with houses or villas. More than 530 units per year were launched during the years 2007 to 2012, so the total supply in March 2013 was greater than 4,300 units,” he added.