By Nikki De Guzman:
More condominium units have begun to emerge in Khao Yai in the past five years as an increasing number of buyers are looking for condominium properties in the area, according to Colliers International Thailand.
Overall, about 350 condo units were completed and registered at the Department of Land from 1995 until Q1 2013. Khao Yai’s first condominium project started in 1995 while the second came in 2005. However, most of the activity was seen in the last five years.
“All condominiums in Khao Yai are located in the central area. This area covers both sides of Thanarat Road and side roads along this main thoroughfare to Khao Yai National Park,” said Surachet Kongcheep, Senior Research Manager at Colliers International.
“This area is dense with residential projects, resorts, hotels and many supporting facilities, so developers are looking for new locations for new projects on two other main roads and sub-sois connected to the main road.”
Out of the total 2,120 condo units, about 650 are presently up for sale. The lion’s share is in the central area, where five projects with nearly 700 units were unveiled last year – the highest number on record. Similarly, the western district saw its best record of 470 units in 2012, while only 80 units were unveiled in the eastern area during 2012, and 390 units were launched in Q1 2013.
Moreover, “condominium units are becoming the most popular type of residence in Khao Yai, especially in the past couple of years. The chief appeal of condos is lower prices compared to houses or villas, as well as easier maintenance,” he noted. They are also near support facilities or are situated in easily accessible locations.
About 380 units are set to be completed this year, with about 170 of them located in the central area, nearly 130 units in the eastern area while around 80 can be found in the western area.
Although landed projects still account for Khao Yai’s largest residential market share, some condominiums have posted excellent take-up rates, added Surachet. Take-up rate stands at 60 percent in the western area, 76 percent for the eastern district and nearly 77 percent for the central area.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg
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