Due largely to the devaluation of the Thai baht, Thailand’s residential developers are seeing an increase in sales of their luxury projects from overseas buyers. Developers have used roadshows and other initiatives in Asian markets such as China, Hong Kong, Singapore, Japan and Taiwan to boost sales.
“We sold units in our two condominium projects under the Line brand worth THB1.8 billion in total in the first nine months of the year, due to the baht’s weakness,” said Uthai Uthai-sangsuk, Sansiri’s executive vice president of business development and project development division.
Most of Sansiri’s foreign customers are from Singapore, Hong Kong and Taiwan, and these roadshows have increased interest in the company’s projects. The company will continue to target these countries and is also looking to target China in the near future as well.
Eastern Star Real Estate is another developer taking its projects on a roadshow. It will show off Starview on Rama 3 and Nara 9 on Narathiwat Road at the China Real Estate Business Exhibition 2015. The event is scheduled to stop at the cities of Chengdu, Chongjin, Kunming and Gulyang.
Nuttaphong Kunakornwong, chief executive officer of SC Asset Corp, told The Nation that when the baht started to drop, it challenged foreign buyers to expand their investment in residential projects in Thailand. The developer succeeded in selling units in the THB900 million Saladaeng One despite the fact the project was only introduced to customers last week.
The strong interest in the company’s latest offering shows that luxury homes are still in high demand from both foreign and domestic buyers. SC Asset stated that 30 percent of the target customers for Saladaeng One are foreigners with a majority of buyers expected to come from China, Hong Kong, Singapore and Taiwan. The Nation added that SC Asset will take the project on a roadshow to Singapore and Hong Kong early in 2016.
