Property developer Sansiri revealed that all the apartments at its HQ Thonglor condominium were sold out quickly during presales, highlighting the strong demand for high-end homes in the prime Thonglor district.
Of its 197 units, more than 70 percent were sold to investors while the remainder was purchased by owner-occupiers.
In a statement, Sansiri stated that over 70 percent of the units are scheduled for ownership transfers this year.
The 36-storey HQ Thonglor is located on Sukhumvit 55 Road in proximity to the BTS Thonglor station. It comprises a mix of lavishly designed units ranging from standard one- to two-bedrooms, duplexes and penthouses.
Meanwhile, the scarcity of suitable land plots in Thonglor for condominium development coupled with high demand has contributed to the area becoming one of Bangkok’s most desirable addresses, popular among foreigners such as British and Japanese expatriates.
Mr. Uthai Uthaisangsuk, Senior Executive Vice President of Business Development & Project Development Division (High Rise) at Sansiri said: “Not even one new residential condominium project was launched in this area over the past year because acquiring a suitable land plot in Thonglor has become extremely difficult, therefore, the demands remain high for residential properties in this area, either for rent or for sale.”
Resale values of condos there have shot up by 12 percent since 2012, while land prices have also skyrocketed to around 1-1.5 million baht per square wah.
Mr. Uthaisangsuk expects prices in Thonglor to climb in the near future, from the current 160,000 to 170,000 baht per sqm to not lower than 200,000 baht per sqm.
Image: Interior of the HQ Thonglor condominium. (Photo by Sansiri)
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
