SC Asset revealed that it plans to launch five new high-priced, luxury projects this year as the company has confidence in the luxury housing market. The projects will be worth THB10 billion altogether and the developer hopes this will help it reach its target of THB3 billion in pre-sales which it believes it can earn before the end of the year.
The five projects will all be low-rise housing developments in the luxury segment. SC Asset will launch condos at the following locations: Sukhumvit Soi 105, the Ratchaphruek-Charan Sanitwong area, Ratchaphruek-Rama V area, Rama IX Road and Sukhumvit Soi 101. Each project will be under the Grand Bangkok Boulevard brand.
SC Asset will launch ten new projects in total during this year. The combined worth of these comes in at THB24 billion. Eight of these developments will be low-rise projects with two condos also expected to be launched by the company in 2016. The luxury low-rise housing market has units priced at THB15 million and above, according to the company’s guidelines. It believes mid-priced units are priced between THB5 to 15 million and the lower-end segment falls between THB3 to 5 million a unit.
The reason the company is bullish over luxury low-rise houses is because demand remains healthy for these. SC Asset chief executive Nuttaphong Kunakornwongsegment said that the segment has felt little impact from the troubled economy, high household debt and fluctuating stock market.
“We continue recording good sales at luxury home projects in the first two months,” he said. “For the mid-priced segment, sales slowed as high household debt was a key factor that made housing transfers more difficult.”
According to research from the company, the luxury housing supply totals 2,500 units annually while demand was around 600 units. Transfer of these units is less of a problem as half of the buyers in this segment use cash to buy. SC Asset earned THB2.5 billion in pre-sales from luxury houses during the previous year.
