Overseas investors continue to flock to the Bangkok property market putting money into the high-end residential segment, the South China Morning Post reported. While condominium sales in Bangkok have slowed down recently, luxury projects in prime locations are actually increasing in demand from both local and international buyers.
According to James Pitchon, head of research at property consultant CBRE Thailand, the condominium sector in Bangkok has been slow as a whole with fewer launches taking places and sales dropping. He added that this was not the case with high-quality projects located in central areas. Prices for these units has remained stable and in a number of cases increased.
Foreign buyers from China and Hong Kong are the main targets for developers focused on the luxury residential market, Surachet Kongcheep, associate director of research at property consultancy Colliers International, explained to the South China Morning Post. Several upscale condominium projects along Sukhumvit Road have already sold out their foreign quota with buyers from China, Hong Kong and Japan quickly snapping up units.
Country Group Development will soon begin the third round of sales of its Four Seasons Private Residences Bangkok in Hong Kong, according to the South China Morning Post. At the moment, 40 percent of the project has been sold to foreign buyers. There are a total of 132 units at the development including the penthouse which is expected to fetch close to THB373 million.
“Hong Kong is an important market for us. We hope to come to the city at least once a year,” Country Group Development chief executive Ben Taechaubol explained. “It should be the most expensive penthouse along the Chao Phraya River.”
Bunthoon Damrongrak, head of residential agency at JLL Thailand, pointed out that demand from foreign buyers in the Bangkok condominium market was extremely limited during the years after the global financial crisis but more investors have returned in recent years with Asian buyers in particular viewing Thailand property as a good value.
