Developers continue to focus on the luxury housing segment and look to target the areas of Phloenchit and Chidlom for these upscale projects. The cost of land in these districts is set to rise with prices expected to reach THB2.8 million per square wah next year. That is due to a limited supply in these areas.
Sansiri’s soon to be completed 98 Wireless (imaged) has the highest sales price per sqm. at THB570,000 baht, local media reported. The most expensive unit at the project is a duplex covering a whole floor that was purchased for THB635 million The condominium will be completed in October and is worth THB8.7 billion. Only 45 percent of the 77 units have been sold with Sansiri expected to heavily market the project abroad once it is finished, the Bangkok Post revealed.
“Price does not matter for buyers in the super-luxury segment. What they care about is location and preferences,” Apichart Chutrakul, chief executive Sansiri, told the newspaper. He also noted land appraisal prices in the Phloenchit and Chidlom areas grow at a rate of 70 percent per year which is double that of Silom, Sathon and Sukhumvit.
“New land transactions on Wireless Road and nearby areas hit a record high every time,” Apichart explained. “When we bought a plot on Wireless Road six years ago, the price was THB1.5 million per sq. wah and people said we overpaid. Today the offer price has soared to THB2.8 million.”
Two new condo projects will be launched on Chidlom and Wireless roads before the end of the year. SC Asset will launch its 28 Chidlom development on a two-rai plot on Chidlom Road it bought for THB1.91 million per sq wah. Life One Wireless is being developed by AP Thailand on a plot of land on Wireless Road near Nai Lert Park.
