Residential projects valued at over THB100 billion will be launched by developers in Bangkok and the surrounding areas during the 3rd quarter, according to a new report from LPN Development. Most of these projects will be condos with unit prices set at THB2 million and above.
More than 17,000 units could be launched onto the market in the 3rd quarter as developers believe demand will improve during the 2nd half of this year, shows results from the survey by LPN Development. The new launches will come from both listed and non-listed property developers.
“We believe that most of the listed and non-listed property firm will speed up their new residential project launches in the 3rd quarter of this year when most of them see strong demand for residential purchases at this time,” says the LPN report.
In the 1st half of this year, developers launched 60 condo projects with 34,580 units, both increases from the same period last year. Almost 75 per cent of these launches came from listed developers who believed the market was starting to recover after a disappointing 2016.
Among the developers with multiple project launches is Origin Property Plc which is preparing to open sales at 4 residential developments between now and the end of the year. The company has recorded THB4.2 billion in presales in the 1st half of this year.
“We are confident our total presales and total revenue will achieve the targets we set of THB14 billion and THB9 billion for the end of this year,” says Origin Property Chief Executive Officer Peerapong Jaroon-Ek, to The Nation.
Many developers will hold promotional campaigns to increase sales during the 3rd quarter. SC Asset is offering buyers with discounts of up to THB5 million per unit at selected projects while Ananda Development is hosting a special event that will feature discounts at 14 of its condo and townhouse projects.
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