Existing or planned routes for the BTS and MRT have been the developers’ favourites, and buyers are getting on board
The presence of mass-transit routes continues to be the main factor influencing condominium developers’ decisions in Bangkok. The latest figures show that 85% of all condominium units launched in the first quarter of this year were near existing, under-construction and planned BTS or MRT lines.
A total of 13,737 new condominium units were launched in the first quarter in Bangkok, with 6,079 sold for a take-up rate of 44.2%. It was noteworthy that every one of the newly launched premium and Grade A condominium buildings was located near an operating mass-transit route. Continue reading Mass transit still dictating condo choices→
Property Perfect cuts 2015 forecast
SET-listed developer Property Perfect Plc (PF) has cut this year’s presales forecast to 15.5 billion baht from 18 billion, blaming the country’s unfavourable industry and economic prospects.
Assistant chief executive Theerathat Singnarongthon said people’s purchasing power remained low due to the inactive economy.
Moreover, financial institutions have been tightening their lending approval for fear of high household debt. Continue reading Property Perfect cuts 2015 forecast→
Thailand’s property market is likely to contract this year should the political crisis run into February, warns Thongma Vijitpongpun, chief executive officer of the SET-listed developer Pruksa Real Estate Plc (PS).
He said yesterday that the overall property market, which is sensitive to economic and political circumstances, will grow no more than 5% to 640 billion baht nationwide, with major provinces and border provinces key drivers.
However, if the political situation worsens or the turmoil does not end this month, then the property market will shrink by 2%, he said.
The retail, office and central business district (CBD) condominium sector was strong in the fourth quarter last year and will continue to be so in 2014 due to limited supply, according to property consultant DTZ Debenham Tie Leung (Thailand) Co.
Over 3,000 new condo units were launched in the fourth quarter, bringing the overall number of new launches to slightly over 10,000 units in 2013 compared to 7,300 units in 2012, a record year for the CBD.
However, a lack of prime development sites will continue to drive demand for top-quality residential products in desirable locations.
The Sukhumvit zone recorded the largest number of new launches with 1,577 units, representing more than half the total in the fourth quarter.
Condo prices up as train lines draw buyers to city outskirts
The condo price index for Bangkok, Nonthaburi and Samut Prakan in the second half of 2013 rose by 5.6% year-on-year, with units along the skytrain extension line in Bang Na and the future MRT Purple Line posting the highest increases.
Bangkok condo prices rose by 5.5%, while those in Nonthaburi and Samut Prakan were up by 8%, said Samma Kitsin, director-general of the Real Estate Information Center (REIC).
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