Condo market stalls in Bangkok suburbs in Q3
Bangkok’s condominium market showed signs of slowing in the suburbs in the third quarter, according to a report by Colliers International Thailand.
The number of new launches decreased by about 10.5% from the previous quarter.
The 11,240 units launched were mostly in urban areas and focused on the middle-income market.
The number of newly launched units in suburban Bangkok in the second quarter declined from the first quarter and continued to decrease in the third.
Surachet Kongcheep, associate director of Colliers’ research department, said the decrease was because developers were concerned about household debt in the middle-to-low-income market and focused more on the higher-income urban market and along the extensions of mass transit systems.
Most new condo projects in the third quarter (8,950 units) were located in the urban area, while there were only 2,290 units in the suburban area.
The Outer City West Area saw the highest number of new launches at about 3,000 units. Most were located near the new Wutthakat skytrain station, which is due to open at the end of this year. Continue reading Condo market stalls in Bangkok suburbs in Q3
Condo prices leap 48% since 2009
Housing supply nears surplus in some areas
Prices of condo units in Greater Bangkok have skyrocketed by 48% on average over the past four years, while those of townhouses and single houses rose by 36% and 25% respectively, according to a survey by SET-listed developer Sena Development Plc.
Six locations where the company found continuing increases in condo prices were Kae Rai-Laksi-Ram Intra, Bang Sue-Nonthaburi, Ratchada (Lat Phrao-Makkasan), On Nut-Bearing, Bang Na-Suvarnabhumi and Taksin-Bang Wa. Continue reading Condo prices leap 48% since 2009
PF, Nusasiri take aim at fresh pastures
Forecasting unfavourable sentiment in the residential market until the end of the year, two SET-listed developers have shifted to new locations where competition is less and demand is stronger.
Property Perfect Plc (PF) plans to launch eight projects worth a combined 11.5 billion baht in Greater Bangkok and Hua Hin in the fourth quarter alone, while Nusasiri Plc plans to launch projects in Pattaya and Khao Yai worth a combined 9.9 billion baht in the same quarter.
PF chief executive Chainid Attayansakul (formerly Ngowsirimanee) said most of its projects will be located in new locations, including Khao Tao in Hua Hin and Pracha Chuen and Krungthep Kritha Road in Bangkok. Continue reading PF, Nusasiri take aim at fresh pastures
Cancelled bookings, design revisions arise
A growing number of condo projects already launched for sale have failed to win environmental impact assessment (EIA) approval, forcing developers to return booking money and revise project designs. A prospective buyer talks to a condo saleswoman at a property fair earlier this year.
The problem, which causes projects to be delayed or even scrapped entirely, was common a few years ago and has recently re-emerged in the booming condo sector. The condo developer Grand Unity Development Co, a subsidiary of the SET-listed Univentures Plc, for instance, sent a letter to customers this week saying its two condo projects had failed their EIAs. Neramit Srangiam, the developer’s managing director, said in the letter that the company will return all booking money and interest to customers as stated in the contract. The projects are U Delight @ Phaholyothin Station, an eight-storey building with 400 units, and Condo U @ Phaholyothin Station, two eight-storey buildings with 409 units. Both are on Phahon Yothin Soi 23, launched in September 2012 and March 2013, respectively. The two projects are not the first case of failure to receive EIA approval. Continue reading Failed EIAs kick condos to the kerb
New skytrain extension moves condos
Low average prices benefit take-up rates
Newly launched condos near the soon-to-open Talat Phlu-Bang Wa skytrain extension have recorded a higher take-up rate than those along other recent additions.
“Condo prices along mass transit have risen each year due largely to rising land prices and higher construction costs,” Phanom Kanjanathiemthao, managing director of the property consultant Knight Frank Chartered (Thailand), told a seminar yesterday on prime Bangkok property and Asean integration.
“When the train starts running, prices are expected to soar even higher.”
Knight Frank said the average selling price of condos between Talat Phlu and Bang Wa skytrain stations remains low at 63,457 baht a square metre.
Service on the Talat Phlu-Bang Wa extension of the BTS Dark Green Line is set to begin in December 2013.
Meanwhile, the average condo selling price along the skytrain extension linking Wong Wian Yai and Talat Phlu, which opened earlier this year, reached 82,543 baht per sq m in June, up from 63,123 baht in 2009. Continue reading New skytrain extension moves condos
Prices for all residential types in Bangkok and vicinities surged in the first half due to rising wages and construction material costs, with Bangkok condos priced below 50,000 baht per square meter seeing the highest increases.
The price index for condos priced between 50,000-79,999 baht per sq m rose 7.2%, with the highest increase seen on Ratchadaphisek Road, Chatuchak, Bang Kapi and Rat Burana.
Units priced 80,000 baht and above increased 5.5%, with highest increase in Pathumwan, Ratchathewi, Watthana, Phra Khanong and Sathon districts.
The price index for single houses and townhouses in Greater Bangkok rose 5.1% and 5.9%, respectively. Single houses in Bangkok rose 5.3% while those in Nonthaburi, Pathum Thani and Samut Prakan rose 5%.
Townhouses in Bangkok and the three provinces increased 5.8% and 5.9%, respectively.
REIC started the condo price index survey in the first half of 2010 and that of townhouses and single houses the following year. It uses the price index in the second half of 2009 as the base year for the three housing type.
Published: 12 Jul 2013 at 00.00 Newspaper section Bangkok Post: Business
Pho Nimit opens today on 12th January and Talad Phlu will be opened on 14th Feb, 2013
It is great new for all the residents of Ratchada, Rajaphuk and Kallapraphuk area. Today on children’s day, January 12th 2013, BTS has open it’s new station Pho Nimit on the extension of silom line. This station is next to Wong Wian Yai, which used to be the last station of silom line on other side of the river.
Due to delay in the construction the next station Talad Phlu will open it’s door on Valentine’s Day on 14th February, 2013. Originally both of these stations supposed to start in end of the last year.
However there are two more stations are under construction and are excepted to open in mid or end of 2013. The next two station are Ratchaphurk and Bangwa. The last station of silom line is Bangwa and it is very near from back side or metro park sathorn. Currently all the residents of metropark who want to use the BTS has to travel to Krungthonburi and which takes 10 minutes to 45 minutes but when Bangwa will be opened, the traveling time will be 5 minutes to 15 minutes maximum. It will be also good to take a motorbike taxi for metro park sathorn.
Sometimes it seems the capital is full to the brim with new offices, condos and retail outlets, but key indicators suggest the building boom is nowhere near finished, though problems such as labour shortages might water growth down
Bangkok is far and away the country’s main property destination, and the majority of developers remain focused on the capital. As it has been for the past few years, the condominium market continues to be the most active sector, driven by changing demographics and the spread of mass transit. The other interesting sector is retail, which has changed a lot in the past five to six years due to the proliferation of community malls. Continue reading Still room to grow after a bumper year for industry