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
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
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The new Pho Nimit and Talad Plu BTS skytrain stations will open for public use in mid-January 2013 instead of Dec 5 as earlier planned, deputy Bangkok governor Teerachon Manopaiboon on Tuesday.
Pho Nimit and Talad Plu stations are new additions to the Silom line, section Sapan Taksin-Petchkasem.
Mr Teerachon said Independent Engineers (ICE) inspected the stations and facilities and said they are not ready for full operation.
However, the schedule for two more stations, Wutthakat and Bangwa stations, continuing from Talad Plu station will still open on Aug 12 next year, said Mr Teerachon.
He said for the last two stations, Bangkok Mass Transit (BTS) will have to coordinate with Mass Rapid Transit (MRT) because their expansion projects will be in the same area.
Optimism beginning to return after last year’s calamity but new flood fears have buyers and sellers on edge.
Bangkok’s second-hand housing market has improved considerably after struggling in the wake of last year’s heavy floods. There is still lingering uncertainty about how the capital will deal with the 2012 flood season, but if no major calamities occur, the resale residential market should be fully back to normal next year.
Thais are more willing to buy old houses first and demand is growing after last year’s floods. But the market still remains edgy until buyers see how floods this year are handled. Continue reading Second-hand market steady
Conventional property funds expected to thrive despite competition from REITs, which are not as tax-friendly.
Property developers are moving to raise more capital via property funds before real estate investment trusts (REITs), a new fund type with more flexibility, become available in the Thai market next year.
REITs have two main features that make them more attractive than property funds to many investors. First, non-financial institutions can set up and manage the trusts, while only asset management companies can run property funds. As well, REITs can create debt. Continue reading More choices for investors
With concerns about flooding eased, large and small developers are looking forward to double-digit growth this year and stepping up rebranding of their corporate images amid stiffer competition in the housing market.
SET-listed developer Asian Property Development Plc (AP) plans to spend 400 million baht on rebranding after introducing a new logo in August.
An innovation team will work on redesigning houses, creating new housing functions and developing a new market segment of single houses. Continue reading Developers optimistic of good growth