Post New Topic
Print

Luxury condos are luring Asia’s superwealthy to Bangkok

Luxury condos are luring Asia’s superwealthy to Bangkok

Bookmark and Share
Sansiri looks for growth abroad Top-end Thai property developers are locked in an intensifying race to lure wealthy buyers into purchasing multimillion dollar luxury apartments in Thailand’s capital. Several major high-end projects have been completed or are under way, and more are planned as developers shift away from the increasingly saturated mass condominium sector — a trend fuelled in part by growing interest among rich Chinese, Singaporean, Japanese and Hong Kong buyers. Thailand permits foreigners to own condominiums outright, and most listed Thai developers are increasingly marketing their luxury projects directly to wealthy foreigners, as well as to locals. In 2016 condominium projects along Bangkok’s iconic Sukhumvit Road sold out their foreign quota — 49 per cent of the available units — to buyers from China, Hong Kong and Japan. Domestically, a shift is also taking place among affluent urban Thais, according to James Pitchon, executive director of research and consulting at CBRE (Thailand), a property advisory group. Mr Pitchon said high-income homeowners are increasingly moving from large suburban mansions to condominiums and apartments in central Bangkok. The Nikkei Asian Review is a global publication with a uniquely Asian perspective, covering politics, the economy, business and international affairs. Our own correspondents and outside commentators from around the world share their perspectives on Asia, while our Asia300 section provides in-depth coverage of 300 of the biggest and fastest-growing listed companies from 11 economies outside Japan. “Bangkok has become a more inward-looking city, where we have now a greater concentration of facilities and attractions in the city centre,” he told the Nikkei Asian Review. “So the best hospitals, the best restaurants, the best shopping centers are downtown, and many of the younger generation work in the downtown area.” With prime locations and palatial interiors, developments targeting wealthy local and foreign buyers cost more than 300,000 baht ($8,655) per square meter on average — more than double the price in the domestic midrange market. The latest market offering, launched by Sansiri, one of Thailand’s largest property groups, is a $246m project at[URL=" https://sg-property.sg/properties/98-wireless-bangkok/"] 98 Wireless Road [/URL], in central Bangkok, where prices for most of the 77 apartments ranged from $2m to $8.5m. Half of all units were sold ahead of the March 14 official launch, including a penthouse that went for 650m baht to a buyer from Hong Kong. More info [URL=" https://sg-property.sg/properties/98-wireless-bangkok/"] click here [/URL] or [URL=" https://sg-property.sg/"] Home Page [/URL] More info [URL=" https://sg-property.sg/properties/98-wireless-bangkok/"] click here [/URL] or [URL=" https://sg-property.sg/"] Home Page [/URL]

TOP

Post New Topic