SC Asset pivoted away from condominiums towards low-rise housing before the COVID-19 began and it is a moved which has served the company well. The developer has continued to break sales records and the first half of 2021 was no different.
The homebuilder brought in THB11.3 billion in presales during the first six months of this year, a new record and an increase of 38 percent year-on-year. Roughly 83 percent of presales were for low-rise houses.
According to SC Asset, high-end residences performed extremely well with sales for houses priced at THB20 million and above rising by more than 40 percent in the first half. Sales of low-rise homes in the THB10-20 million price range rose by 35 percent when compared to the same period of 2020.
“Homebuyers in the upper-end segment were also stronger and had more financial stability to borrow. Our low-rise houses had good sales in all segments particularly high-priced units,” SC Asset Chief Financial Officer Pradthana Patsaman told the Bangkok Post.
Demand for high-end housing in Bangkok rises
The housing sales of SC Asset confirm trends of what people come as no surprise given recent property search trends. Dot Property Group Report: How Has COVID-19 Impacted the Thailand Property Market? found that enquiries for suburban Bangkok homes costing THB30 million or more skyrocketed by 55.1 percent. Meanwhile, demand for THB10-30 million homes jumped by 48.9 percent and rose by 33.9 percent for the THB5-10 million price range.
Interestingly, enquiries received for homes priced at less than THB5 million shrunk by less than one percent. In the year prior to the COVID-19 pandemic, this segment contained 84.3 percent of all suburban Bangkok housing demand but that dropped to 76.5 percent between April 2020 and March 2021.
Overall, demand for housing in Bangkok and the surrounding provinces rose by 9.7 percent since the COVID-19 pandemic began in 2020.
Read More: Bangkok housing demand soars as more buyers look to the suburbs
