After nearly two years of limited launches, Bangkok condos may be making a comeback in the final month of this year. Developer Supalai announced it intends to launch up to four new condo projects in the Thai capital worth an estimated THB5.74 billion.
“The condo market slowed down last year, shrinking by 50 percent from 2019, and we expect a continuing drop in 2021,” Supalai Managing Director Tritecha Tangmatitham told the Bangkok Post. “But we see a large amount of new condo supply planned to launch in the fourth quarter. As a result, the total number of new condo supply launched this year will be the same amount as last year.”
The developer hasn’t launched a Bangkok condo project since September of 2020 but has found strategic locations for its upcoming developments that it believes will support sales. For example, the 248-unit Supalai Premier Samsen-Ratchawat is situated in an area where there is demand for housing from medical staff.
The move is part of an ambitious fourth quarter plan from Supalai which will see the company launch 22 new projects in total. Most of these are low-rise housing.
The developer has found that residences in the THB3-5 million segment have recorded the strongest demand this year since mid-range customers and government employees have stable incomes. Most of Supalai’s launches this year have been in this price range.
Bangkok condos are returning
It is not just Supalai who is resuming Bangkok condo launches. Research from Colliers International Thailand found that a total of 5,393 units hit the market in the third quarter of this year, a notable increase from the 2,471 units launched in the second quarter. Things are picking up further to end the year.
“So far, there will be 6,913 new condo units being launched in the fourth quarter,” Phattarachai Taweewong, Colliers International Thailand Associate Director of the Research and Communications, told the newspaper. “But we expect the actual amount will exceed 8,000 units.”
