Property developer Sansiri sold its entire 49 percent foreign ownership quota for The Line Sukhumvit 71 within hours last weekend at three separate overseas roadshows in Singapore, Hong Kong and Taiwan.
The value of sales, which is thought to be a record for a Thai developer selling its property overseas, reached more than THB 1 billion.
This is yet more evidence that Thailand property remains an attractive prospect for overseas buyers and investors. Arguably more Thai developers should be looking to market their projects to overseas buyers at a time of uncertainty in the Thai economy.
Foreigners remain attracted by the comparatively low prices compared with their home markets, in addition to rental yields which the developer said can yield as much as 7 percent per annum.
The Line Sukhumvit 71, a 28-storey 291-unit development, will be located 400 metres from the mass-transit network at Pra Khanong BTS station and all units will be fully-furnished. The value of the project has been appraised at THB 2 billion.
Uthai Uthaisangsuk, Senior Executive Vice President of Business Development and Project Development Division (High Rise), previously said: “The Sukhumvit 71 location, known as Pha Khanong, has long been a community in the heart of the city on inner Sukhumvit road, and is another prospective location that is accommodating the expansion of the core zone like Thonglor and Ekkamai that are centers of business, commerce, and entertainment.”
Three different units are being offered with living spaces starting at 29.75 sqm, up to a two-bedroom two-bathroom unit of 62.75 sqm.
Sansiri and BTS group are preparing to launch another 25 condominiums along Bangkok’s mass transit system under the joint venture company within the next five years. Four ‘The Line’ projects are set for H2 2015; The Line Sukhumvit 71, The Line Wongsawang, The Line Phaholyothin Park and The Line Petchburi 18.
Sansiri has said it will also launch one addition condominium in the centre of Bangkok valued at approximately THB 20 billion.
Pre-sales for The Line Sukhumvit 71 start in Bangkok this coming weekend (August 8 and August 9) and the developer has said it expects to close sales worth more than THB 2 billion during the two days.