While some experts are noting that demand for Bangkok condominium units is going soft, or lessening in layman’s terms, developer Habitat Group believes its strengths will allow two upcoming projects in the Thai capital to succeed. The firm revealed that it will launch a pair of luxury condominium developments in central Bangkok as well as a Pattaya project later this year.
“We are taking the success we’ve had and lessons we learned in Pattaya and updating these to suit Bangkok. We understand all types of buyers, including Thai and foreign investors as well as residents,” Habitat Group CEO Chanin Vanijwongse explained. “We are using this knowledge to develop products that will be popular in Bangkok.”
Habitat Group chooses land plots that it feels are attractive to property buyers. It also utilises popular interior and exterior designs that have won several prominent awards. Chanin added that Habitat pays attention to small details that can easily go overlooked.
This is one of the reasons the developer opted to build low-rise condominiums for its upcoming Bangkok launches. Walden Sukhumvit 39 and Walden Sukhumvit 31 offer a change of pace to the high-rise residential projects currently being built in central Bangkok. The developer thinks this unique selling point gives it an edge in the market.
“There are lots of benefits to high-rise condominiums, but low-rise residential projects are also appealing to residents,” Chanin noted. “They are less dense and have more privacy. When you have a high-rise development with 500 units, common areas can get crowded and overall it feels busier. However, low-rise condominiums can feel more like a home.”
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The new condominiums boast a different business model from Habitat’s branded-resort developments in Pattaya. Habitat Group’s hospitality arm, Habitat Hospitality, will be managing the properties. Chanin is confident the developments will be popular with both residents and investors.
“For residents, they can enjoy the outstanding design and high quality of life that living here will offer,” Chanin said. “For investors, we will work to support rental ROI and also ensure that developments see a capital appreciation of 3-5 percent annually. With our proven track record of success, investors can be confident they are getting the best possible support.”
Additionally, Habitat Group ensures flexibility for investors. They can either opt into the rental management programme or handle the process themselves. According to company data, 60 percent of Habitat’s investment buyers are Thai while investors from Singapore, Hong Kong and China account for a majority of overseas purchases. The developer has also seen an uptick in investors from Europe, the Middle East and Myanmar.
“The property-for-investment market has continued to grow over the past three years with many Thais and international buyers investing. We have seen a high number of people from overseas investing in the condominium sector during this period and in our own developments our international sales have gone up very quickly,” Chanin stated. “I’m confident that the property-for-investment market will keep growing for many more years to come.”