A new joint venture has launched a luxury condominium in Bangkok’s Sathorn neighborhood. Thoresen Thai Agencies, Toray Construction and Japan-based Kanden Realty & Development have come together to form PMT Property.
The new company recently announced plans for 125 Sathorn, a luxury condominium valued at THB8 billion. According to PMT Property, the project’s location makes it unique for residential developments in this part of the Thai capital. For reference, it’s situated roughly 500 meters away from Chong Nonsi BTS Station.
“This project has 97 meters of prime Sathon Road frontage; very few large plots with road frontage remain available for real estate project development in the district,” Khun Pattakorn Wongsawan, TTA Director of Business Development Property Land, explained to the Bangkok Post. “Prices increase yearly, and Sathon has the second-highest property price in Bangkok, at THB2.5 million per square wah. The prices will likely increase by 2-3 percent in the years to come.”
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The launch is one of many to have taken place this year. Research from Colliers International Thailand found 16 new condo projects with a total of 14,088 units hit the market during the first quarter of 2022. This was the highest amount since the fourth quarter of 2019.
“The COVID-19 situation is improving and the stimulus policies of both the government and the real estate sector are conducive to sales,” Khun Pattakorn. “Moves such as reducing the transfer of ownership and mortgage fees for both new and second-hand houses and the Bank of Thailand easing the loan-to-value ratio for mortgages are helping the sector recover from the impact of the pandemic. Since the beginning of this year, real estate operators have been gradually launching new projects.”
This has coincided with an uptick in Bangkok condo demand from domestic buyers. The Dot Property Group Bangkok Condo Market Report Q1 found interest from this group increased by 27.7 percent between the fourth quarter of last year and the first quarter of 2022.
