While Bangkok condo launches are picking up, Property Perfect won’t be contributing to the new supply in 2022. For the fourth consecutive year, the developer has decided against condominiums, instead focusing efforts on the low-rise housing market where it continues to find success.
Read More: Colliers predicts Bangkok condo launches to increase by more than 30 percent
“We will have no new condo projects for the fourth consecutive year,” Property Perfect Managing Director Wongsakorn Prasitvipat told the Bangkok Post. “This year will be another robust year for low-rise houses, particularly in the upper-end segment.”
According to the homebuilder, 40 percent of condo demand came from overseas which means the market won’t pick up until this group can return to Thailand without any restrictions. The majority of foreign interest for Property Perfect projects came from Chinese, Singaporean and Hong Kong buyers.
As it waits for the Bangkok condo market to recover, the developer will continue its focus on low-rise housing. Property Perfect plans on launching 15 new projects in 2022, including three joint ventures.
Two housing estates will be developed alongside Hongkong Land. The homebuilders have worked together on a pair of detached housing developments in suburban Bangkok and this is an extension of that partnership. Another low-rise housing project will be a joint venture with Sumitomo Forestry, a Japanese company.
Related: Hongkong Land continues to focus on JV projects in Southeast Asia
Most of Property Perfect’s launches this year will be focused on high-end segments. This is where demand is currently strongest with the firm seeing a new group of buyers now entering the market.
“Buyers of luxury houses today are younger,” Khun Wongsakorn stated. “Of the 15 new projects we will launch, 40 percent each will be in the super luxury and upper-end segments, while 20 percent will tap the middle-end segment.”