Thanks to limited land for development in prime city areas, developers have turned to luxury products to justify their hefty investments. Features of such properties include unique design, privacy for residents and an excellent location.
Both listed and non-listed developers are in the game. Noble Development has a building planned on Sukhumvit Soi 33, while SC Asset is developing one in Soi 30. Also, three projects will be located in Soi 39 by Ananda Development, AP (Thailand), and KPN Group.
Unit prices will range from THB 15 to 185 million, or up to THB 400,000 per square metre. Condo prices in Phrom Phong and Thonglor average THB 220,000 per square metre on Sukhumvit Road and THB 150,000 per square metre in the sois. Prices of new build projects are expected to surpass THB 250,000 and THB 170,000, respectively. Average condo prices in Bangkok’s CBD are around THB 142,700 per square metre, while the average price for all city condos is THB 95,500 per square metre.
Nalinrat Chareonsuphong, Managing Director of Nexus Property Marketing Co., said that, based on company research, prices could increase 8 percent for CBD units and 6 to 7 percent for the overall prices in the next couple of years. Also, other condo hotspots include Sala Daeng-Sathon-Langsuan, the early sois of Phaholyothin, Phetkasem-Tha Phra, and Ram Intra. The latter “will emerge as a new location for condos, as there’s no previous supply; a major driver will be the mass transit Pink Line.”