Thai developers are going big in 2023 with an eye-catching number of projects expected to be launched across the Kingdom over the coming months. An economic recovery led by tourism has brought optimism to the real estate sector which is reflected in the bullish plans of homebuilders.
This comes after three years of muted activity where many Thai developers focused on clearing out existing stock and cautiously launching new projects in segments where they were confident real demand existed.
One thing you may notice about what Thai developers have planned for 2023 is a lack of high-rise condominiums in Bangkok. A few will hit the market this year, but most firms continued to target the housing and low-rise condo segments.
Here is what major Thai developers have planned for 2023
Sansiri
Sansiri has already said it intends on breaking records in 2023. The developer intends to launch 52 new projects worth THB75 billion combined. Achieving the latter would be the highest-ever value of new residential development launches in Thailand. Of the 52 developments, 30 will come in the low-rise housing segment.
Keep Reading: Sansiri sets sights on a recording breaking year in 2023
Supalai
According to reports, Supalai could launch as many as 37 new projects this year with the majority of these coming outside of Bangkok. The developer will unveil 20 low-rise projects in the provinces, including five in new markets. In the Thai capital, Supalai aims to launch 17 housing developments in addition to three condominiums.
Frasers Property Home
Frasers Property Home, the residential arm of Frasers Property, recently announced its plans for 2023 which include the launch of 11 new projects. The company is confident that Thailand’s property sector is in recovery mode and that is why it intends to roll out a low-rise condominium this year plus luxury detached housing and townhomes.
The condo would be its first ever and comes at a time when most homebuilders are shying away from the segment. However, Frasers Property Home sees opportunities in the low-rise condo sector at the THB3-5 million range which the firm believes doesn’t have enough existing supply to meet demand.
Keep Reading: Residential arm of Frasers Property lays out 2023 plans which include first condo launch
Noble Development
An uptick in overseas activity is being predicted by Noble Development who believe interest from Chinese buyers in particular will drive sales in 2023. The firm is set to launch 10 projects over the course of the year. This includes five detached housing developments, three townhome estates and a pair of condominiums.
Singha Estate
This is not shaping up to be a major year for Singha Estate as it continues to focus on quality over quantity. The brewer-cum-developer expects to launch five new projects in 2023 with these having a combined value of THB10 billion. This will include its first foray into the superluxury housing market.
Related: These breweries in Asia boast property development ambitions