New Condominium Market Trends

Mr. Frank Khan, Executive Director, Head of Residential, Knight Frank Thailand, said that, “Developers that are now launching a new project will face the challenges of the real estate market. There are the main developers with newly launched condominium projects amidst new market trends for their own competitive advantage.

They will reach more target markets and meet more customers’ needs and requirements by developing condominium projects from real customers’ voiced preferences. With special alternative units and lifestyle functions, this will turn the buyers’ attention to the condominium market.”

Given more sports facilities, common spaces, services, and technology in a project, some developers are beginning to establish new condominium trends to facilitate and make everyday living better as well as attract real demand from Thais and foreign buyers in the market.

The projects are designed for people to live with a full of facilities and services; for example:

  • Branded hotel management by well-known hotel chains, offering residents the benefits of amenities as in a 5-star hotel, such as 24 hour reception and bellboy, concierge, personal fitness trainer, private chef, laundry services, emergency maintenance services, doctor on call, limousine service, housekeeping, spa treatment, etc
  • Home automation or smart home that will control lighting, appliances, entertainment systems
  • Well-designed and spacious exercise areas to accommodate residents 24 hours a day
  • A 50-metre long swimming pool equal to an Olympic-sized pool
  • Modern greenery spaces within the project

New Condominium Trend

Mr. Khan added, “Condominium projects usually situates in locations surrounding CBD areas and near the mass transit lines, especially the main lines such as BTS Green line and MRT Blue Line, raising the land price every year.

But if we look a little further along the MRT Orange Line, now under construction, where surrounding lifestyle facilities are compelling, we see condominium projects still having affordable prices with good product quality compared to neighbouring areas.

Furthermore, the MRT Orange Line will be completed in next few years, so the ease of travel will increase considerably. This includes an interchange with the MRT Blue Line and the MRT Yellow Line at Lam Sali station. Such seamless transportation connectivity strongly affects the area’s potential for residential development projects.”

In addition to the Thai buyer target, the international market serves as one of the major economic drivers of Thailand’s residential market. However, it seems that launching overseas marketing strategies has not been as effective as in the past 6 to 8 months.

Developers should be cautious and keep close watch each quarter on their marketing plan and budget when investing in overseas markets such as Hong Kong and, in particular, China.

The Chinese market, which is an important investor, possesses the strict regulation of money transferring limitations. The financial tension is significantly hampering demand from the Chinese market.

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