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Bangkok Condo Sale – Luxury condo sales to foreigners rise above political intrigues

By on Aug 22, 2013 in Property News, Residential

The company expects 2013 sales of 1.5 billion baht at Magnolias Ratchadamri Boulevard, a leasehold luxury Bangkok  condo worth 5 billion baht on Ratchadamri Road, after recording 2 billion baht in sales last year.

Magnolias Ratchadamri Boulevard

Magnolias Ratchadamri Boulevard

Magnolia considers the sales figures normal, since anti-government protests that began this month have produced no violence so far.

Managing director Thanawan Chaiwatana said foreign buyers of are mostly familiar with Thai politics.

To date, the company has sales of 3.1 billion baht, representing 65% of the project value. Thai and foreign buyers are in equal proportion. Of the foreigners, 15% were from Hong Kong, 10% from China, 7% from Singapore and the rest from elsewhere.

Aliwassa Pathnadabutr, managing director of property consultant CB Richard Ellis (Thailand), the project’s sale agent, said foreign buyers continue to buy Thai property, especially luxury condos in the inner city.

At four high-priced projects in the Ratchadamri, Lang Suan, Nana and Phrom Phong areas, 44% of buyers have been foreign.

Bangkok’s proximity to the emerging market of Myanmar is a draw for investors from Singapore, Japan and China, said Ms Aliwassa.

When the economy fluctuates, high-end buyers with cash on hand tend to invest in less-risky assets in a prime or good location where vacant lots for new development are rare.

They also prefer developers with a good reputation, steady construction progress and the right unit size, while price is not a significant issue. To continue reading, visit Bangkok Post.

Source | Bangkok Post 21 August 2013

Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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