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Bangkok Condo Sales Fall as Provinces Lose Lustre

By on Jan 28, 2015 in Property News

 

thailand property 2015-01-27_105305Lower-than-expected sales and prospective sales have meant several Bangkok-based condo property firms have shelved expansion plans in the provinces.

 

The Base, a Sansiri condo development in Khon Kaen, was cancelled due to weak sales.

Prasert Taedullayasatit, president of the Thai Condominium Association, called the provincial condo market “worrisome”, as the large number of units launched exceeded real demand.

“It will take time for demand, which is very limited, to absorb the large amount of supply launched in the last three or four years that began reaching completion last year,” he said.

Vittakarn Chandavimol, chief marketing officer of SET-listed developer AP (Thailand) Plc, said the condo market in Udon Thani drew heavy competition as condo demand in the province was limited and at least three Bangkok-based developers had launched new projects during a short period.

AP’s 413-unit condo project Aspire Udon Thani has seen sales of 50-60%. Construction is 80-90% completed, with transfers scheduled for March.

“The economy in the provinces was not good because of fluctuating prices of agricultural products that weakened demand,” Mr Vittakarn said.

SET-listed developer Sansiri Plc also recently cancelled two condo projects under The Base brand in Udon Thani and Khon Kaen worth 1.55 billion baht and 893 million baht, respectively.

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