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Property Developers expects the rising prices on the Residential Properties

Residential prices have significant potential to rise by between 3 and 5 per cent in the second half of this year from the first half, Thailand property developers said.  The prediction follows recent increases in land prices and construction costs.

Pruksa Real Estate has increased its residential price by up to 4 per cent in the second half of this year over the first half, attributing the move to rising costs of both land and construction raw materials.

Sansiri Plc has also adjusted its residential prices upwards by 2-3 per cent, citing the same rising costs.

LPN Development Plc has continued to maintain its condominium prices, but has adapted the designs of its projects to match its rising costs while taking into account customers’ purchasing power.

SC Asset Corporation Plc has also revised upward its residential prices by between 3 and 5 per cent.

Pruksa Real Estate Plc’s president and CEO Thongma Vijitpongpun said the company has been forced to increase its residential prices. This follows land price increases of between 5 and 10 per cent and similar rises in construction raw-materials costs. Residences account for about half the firm’s total construction costs. As a result the company has had to adjust its residential prices upward by an average of 4 per cent in the second half of this year compared with earlier in 2013. To continue reading, visit The Nation.

Source | The Nation 23 August 2013

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