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Thailand Residential Property Market Stable in Value Terms

By on Apr 17, 2015 in Property News, Residential

The Thailand residential property market is expected to have slight overall growth this quarter as developers are planning to launch more projects.

“We plan to launch more condominium projects in the second quarter, having launched just one in the first three months. This will boost our second-quarter sales beyond what we achieved in the first quarter,” LPN Development managing director Opas Sripayak said during a telephone interview with The Nation early this week. For Q1, LPN Development recorded presales of about Bt3 billion. This is almost equal to last year’s performance during the same period.

Pruksa Real Estate’s condominium-group managing director, Prasert Taedullayasatit, who is also president of the Thai Condominium Association, said his company had achieved presales worth Bt12.65 billion in the first quarter – up 54 per cent from the Bt8.19 billion generated in the same period last year. He said this was due to demand returning to the market, especially for condominiums priced between Bt3 million and Bt10 million.

AP (Thailand), meanwhile, recorded presales of Bt4.7 billion in the first quarter, a whopping 123-per-cent increase from Bt2.1 billion in the same period last year. Bt3.3 billion of the total was contributed by detached housing and townhouses, and the remainder by condominiums.

The Real Estate Information Centre (REIC) of the Government Housing Bank reported that the overall number of units in new residential projects launched in Bangkok and its suburban areas last quarter was about 9,000, a drop of 40 per cent from projects comprising 15,000 units launched in the same period a year ago. The Agency for Real Estate Affairs (AREA) data from 2014 shows that overall more than 850 detached houses priced Bt10 million and above were sold for a total of Bt16.38 billion.

SC Asset was the best performer in the category of detached houses, selling more than Bt3.67 billion worth of housing at an average of Bt26.4 million per unit, accounting for 22 per cent of the total luxury-housing market, according to the agency. The company’s sales represented 26 per cent of the total business of all publicly listed residential developers.

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