Final-quarter condo boost
The Thai Condominium Association is to join with property agency Harrison (Thailand) to host the first Thailand Condo Expo next month in an effort to boost condominium sales to 20,000 units this year, with a value of Bt40 billion.
Association president Atip Bijanonda said that although the country's property market has seen only slight growth this year, the condominium market had grown strongly because home-buyers have changed their behaviour and, instead of buying detached houses a long way from their offices, are buying condos near mass-transit systems such as the subway and the Skytrain.At the same time, others have been buying condominiums with the intention of renting them and generating a return of between 7 per cent and 10 per cent on their investment, higher than normal deposit interest rates. Many of their tenants are foreigners working in the central business district. If the trend continues, the association expects annual sales of condos to reach 20,000 units, up 53 per cent over last year. The Thailand Condo Expo 2006 aims to support that target. It will be held over three days from November 24 at the Bangkok Convention Centre, Central Plaza Lat Phrao. Atip said the expo featured 100 condo projects in Bangkok and in tourist centres such as Pattaya, Hua Hin and Koh Samui. "The expo will be the first of its kind, to gather condominium projects in one place to give customers a wide array of choices. All the services related to real-estate projects, such as financial services, sales agents and so forth, will also be there," Atip said. The association expects the expo will lead to sales worth Bt1 billion, he said. Somluck Srimalee, The Nation
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