Condo launches in greater Bangkok fall sharply in first half

Real Estate July 22, 2016 01:00

By SOMLUCK SRIMALEE
THE NATION

FIFTY-ONE CONDOMINIUM projects were launched in Bangkok and its suburbs during the first half of the year, comprising 28,444 units worth Bt77.73 billion



“In terms of value, new condominium |projects launched in the first half of this year dropped by more than 50 per cent because, in the same period last year, most new launches in Bangkok and suburban areas were luxury condominiums priced above Bt200,000 per square metre, whereas in the first half of this year up to 69 per cent of new condominium projects launched recorded prices of up Bt3 million per unit,” the firm’s survey report said.

According to the survey, homes priced up to Bt1 million per unit accounted for 27 per cent of condominium launches in the first half, followed by those costing between Bt1 million and Bt1.5 million, which had a share of 24 per cent, and those priced between Bt2 million and Bt3 million, at 18 per cent.

The top three destinations for condominium projects in the period were Rangsit, which accounted for 15 per cent; the area around the Purple Line route from Bang Sue to Saphan Phara Nangklao, with 8.7 per cent; and the Petchakasem-Bang Khae-Phutthamonthon Soi 4 area, with 8.6 per cent.

According to a survey by Pruksa Real Estate, there were 81 residential project launches – for detaching housing, townhouses and condominiums – worth Bt100 billion in greater Bangkok during the first half, which was 33 per cent down from the same period last year.

 However, the company’s research found that some 200 residential projects worth Bt230.59 billion would be launched in the latter half of the year, 67 of them for detached housing worth Bt65.28 billion, 75 projects worth Bt41.26 billion for townhouses, and 58 projects worth Bt124.05 billion for condominiums, said Pruksa’s president for premium products, Prasert Taedullayasatit.