THE LIMITED supply of land and strong demand for luxury condominium units have pushed the sale prices of new projects in the central business district to over Bt200,000 per square metre, according to Aliwassa Pathnadabutr, managing director of property agency CBRE (Thailand) Co Ltd.
However, launches of new projects in the high-end market have shown strong growth since the last quarter of 2016 with prices reaching Bt120,000 to Bt190,000 per square metre, Bt200,000 to Bt300,000 per square metre for luxury units and more than Bt300,000 in the super-luxury segment, she said.
A CBRE (Thailand) survey shows that 12,358 units were released in the luxury and super luxury segments in the central business district last year, up 48 per cent from 8,325 units in 2016.
The company also estimated that up to 15,000 luxury units costing Bt200,000 per square metre would be launched this year, up 21 per cent from 2017.
A Nation survey found ’98 Wireless’. developed by Sansiri Plc, the most expensive condominium property in Bangkok, with average sale prices of Bt580,000 per square metre. The penthouse units in the super-luxury property comes with a price tag of Bt650 million each.
The Sansiri project is followed by Ritz Carlton Residences Bangkok by Pace Development Plc, priced at an average of Bt450,000 per square metre and Bt382 million each for its 850-square metre penthouse units.
Others in the highest-price list included Marque Sukhumvit, developed by Major Development Plc, offered at Bt436,000 per square metre, and over Bt200 million for a penthouse unit.
The Residence at Mandarin Oriental Bangkok of IconSiam Superlux Residence Corporation Ltd is priced at an average of Bt418,000 per square metre. A 707-square metre penthouse unit costs Bt318 million.
Sansiri 's Khun by Yoo set a price of Bt370,000 per square metre while a 302-square metre penthouse in the property costs Bt111 million.
Aliwassa said that the resale prices of luxury condominium units have also increased by an average of 15 per cent a year. The return of investment in the rental market is averaged at up to five per cent a year.
“Although the supply of luxury condominium units has reached more than 10,000 units a year, demand remains strong in the central business district of Bangkok, given the limited availability of land for the development of luxury residential projects,” she said