Bangkok’s largest Thai property developers are battling a fierce race to draw in rich purchasers into purchasing multi-million dollar extravagant condos in Thailand’s capital city.
A few noteworthy top-of-the-line ventures have been finished or are in progress, and more are in the pipeline as developers move far from the saturated apartment sector, a pattern fuelled to some extent by developing enthusiasm among rich Chinese, Singaporean, Japanese and Hong Kong purchasers.
Thailand allows over seas buyers to own apartment suites, and most registered Thai property developers are progressively showcasing their extravagance to rich outsiders, in addition to local people.
The latest offering launched by Sansiri, one of Thailand’s biggest property groups, is a $246 million development on Wireless Road, in central Bangkok, where prices range from $2m to $8.5m. See brochure.
Half of all units were sold ahead of the March 14 official launch, including a penthouse that went for 650m baht to a Hong Kong buyer.
In 2016 apartment projects along Bangkok’s notorious Sukhumvit Road sold out their overseas quota, 49% of the units, to purchasers from China, Hong Kong and Japan.
Locally, a shift is occurring among wealthy Thais, according to James Pitchon, executive director of research and consulting at CBRE in Thailand, a property advisory group.
Bangkok has turned into an all the more internal looking city, where we have now a more noteworthy centralization of offices and attractions in the downtown area, “So the best hospitals, the best restaurants, the best shopping centres are downtown, and many of the younger generation work in the downtown area.” he told the Nikkei Asian Review.
Large Overseas property groups have been quick to get in on the Thai property boom.
Apichart Chutrakul, said he was confident that sales to foreign buyers would reach the 20% target set for the project.