This article on the Central Bangkok condo market appears in the latest Dot Property Group Report. Click here to download your copy.
The central Bangkok condo market covering Sathon, Silom, the area around Lumpini Park, Wireless Road, Siam and Ploen Chit differs from other locations throughout the city. Land prices here are the most expensive in the capital which means most projects launched here either focus on superluxury buyers or feature a vast number of units.
Examples of the latter include the 1,444-unit Noble Ploenchit, the 755-unit 125 Sathorn and the 787-unit Supalai Icon Sathorn which sits on the former Australian Embassy site. Projects in this group can struggle to attract buyers as they weigh the location’s pros against the fact they can purchase a similarly sized unit of the same quality for much less only a few MRT or BTS stations away.
Meanwhile, the high-end luxury segment is appealing because people tend to pay in cash. In terms of demand, units priced at THB20 million and above received 30.2 percent of all interest here last year. Those in the THB10-20 million price range recorded 25.4 percent of demand.
Projects finding success in the THB10-20 million segment are mostly ones offering larger units, diverse unit layouts, modern amenities focused on lifestyle or a combination of all three. Examples of this include Dusit Parkside and Tait 12.
Condo units in central Bangkok priced at THB5-10 million were the second most popular in 2022. Some of that is related to supply. However, it is also important to point out projects around Chulalongkorn University, such as Park Origin Chula Samyan and Ideo Chula Samyan, in this price range as these have posted strong sales rates.
There should be some interesting activity throughout the Central Bangkok condo market with some high-profile launches expected in the near future. Recently, Proud Estate made its foray into the Bangkok condo scene with Romm Convent opening for presales. Prices at the project located across from BNH Hospital start at THB8.5 million.
One Bangkok will eventually have three residential towers, although only plans for one have been announced. This is located in the same tower as the Ritz-Carlton Bangkok but will feature branding and management different from the hotel. The other two residential projects are stand-alone towers. Only leasehold ownership will be available.
Finally, Hong Kong-based Swire Properties is expected to launch a new condominium via a joint venture with City Realty after a purchasing a stake in the land from HKR International. No timeline has been given for when the project will hit the market, but the firm announced this is slated to be a luxury development.