This article on the Greater Sukhumvit condo market appears in the latest Dot Property Group Report. Click here to download your copy.
Unsurprisingly, Greater Sukhumvit is the most popular condo location in Bangkok with the districts of Watthana and Khlong Toei accounting for nearly 30 percent of all condo demand in the Thai capital last year. Of course, there is a reason for that.
It has far more condo supply than anywhere else in the city. Developers have spent years launching projects here which extend from the Chalerm Maha Nakhon Expressway to Sukhumvit 71 and beyond.
Greater Sukhumvit condo demand peaked in the third quarter of 2022, although the fourth quarter was up significantly over the first half of the year. This coincides with trends across the Bangkok condo market.
In terms of price point, Greater Sukhumvit units priced between THB5-10 million were the most popular, registering 28.6 percent of all demand in 2022. This was followed closely by the THB10-20 million price point which received 26.6 percent of Bangkok condo inquiries received by the Dot Property Group network of websites. Superluxury units from THB20 million and above obtained 23 percent of interest.
Related: 4 things to know about Thailand property investment in 2023
Homebuilders face massive competition
Greater Sukhumvit condo demand may have trended upward last year, but buyers have plenty of options. This heavy competition means it’s absolutely vital that condominium projects in this part of Bangkok have a very clear target audience and can communicate that to agents and the greater public.
In the THB10-20 million price range, Hyde Heritage Thonglor is an excellent example of a condo development that has done just that. It has effectively differentiated itself in a location where a lot of competition exists. This was accomplished by leveraging the knowledge and strength of each joint venture partner to create a unique residential experience that appeals to a specific demographic.
The Estelle Phrom Phong stands out at the higher end of the price spectrum. Developer Raimon Land knew exactly what buyers in that location wanted in terms of space and design. Instead of getting caught up in what others were doing, the firm went all in on a different vision that resonates with property seekers.
Meanwhile, homebuilders unable to deviate from what worked in the past or create unique selling points that resonate with a public not spoilt for choice in the Greater Sukhumvit area will continue to find themselves in a challenging environment. This is especially true in the THB5-10 million segment where competition is greatest.
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