Demand for luxury homes in the On Nut area of Bangkok has risen by 87 percent, according to one real estate firm who is also predicting a supply shortage in the area in 2016.
Real estate developer Metropolis Properties, a subsidiary of Wongwaiwit Group, together with Knight Frank Thailand as the marketing and sales agent of Metropolis’s luxury housing project Villa Nakarin (pictured) have revealed plans to penetrate the high-end luxury home segment in the area.
At present the company is developing a large-scale project called Villa Nakarin Onnut – Ring Road, which benefits from the expanding city limits, and allows for ease of travel and quick access to major landmarks. The companies have adjusted their strategies and prepared special deals to support the target customer group and its purchasing power.
Chalermchai Wongwaiwit, Chief Executive Officer of Metropolis Properties, developed the project on 75-rai and is providing 170 plots for single detached houses. This format, he said, is consistent with the needs of target customers, namely modern and large families.
A rage of houses and sizes are on offer, with example prices for a two-storey, four-bedroom property measuring 320 sqm starting at THB 14.9 million.
Marketed is under the concept of creating quality housing and a community, the structures come with a guarantee of up to 10 years.
“At present, the project is entering a new phase of sales, encompassing the last 40 plots of homes near the clubhouse. There are special promotions at this time, with plans to increase prices later in accordance with the shifting market conditions,” said Chalermchai.
Phanom Kanjanathiemthao, Managing Director of Knight Frank Thailand, said that from a market study of homes priced more than THB 10 million in the Ring Road – Onnut area during the last five years, his company found the supply included 2,001 homes from 13 projects. There are current sales of 1,747 units, or approximately 87 percent of the homes. Only 254 homes remain on the market.
The Knight Frank study also found that in the market of homes with prices exceeding THB 10 million in this area, there are annual sales of between 500 and 600 units.
Phanom added the number of annual sales of up to between 500 and 600 homes, combined with the scarcity of large land plots suitable for development and the high cost of land, may cause a shortage of homes priced at more than THB 10 million in this area next year.
