Record launches for Bangkok condominium market in Q3 2010

Developers throughout Bangkok were in a frenetic mood in the last quarter launching over 23,000 units onto the market, according to the 3rd quarter 2010 Bangkok Condominium Market report from the Research Department of Colliers International Thailand. Antony Picon, Senior Manager of the department pointed out that part of the reason was that developers were holding back in Q2 due to the events that occurred in that quarter. However they remain very upbeat about the market and still have plans for future launches at least for the next couple of quarters, he stated. The story mainly revolves around attention on the low to medium end of the market with the reduction in unit sizes continuing to be the main spur for the market, compensating to some degree for the increasing land prices occurring throughout the city. Many of the listed developers are now paying a great deal attention to this robust market stated Patima Jeerapaet, Managing Director of Colliers International Thailand. “In the past the suburbs were more of the domain of smaller, non-listed developers but this is changing as even higher end listed developers are creating products and branding to appeal to the lower income market there”, he explained. Colliers have noticed that while many launches took place in Q3, take up has been lower. However Surachet Kongcheep, Manager of the department remarked that many launches took place in the last month of the quarter so that partly accounts for the figure. However he did suggest that buyers may simply be taking their time due to the increasing amount of choice on the market. “They are likely to buy, but are also likely to shop around more before making a choice”. Mr Picon was keen to point out that while the affordable end of the market continues to dominate, the luxury end cannot be ignored. “It is like trying to compare Jaguars and Nissans, they are totally different markets and you are always going to see more Nissan type products on the road” he remarked. In fact over 700 units of 120,000 baht a square metre were launched in Q3 and for that high number take up has been reasonable with demand mostly coming from Thais. The question remains as to how sustainable this growth can be. “It is likely to consolidate after a few more quarters as developers have to focus on the construction of all these buildings” said Mr Patima. “But the population of Bangkok is set to continue to grow rapidly and on the back of prolonged economic growth means that the market will remain healthy for the foreseeable future”, he added. สอบถามข้อมูลเพิ่มเติม โทร. 662 656 7000 Colliers International Thailand Click for photo release at www.thaipr.net

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