A new Bangkok condo is set to launch in Thonglor, with prices starting at THB 330,000 per sqm.
The question is, despite being adjacent to the BTS skytrain network, is this 30-storey project with 198 units, priced too high for its location.
According to crowdsourced price comparison website www.numbeo.com, the average price for city centre condominiums in Bangkok is currently THB 153,000 per sqm.
Thonglor is widely regarded as being a trendy location for Thais and expatriates however, prices at some more centrally-located new launches are currently selling at the THB 250,000 per sqm range.
With units at this new Thonglor development starting at THB 16 million for a 48 sqm, one-bedroom unit, has the developer got its pricing strategy correct?
Property prices in Bangkok’s prime market – that’s the top 10 percent by price – are hardly moving according to most recent agency research. In some cases they’re actually falling.
The developer is aiming for foreign buyers to snap up 25 percent of its units, which could be overly optimistic.
The project claims to be providing top quality features which, of course, will add to the price but could this be a case of a square peg in a round hole? The wrong project in the right location?
The project will be showcased in a property showcase at a central Bangkok hotel this coming weekend.
It’s still uncommon for a local project to be debuted in a way that is often reserved for overseas property investments.
What are your thoughts? Is THB 330,000 per sqm just too much for Thonglor, regardless of other factors?