Low presales take-up in high-end projects

presales
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Presales take-up rates in new Bangkok property developments priced above THB 250,000 per sqm were recorded at just 34.7 percent during Q4.

This compares with average presales take-up rates of 53.40 percent witnessed at the eight new developments launched during the final three months of 2017 in the central business areas in Bangkok.

We see this as yet further possible evidence that demand at the higher end of Bangkok’s property and real estate markets could be reaching saturation levels.

This latest data comes from real estate firm JLL in is Q4 Asia-Pacific Property Digest research report.

According to the agency, the combined number of condominiums within the Bangkok central business areas now stands at some 46,000 units, well less than one in 12 of all condominiums throughout the Bangkok metropolitan region.

During Q4, net rentals of prime condominiums increased by 1.1 percent quarter-on-quarter, and by 3.0 percent year-on-year. It added that apartment rental rates remained unchanged.

It also reported that listed property developer Sansiri acquired a 3,344 sqm land plot on Sukhumvit Soi 38. JLL said it estimatef the value of this site to by upwards of THB 450,000 per sqm.

Looking forward to the rest of 2018, JLL said it expects demand for prime residential condominiums to remain strong, and for foreign buying levels to increase as more Thailand property developers target overseas buyers and investors.

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