AP Thailand is planning to develop 5 apartment complexes at a projected cost of thirteen billion baht in 2022, citing a major improve in presales in Bangkok’s apartment market in Q1 this year.
The chief of the condominium business group says the condominium market in Bangkok has proven positive signs in the last six weeks, with AP registered 1.08 billion baht in presales from January 1 to February 15 for a 250% improve yr on year.
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“Mass market apartment with costs of 2-3 million baht a unit is in excessive demand. To keep away from mortgage lending rejection, we will work with monetary companions to assist pre-approve customers’ financial qualifications before the switch period.”
The 5 new projects AP has planned for this 12 months are 61% greater than those deliberate last yr. 3 of them are partnerships with Japanese developer Mitsubishi Estate Group. The complete worth of their gross sales is projected to be 10.4 billion baht.
In Sneak peek of 2022, AP plans to debut 3 new condominium buildings in areas the place it expects a lot of curiosity, together with the Sukhumvit-Rama IV, Pin Klao-Arun Amarin and Ratchayothin areas, with promoting costs starting at 2 million baht.
The real property market in Thailand is projected to stay much less aggressive than pre-pandemic ranges. AP expects 30-40% take up price for low-rise buildings and 25% absorption for high-rise properties.
According to the Real Estate Information Center, the quantity of new condominium items completed in Bangkok in 2021 and 2020 was 21,463 and 29,773 items, respectively — a big drop from 54,769 in 2019 and 77,289 models, respectively, in 2018..