var textForPages =["REDEFINING \u000d\u000aOPULENCE: \u000d\u000aTHAILAND\u2019S NEW \u000d\u000aWEALTH EMBRACES \u000d\u000aUNIQUE COMFORT\u000d\u000aBuGaan Pattanakarn\u000d\u000aSPECIAL PUBLICATION MONDAY, NOVEMBER 27, 2023 ","Younger generations of affluent \u000d\u000ahomebuyers in Thailand are reshaping \u000d\u000athe luxury real estate market with a \u000d\u000afocus on personal preferences, spacious \u000d\u000aliving, \u2018wow\u2019 factors, multi-generational \u000d\u000aspaces, and an emphasis on well-being \u000d\u000aand comfort. They are redefining what \u000d\u000aluxury means in their quest for unique, \u000d\u000acomfortable, and sustainable homes that \u000d\u000areflect their identities and lifestyles.\u000d\u000aYounger generations of\u000d\u000ahigh-priced homebuyers\u000d\u000aare redefining the luxury\u000d\u000aresidential market with\u000d\u000adistinctive, personal pre\u0002ferences in styles, functions, spaces \u000d\u000aand designs while seeking well-being, \u000d\u000acomfort and sustainability.\u000d\u000aIn Thailand, the number of new rich \u000d\u000ais increasing. They come from various \u000d\u000aprofessional backgrounds, emerging \u000d\u000abusiness sectors such as successful \u000d\u000ainvestments, tech innovations, online \u000d\u000amerchant, entertainment industry and \u000d\u000abeauty medical services.\u000d\u000aAccording to Statista, a German \u000d\u000abusiness online data platform, Thailand \u000d\u000ahad approximately 125,400 millionaires \u000d\u000aor high-net-worth individuals (HNWIs) \u000d\u000awith a net asset of US$1 million or more \u000d\u000ain 2021.\u000d\u000aFor 2026, it is forecast that the \u000d\u000anumber of Thai HNWIs will reach \u000d\u000aaround 162,500, with nearly 1,300 \u000d\u000amulti-millionaires in the same year.\u000d\u000aArtitaya Kasemlawan, head of \u000d\u000aresidential sales\u2013project at property \u000d\u000aconsultant CBRE Thailand, said Thai \u000d\u000apeople nowadays are becoming \u000d\u000awealthier from diverse professions, \u000d\u000aLUXURY HOMES REDEFINED:\u000d\u000aNEW RICH SEEK DISTINCTIVE COMFORT\u000d\u000agiving rise to a new rich unafraid to \u000d\u000aspend more, unlike the past where \u000d\u000asaving was required before purchasing \u000d\u000aexpensive items.\u000d\u000a\u201cThe old rich took many decades \u000d\u000ato amass their wealth, unlike the new \u000d\u000arich, often from newer generations, who \u000d\u000amay accumulate it in just a year. Both \u000d\u000aexhibit different spending habits,\u201d she \u000d\u000asaid. \u201cWhen the new rich earn money \u000d\u000afaster, they dare to spend more.\u201d\u000d\u000aSriamphai Rattanamayoon, chief \u000d\u000amarketing officer of Sansiri Plc, the \u000d\u000amarket leader in the luxury segment, \u000d\u000asaid that homebuyers in this segment \u000d\u000aare younger as individuals achieve \u000d\u000asuccess at a young age in today\u2019s world.\u000d\u000a\u201cWhen we planned the development \u000d\u000aof 98 Wireless, a super-luxury condo \u000d\u000aon Wireless Road, the target buyers in \u000d\u000aour mind were aged around 50-60 years \u000d\u000aold,\u201d she said. \u201cHowever, upon opening \u000d\u000asales, we encountered buyers as young \u000d\u000aas 20 years old.\u201d\u000d\u000aShe said this group of homebuyers \u000d\u000ahas distinct tastes and identities. They \u000d\u000apurchase homes and decorate them \u000d\u000ato meet their personal needs and to \u000d\u000adistinctly portray their identity, which \u000d\u000ais reflected in the design of their homes.\u000d\u000aWhen buying a home, young \u000d\u000aachievers are not seeking value for \u000d\u000amoney but rather prioritise comfort. \u000d\u000aTherefore, they require spacious \u000d\u000aliving, Ms Sriamphai said.\u000d\u000aIn locations near the inner city, \u000d\u000aconvenient for travel, single detached \u000d\u000ahouses will span three storeys due \u000d\u000ato land limitations. Each will offer a \u000d\u000ausable area of 500-600 square metres \u000d\u000abut feature fewer bedrooms, which \u000d\u000awill be 30-40% larger than in previous \u000d\u000adesigns.\u000d\u000a\u201cThese buyers are typically around \u000d\u000a30 years old, either with one or two \u000d\u000akids or without any. They don\u2019t \u000d\u000arequire many bedrooms, just enough \u000d\u000afor their family members,\u201d she said.\u000d\u000aPreviously, houses of this size \u000d\u000aoften featured 5-6 bedrooms, \u000d\u000aYounger buyers of luxury homes \u000d\u000aor the new rich seek homes that look \u000d\u000aexpensive upon entry, often judged \u000d\u000aby their decorations, as they prefer \u000d\u000ato invite friends for parties at their \u000d\u000ahomes, said Ms Artitaya of CBRE \u000d\u000aThailand.\u000d\u000a\u201cThe \u2018wow\u2019 factors for them are \u000d\u000ashowcased both inside and outside the \u000d\u000ahouse,\u201d she shared based on customer \u000d\u000ainsights. \u201cThe home\u2019s exterior should \u000d\u000alook extravagant. Stepping into the \u000d\u000aliving room, the house should convey \u000d\u000athe wealth of its owner.\u201d\u000d\u000aThese features include spacious \u000d\u000aliving areas, high ceilings, oversized \u000d\u000achandeliers, high-priced furniture and \u000d\u000aSongkran Issara, CEO of luxury \u000d\u000aresidential developer Charn Issara \u000d\u000aDevelopment Plc, said the pandemic \u000d\u000ahas changed the way people live, leading \u000d\u000athem to seek spacious homes which also \u000d\u000aaccommodate all family members.\u000d\u000a\u201cLiving in a condo, even a large size of \u000d\u000aup to 400-500 sq m, doesn\u2019t fit the new \u000d\u000alifestyle,\u201d he said. \u201cA single detached \u000d\u000ahouse provides indoor and outdoor living \u000d\u000aspaces, even if it means being situated \u000d\u000afarther from the city centre.\u201d\u000d\u000aHe said this new trend has significantly \u000d\u000aboosted the growth of luxury single \u000d\u000adetached houses. From a market share \u000d\u000aof only 5% in the residential market, it has \u000d\u000atripled to reach 15% of the entire market.\u000d\u000aCurrently, luxury home development \u000d\u000astill relies on traditional factors but there \u000d\u000ahas been ongoing improvement and \u000d\u000aevolution to make homes more distinct.\u000d\u000aMr Kittiphun said the pandemic has \u000d\u000aemphasised the significance of good \u000d\u000ahealth and a healthy environment in \u000d\u000awhich to live. \u000d\u000a\u201cPeople\u2019s awareness regarding \u000d\u000ahealth and well-being has undergone \u000d\u000aa transformation, leading them to seek \u000d\u000aliving spaces that contribute positively \u000d\u000ato their overall health,\u201d he said. \u000d\u000aNow, they prioritise choosing \u000d\u000aresidences and environments that foster \u000d\u000aa healthy lifestyle and safety, along with \u000d\u000aa closer connection to nature.\u000d\u000aMany homebuyers in the luxury \u000d\u000asegment, particularly young parents, \u000d\u000aprioritise their children\u2019s comfort by \u000d\u000aseeking units, often a second property, \u000d\u000alocated near their kids\u2019 current or future \u000d\u000aschools. They make these purchases \u000d\u000aeven before their children enrol.\u000d\u000aCharnwit Pasuwat, head of design \u000d\u000adevelopment at property consultant \u000d\u000aCBRE Thailand, said luxury housing \u000d\u000aprojects in proximity to international \u000d\u000aschools are in high demand among \u000d\u000afirst-time homebuyers and those \u000d\u000abuying as a second home.\u000d\u000a\u201cHomes near school are worry-free \u000d\u000afor parents. They are happy that their \u000d\u000aincluding one on the ground floor for \u000d\u000athe convenience of elderly members \u000d\u000aor for future use by the homeowners \u000d\u000aas they age.\u000d\u000aAt present, having a ground floor \u000d\u000abedroom is no longer necessary in a \u000d\u000athree-storey house as it accommodates \u000d\u000aan in-house lift. The ground floor has \u000d\u000abeen converted into a receiving area \u000d\u000aand expanded parking space for four \u000d\u000acars or more. \u000d\u000aMeanwhile, the main living area \u000d\u000aand swimming pool are situated on \u000d\u000athe second floor to enhance privacy. \u000d\u000a\u201cOn the bedroom floor, they might \u000d\u000ahave a bar or a barbecue grill on the \u000d\u000abalcony,\u201d Ms Sriamphai said. \u201cThey \u000d\u000acan personalise anything as their \u000d\u000ahome reflects their identity. Their \u000d\u000ahome speaks for themselves.\u201d\u000d\u000alarge-scaled kitchenware with imported \u000d\u000aappliances to show their status.\u000d\u000a\u201cThe dining table should be long \u000d\u000aenough to accommodate at least 10 \u000d\u000aseats. The swimming pool should \u000d\u000afeature a deck suitable for hosting \u000d\u000aparties. The parking area should \u000d\u000ahave enough space to accommodate \u000d\u000asupercars and also offer a viewing area \u000d\u000afor them.\u201d\u000d\u000aOne essential feature is a proper \u000d\u000asafe room hidden within the house, \u000d\u000aequipped with fire prevention systems, \u000d\u000amoisture and temperature control and \u000d\u000acapable of supporting heavy loads to \u000d\u000asafeguard valuable items, Ms Artitaya \u000d\u000aadded.\u000d\u000aFor instance, there is an increase \u000d\u000ain the number of living rooms to \u000d\u000aaccommodate multi-generations of \u000d\u000afamily members living together, multi\u0002function rooms that can be used as \u000d\u000ameeting rooms or banquet rooms, \u000d\u000aa private swimming pool within the \u000d\u000ahouse compound, an exercise area \u000d\u000aand a space for keeping pets.\u000d\u000a\u201cHomes should prioritise in\u0002corporating more green spaces. They \u000d\u000ashould include parking areas designed \u000d\u000ato display super cars, such as a garage \u000d\u000ashowroom, as luxury homebuyers \u000d\u000atake pleasure in showcasing and \u000d\u000aadmiring their cars while at home.\u201d\u000d\u000aNevertheless, ensuring privacy \u000d\u000aremains the most critical aspect, even \u000d\u000ain close-proximity homes, he added.\u000d\u000aKittiphun Ouiyamaphun, project \u000d\u000adirector of The Forestias, a 398-rai \u000d\u000aManaging air quality, optimising \u000d\u000anatural light within residences and \u000d\u000aemploying thoughtful layouts and \u000d\u000amaterials have become crucial aspects \u000d\u000ain establishing exceptional living \u000d\u000astandards, he said.\u000d\u000aTo ensure the well-being and \u000d\u000acontentment of its residents, a \u000d\u000aresidential project should boast a \u000d\u000athoughtful design encompassing \u000d\u000athe layout of public spaces, home \u000d\u000aconfigurations, and material choices \u000d\u000aboth inside and outside homes. \u000d\u000achildren do not need to wake up early \u000d\u000ain the morning or sleep in the car in a \u000d\u000atraffic jam,\u201d he said.\u000d\u000aHe said the closer to school a \u000d\u000aresidential project is, the better it will \u000d\u000abe. Having a direct gate or a dedicated \u000d\u000awalkway connecting the project and \u000d\u000athe school allows students to walk or \u000d\u000abike there, making it ideal.\u000d\u000aNuttawat Kuvijitsuwan, executive \u000d\u000adirector of property developer Koon \u000d\u000aEstate Co, Ltd, said buyers at Hyde \u000d\u000aPark Garden, who purchased it as their \u000d\u000afirst homes, were new families with \u000d\u000anewborns planning to enrol their kids \u000d\u000aat the school.\u000d\u000a\u201cSome are Thai individuals who have \u000d\u000areturned from living abroad and plan to \u000d\u000astart a family in Thailand,\u201d he said.\u000d\u000aHyde Park Garden is a luxury single \u000d\u000adetached house project adjacent to \u000d\u000aHarrow International School Bangkok in \u000d\u000athe Don Mueang area. It is a joint venture \u000d\u000abetween Koon Estate and the school\u2019s \u000d\u000aoperator, Asia International School \u000d\u000aLimited (AISL).\u000d\u000a\u201cAbout 20% of the buyers are pure \u000d\u000ainvestors who aim to buy the units to rent \u000d\u000aout to parents whose children study at the \u000d\u000aschool and live far from the school,\u201d Mr \u000d\u000aNuttawat added. \u201cRents can be achieved \u000d\u000aat 120,000-150,000 baht per month.\u201d\u000d\u000aThis also includes the integration \u000d\u000aof cutting-edge technologies and \u000d\u000aeffective management of natural \u000d\u000alight, noise, heat, airflows, as well \u000d\u000aas air and water quality.\u000d\u000a\u201cThe project\u2019s success in \u000d\u000apromoting the good health and \u000d\u000ahappiness of its residents hinges on \u000d\u000athese crucial elements, ensuring a \u000d\u000aliving environment that prioritises \u000d\u000acomfort, health, and overall well\u0002being,\u201d said Mr Kittiphun.\u000d\u000amixed-use residential project on Bang \u000d\u000aNa-Trat Road developed by MQDC, \u000d\u000asaid bringing families together across \u000d\u000amultiple generations is among the most \u000d\u000acrucial strategies for fostering increased \u000d\u000ahappiness and better health.\u000d\u000a\u201cThat\u2019s why we\u2019ve designed The \u000d\u000aForestias with diverse residential \u000d\u000acomponents tailored to accommodate \u000d\u000avarious lifestyles and the specific \u000d\u000aneeds of different generations and age \u000d\u000agroups, catering to first-time jobbers, \u000d\u000anewlyweds, young families or older \u000d\u000aparents.\u201d\u000d\u000aWhile each group can live in different \u000d\u000aparts of The Forestias that best suit their \u000d\u000aneeds, all the various components \u000d\u000aare still seamlessly connected so that \u000d\u000afamilies across multiple generations \u000d\u000acan come together easily, whenever \u000d\u000athey wish.\u000d\u000aMULTI-GENERATIONAL LIVING\u000d\u000aWOW FACTORS\u000d\u000aSPACIOUS & PRIVACY\u000d\u000aKIDS\u2019 COMFORT\u000d\u000aCOMFORT & WELL-BEING\u000d\u000aBuGaan Pattanakarn\u000d\u000a10 & Only Pattanakarn 20\u000d\u000aThree generations cohabiting under one roof.\u000d\u000aHarrow International School Bangkok (left) and Hyde Park Garden (right)\u000d\u000aSixsense Residences The Forestias","THE RISE OF SANSIRI LUXURY COLLECTION\u000d\u000aSansiri Plc, a pioneering force and \u000d\u000aindustry leader in the luxury and \u000d\u000asuper-luxury property market, is \u000d\u000aredefining the standards of luxury living \u000d\u000athrough its Sansiri Luxury Collection \u000d\u000a(SLC). Guided by philosophies of \u000d\u000arefined taste, uncompromising quality \u000d\u000aand unparalleled living experience, \u000d\u000aSansiri is making a lasting mark on \u000d\u000aluxury properties. \u000d\u000a\u201cWith nearly four decades of \u000d\u000aexperience as a leader in the luxury \u000d\u000amarket, the company is establishing the \u000d\u000abenchmark for luxury properties and \u000d\u000araising the bar of the luxury property \u000d\u000amarket in Thailand and Southeast Asia,\u201d \u000d\u000asaid Sriamphai Rattanamayoon, Chief \u000d\u000aMarketing Officer.\u000d\u000a\u201cLuxury embodies an uncom\u0002promising vision, expressing uniqueness\u000d\u000ain taste and identity,\u201d she said. \u201cWe \u000d\u000astrive for permanence where our \u000d\u000aproducts adapt and mature effortlessly \u000d\u000awith time. Our goal is to deliver best-in\u0002class products, excelling across every \u000d\u000alevel of product segment.\u201d\u000d\u000aSLC stands as a significant testament \u000d\u000ato Sansiri\u2019s present leadership, \u000d\u000ahighlighting their commitment to \u000d\u000acontinuously develop luxury projects \u000d\u000aand deliver top-notch quality across \u000d\u000aall segments.\u000d\u000aREFINED TASTE\u000d\u000aIn every property within the SLC, \u000d\u000aexceptional design is a critical criterion. \u000d\u000aThey showcase pride and go beyond \u000d\u000aexcellence in every square inch, \u000d\u000arecognising that they are not merely \u000d\u000adesigned as residences but also \u000d\u000aresemble a living art gallery, presenting \u000d\u000athe exquisite beauty of priceless art.\u000d\u000a\u201cOur first and flagship project, Baan \u000d\u000aKhai Muk, stood out as an architectural \u000d\u000alandmark with its vibrant mosaic \u000d\u000amustard yellow fa\u00e7ade, reflecting the \u000d\u000asunlight and resembling a unique piece \u000d\u000aof art when set against the backdrop of \u000d\u000athe sky and sea,\u201d said Ms Sriamphai.\u000d\u000aSriamphai Rattanamayoon,\u000d\u000aChief Marketing Officer of Sansiri Plc\u000d\u000athis prestigious project.\u201d\u000d\u000aIt was the first and only project \u000d\u000abrainstormed by Sansiri\u2019s three top \u000d\u000aexecutives, also known as the three \u000d\u000amusketeers, comprising Apichart \u000d\u000aChutrakul, Chief Executive Officer, \u000d\u000aSrettha Thavisin, formerly president, \u000d\u000aand Wanchak Buranasiri, formerly \u000d\u000aChief Operating Officer.\u000d\u000a\u201cAt the time, we had more foreign \u000d\u000abuyers, so we shouldn\u2019t have limited \u000d\u000aourselves to Thailand but should have \u000d\u000agone internationally. As a result, we \u000d\u000aplanned to price it at THB 500,000 per \u000d\u000asq m and make it a flagship and the \u000d\u000abest in Asia.\u201d\u000d\u000aTo achieve that idea, the project \u000d\u000aneeded an international designer. \u000d\u000aFour leading architecture firms with \u000d\u000aa presence in Thailand participated \u000d\u000ain pitching the project\u2019s exterior \u000d\u000aarchitecture. It marked the first \u000d\u000ainstance of these firms vying for a \u000d\u000aproject expected to become the best \u000d\u000aluxury property in Asia.\u000d\u000aThe world-class design team \u000d\u000aresponsible for 98 Wireless includes \u000d\u000ainternational architecture firm Design \u000d\u000aWorldwide Partnership (DWP), which \u000d\u000adesigned the building\u2019s exterior \u000d\u000ain a timeless classic style, drawing \u000d\u000ainspiration from classical European \u000d\u000aBeaux-Arts.\u000d\u000aOne of the distinguished designers \u000d\u000ain this venture was New York based \u000d\u000ainterior design company Anne \u000d\u000aCarson Interiors, led by Anne Carson, \u000d\u000aacknowledged for her outstanding \u000d\u000acontributions at Ralph Lauren. \u000d\u000aHer creative excellence shone \u000d\u000athrough in the interior design of 98 \u000d\u000aWireless, establishing a new standard \u000d\u000awith its remarkable selling price \u000d\u000aexceeding THB 700,000 per sq m.\u000d\u000aUNCOMPROMISING \u000d\u000aQUALITY\u000d\u000aThe exquisite attention to detail in \u000d\u000adeveloping the finest projects involves 98 Wireless\u000d\u000aLobby at BuGaan Pattanakarn\u000d\u000aNarasiri Phahol-Watcharapol\u000d\u000awww.sansiri.com\u000d\u000aOUR GOAL IS TO DELIVER \u000d\u000aBEST-IN-CLASS PRODUCTS, \u000d\u000aEXCELLING ACROSS \u000d\u000aEVERY LEVEL OF \u000d\u000aPRODUCT SEGMENT.\u000d\u000aFeaturing a tasteful, timeless design \u000d\u000aand crafted with high-quality materials, \u000d\u000athe Hua Hin 12-storey project with \u000d\u000aonly 36 units was ahead of its time, \u000d\u000ashowcasing Sansiri\u2019s savvy in the luxury \u000d\u000asegment.\u000d\u000aThe success of its inaugural project \u000d\u000ain Hua Hin has not only established \u000d\u000aSansiri\u2019s brand but also solidified its \u000d\u000aposition as the market leader in Hua \u000d\u000aHin to this day, with the development \u000d\u000aof almost 20 condo projects and two \u000d\u000ahotels so far.\u000d\u000aToday Baan Khai Muk has experienced \u000d\u000aa surge in resale price, climbing from \u000d\u000aTHB 7 million for a 242-square-metre \u000d\u000aunit, or approximately THB 29,000 per \u000d\u000asq m, when it launched in 1984, to THB \u000d\u000a80 million or over THB 330,000 per sq \u000d\u000am, marking an increase of more than \u000d\u000a10 times.\u000d\u000aThe most recent project that has \u000d\u000amade history in the Thai luxury condo \u000d\u000amarket is 98 Wireless, with a resale price \u000d\u000aexceeding THB 1 million per sq m\u2014the \u000d\u000ahighest ever recorded in both the resale \u000d\u000aand new condo categories, setting a \u000d\u000anew record for the highest price per \u000d\u000asq m luxury condo in Thailand.\u000d\u000a\u201c98 Wireless is considered the \u000d\u000agenesis of SLC,\u201d she said. \u201cWe really \u000d\u000atook the time to craft the project. From \u000d\u000aobtaining the land plot for the project \u000d\u000ain 2010, it was in 2016 that we launched \u000d\u000ameticulous curation of high-quality \u000d\u000amaterials, decorative furnishings and \u000d\u000aartworks from various corners of the \u000d\u000aworld to meet the sophisticated living \u000d\u000apreferences of the customers.\u000d\u000a\u201cThis is another guiding philosophy \u000d\u000abehind the development of projects \u000d\u000aunder SLC,\u201d Ms Sriamphai added. \u201cWe \u000d\u000ause only the finest quality materials and \u000d\u000acraftsmanship from around the world \u000d\u000aas we set new standards of what a home \u000d\u000acan be through meticulous care and \u000d\u000aattention to details.\u201d\u000d\u000aEvery single detail is precisely \u000d\u000aorchestrated to provide residents with \u000d\u000athe best of every aspect. Sansiri will \u000d\u000acraft and give the fullest attention to \u000d\u000adetail, carrying through the concept of \u000d\u000a\u2018The Best Comes as Standard.\u2019\u000d\u000aExclusively styled in Ralph Lauren \u000d\u000aHome, 98 Wireless offered exquisite \u000d\u000acraftsmanship and artisanal quality, \u000d\u000athroughout the grand reception areas \u000d\u000aand three levels of exclusive amenities, \u000d\u000aincluding handmade custom designed \u000d\u000ahand cut crystal three-tier chandeliers.\u000d\u000aTimeless, elegant finishes throughout \u000d\u000aall the interiors are crafted from the \u000d\u000afinest materials available, including \u000d\u000athe residences\u2019 rare mahogany crotch \u000d\u000adoor panels and solid oak herringbone \u000d\u000afloors from the United States.\u000d\u000aThere were also custom hand\u0002carved mouldings by renowned Hyde \u000d\u000aPark Mouldings, and fine Portuguese \u000d\u000alimestone flooring in the lobby, public \u000d\u000aareas, and balconies\u2014the same \u000d\u000alimestone cladding the fa\u00e7ades of 98 \u000d\u000aWireless. \u000d\u000aThe Sansiri team travelled to Italy to \u000d\u000aselect slabs of pure white Statuario and \u000d\u000abeautifully veined Carrara marbles to \u000d\u000aensure a perfect fit, size, quality, pattern \u000d\u000aand finish of every single marble stone \u000d\u000afor each of the residences. In total, \u000d\u000a98 Wireless used over 28,000 sq m\u000d\u000aof natural marble and limestone \u000d\u000athroughout its interiors and exteriors.\u000d\u000aResidences were also appointed \u000d\u000awith appliances and hardware from top \u000d\u000ainternational brand names, including \u000d\u000adoor hardware and accessories from \u000d\u000aBaldwin, bath fixtures and fittings by \u000d\u000aLefroy Brooks, Kallista and Kaldewei; \u000d\u000akitchen cabinetry by SieMatic; and \u000d\u000astate-of-the-art appliances from Sub\u0002Zero and Gaggenau.\u000d\u000aIn recognition of the environmental \u000d\u000aefficiency and sustainability of its \u000d\u000adesign, 98 Wireless was the first \u000d\u000aresidential building to receive the \u000d\u000aprestigious LEED certification from the \u000d\u000aUnited States Green Building Council.\u000d\u000aUNPARALLELED LIVING \u000d\u000aEXPERIENCE \u000d\u000aBeyond the surface of materials \u000d\u000aand craftsmanship, 98 Wireless aimed \u000d\u000ato create more than just buildings; it \u000d\u000aaspired to build a way of living.\u000d\u000aAll residences are accessed by \u000d\u000aprivate lifts and include on-site parking \u000d\u000ain a private underground garage, \u000d\u000awith special parking spaces designed \u000d\u000aspecifically for supercars and EV \u000d\u000acharger stations for electric cars. \u000d\u000aThe project also offers residents \u000d\u000aan exclusive chauffeured Bentley. \u000d\u000aAcknowledged as \u201cThe World\u2019s best \u000d\u000aluxury sedan\u201d, the brand new Bentley \u000d\u000ais finished in a special British Racing \u000d\u000aGreen and showcases the number \u000d\u000a\u201c98\u201d on its licence plate. Valet parking \u000d\u000aand dedicated butler service is also \u000d\u000aavailable. \u000d\u000aExclusive on-site services also \u000d\u000ainclude access to Quintessentially, \u000d\u000athe world\u2019s premier concierge service. \u000d\u000aQuintessentially has long been part \u000d\u000aof the ultimate luxury experience for \u000d\u000amembers of the British royal family.\u000d\u000aIt is not sufficient to meticulously \u000d\u000aselect high-quality materials and \u000d\u000adesign them in a distinctive manner, \u000d\u000aresembling a work of art. Proper \u000d\u000amaintenance is also essential to ensure \u000d\u000atheir longevity.\u000d\u000a\u201cThe after-sales service by PLUS \u000d\u000aLuxury Management will maintain \u000d\u000athe property in its original condition \u000d\u000aand also creates enduring value for \u000d\u000athe timeless residential property,\u201d Ms \u000d\u000aSriamphai added.\u000d\u000aTHE NEW BRANDS\u000d\u000aAt present, SLC\u2019s portfolio consists \u000d\u000aof nine projects worth a combined over \u000d\u000aTHB 37 billion. In addition to 98 Wireless, \u000d\u000athese include two condo projects. One of \u000d\u000athem is KHUN by YOO inspired by Starck \u000d\u000awhich stands as Thailand\u2019s sole design\u0002branded residence.\u000d\u000aThe other is The Monument Thong \u000d\u000aLo, where resale prices reach close to \u000d\u000aTHB 1 million per sq m, marking a \u000d\u000athreefold increase in three years. This \u000d\u000aprice is for the penthouse, the only one \u000d\u000aavailable in the entire project.\u000d\u000aThe remaining six projects are low\u0002rise houses including Baan Sansiri \u000d\u000aPattanakarn, Narasiri Krungthep \u000d\u000aKreetha, BuGaan Yothinpattana, \u000d\u000aBuGaan Krungthep Kreetha, Narasiri \u000d\u000aPhahol-Watcharapol and BuGaan \u000d\u000aPattanakarn.\u000d\u000aUnder the concept of \u201cMy Home \u000d\u000aSpeaks for Myself,\u201d BuGaan is an \u000d\u000aexclusive residence designed with \u000d\u000aa unique blend of tasteful lifestyle \u000d\u000aand preferences of residents through \u000d\u000adistinctive space and functions and \u000d\u000asituated in ultra-convenient locations.\u000d\u000aLocated on six rai, BuGaan \u000d\u000aPattanakarn features only 17 three\u0002storey units. Each unit includes a private \u000d\u000alift, a 10-metre pool on the upper floor \u000d\u000aconnected to open spaces, collectable \u000d\u000acar parking and an oversized main gate. \u000d\u000aThe unit prices range from THB 65-130 \u000d\u000amillion. \u000d\u000aIt is designed based on customer \u000d\u000ainsights into young successful \u000d\u000aindividuals who quickly become high\u0002net-worth individuals with significant \u000d\u000apurchasing power, unique tastes and \u000d\u000alifestyles. They require a unit that \u000d\u000aprovides a maximum level of private \u000d\u000aspace.\u000d\u000aMs Sriamphai said Sansiri launched \u000d\u000aa new luxury brand, SHUSH, which \u000d\u000apresents a symphony of silence, with \u000d\u000adesigns and functions that return to the \u000d\u000abasics. The brand\u2019s first project is in the \u000d\u000aRatchathewi area and the target buyers \u000d\u000aare those with a high purchasing power \u000d\u000awho prefer a peaceful lifestyle.\u000d\u000aThere is also Via ARI which aims at \u000d\u000abuyers with a distinctive character. The \u000d\u000abrand has a concept of living in a work \u000d\u000aof art with a love of nature.\u000d\u000a\u201cThe success of developing flagship \u000d\u000aprojects hinges on the seamless \u000d\u000aintegration of beauty and meticulously \u000d\u000acrafted details, driven by a thoughtful \u000d\u000aprocess that considers elements such \u000d\u000aas location, exclusivity, challenging \u000d\u000adesign, and the overall community \u000d\u000aand environment within and around \u000d\u000athe project.\u201d\u000d\u000aThis instils a sense of pride in \u000d\u000aproperty owners, contributing to \u000d\u000aincreased value passed on to future \u000d\u000agenerations.\u000d\u000a\u201cCertainly, our commitment to \u000d\u000acreating a new phenomenon of super\u0002luxurious living for Thailand continues, \u000d\u000awith our upcoming project on Sarasin \u000d\u000aRoad, an ultimate prime location in \u000d\u000athe heart of Bangkok,\u201d Ms Sriamphai \u000d\u000asaid.\u000d\u000aSansiri Plc, a trailblazer and leader \u000d\u000ain the luxury and super luxury market, \u000d\u000ais setting the standard for luxury properties \u000d\u000athrough Sansiri Luxury Collection (SLC) \u000d\u000aunder the philosophies of refined taste, \u000d\u000auncompromising quality and an \u000d\u000aunparalleled living experience.","Source: Real Estate Information Center\u000d\u000a1,000,001-\u000d\u000a1,500,000\u000d\u000a2,000,001-\u000d\u000a3,000,000\u000d\u000a5,000,001-\u000d\u000a7,500,000\u000d\u000a10,000,001-\u000d\u000a20,000,000\u000d\u000a3,000,001-\u000d\u000a5,000,000\u000d\u000a7,500,001-\u000d\u000a10,000,000\u000d\u000a>20,000,001\u000d\u000a4,000\u000d\u000a3,500\u000d\u000a3,000\u000d\u000a2,500\u000d\u000a2,000\u000d\u000a1,500\u000d\u000a1,000\u000d\u000a500\u000d\u000a0\u000d\u000a300\u000d\u000a250\u000d\u000a200\u000d\u000a150\u000d\u000a100\u000d\u000a50\u000d\u000a0\u000d\u000a-50\u000d\u000a-100\u000d\u000a104\u000d\u000a583\u000d\u000a819 881\u000d\u000a1,493\u000d\u000a496\u000d\u000a1,306\u000d\u000a576\u000d\u000a186\u000d\u000a508\u000d\u000a3,300\u000d\u000a0 0 0\u000d\u000aQ1 Q2 % Change\u000d\u000aUnit % Change\u000d\u000aPrice\u000d\u000aRange\u000d\u000a(Baht)\u000d\u000a\u22641,000,000\u000d\u000a229\u000d\u000a1,500,001-\u000d\u000a2,000,000\u000d\u000a1,121 961\u000d\u000a3,427\u000d\u000aLOW-RISE\u000d\u000aNEW LOW-RISE HOUSING SUPPLY LAUNCHED IN GREATER BANGKOK\u000d\u000aIN 2023 (UNIT)\u000d\u000a1,000,001-\u000d\u000a1,500,000\u000d\u000a2,000,001-\u000d\u000a3,000,000\u000d\u000a5,000,001-\u000d\u000a7,500,000\u000d\u000a10,000,001-\u000d\u000a20,000,000\u000d\u000a3,000,001-\u000d\u000a5,000,000\u000d\u000a7,500,001-\u000d\u000a10,000,000\u000d\u000a>20,000,001\u000d\u000a3,500\u000d\u000a3,000\u000d\u000a2,500\u000d\u000a2,000\u000d\u000a1,500\u000d\u000a1,000\u000d\u000a500\u000d\u000a0\u000d\u000a35\u000d\u000a30\u000d\u000a25\u000d\u000a20\u000d\u000a15\u000d\u000a10\u000d\u000a5\u000d\u000a0\u000d\u000a-5\u000d\u000a-10\u000d\u000a-15\u000d\u000a-20\u000d\u000a231\u000d\u000a800\u000d\u000a3,278\u000d\u000a3,556\u000d\u000a1,389\u000d\u000a835\u000d\u000a671 758\u000d\u000a362 322\u000d\u000a2,943\u000d\u000a0\u000d\u000aQ1 Q2 % Change\u000d\u000aUnit % Change\u000d\u000aPrice\u000d\u000aRange\u000d\u000a(Baht)\u000d\u000a\u22641,000,000\u000d\u000a629\u000d\u000a1,500,001-\u000d\u000a2,000,000\u000d\u000a1,761\u000d\u000a626\u000d\u000a3,220\u000d\u000aLOW-RISE\u000d\u000aNEW SALES OF LOW-RISE HOUSE IN GREATER BANGKOK IN 2023 (UNIT)\u000d\u000aSource: Real Estate Information Center\u000d\u000a250\u000d\u000a0\u000d\u000aCONTINUAL GROWTH\u000d\u000aIN HOUSING SUPPLY\u000d\u000aIN LUXURY AND\u000d\u000aABOVE HOUSING\u000d\u000aMARKET, INCREASED \u000d\u000a205% H-O-H\u000d\u000a2015 2016 2017 2018 2019 2020 2021 2022 H12023\u000d\u000a1,200\u000d\u000a1,000\u000d\u000a800\u000d\u000a600\u000d\u000a400\u000d\u000a200\u000d\u000a0\u000d\u000aNo. of units\u000d\u000aSource: CBRE Research\u000d\u000aGrade Classifications\u000d\u000aLuxury 30-70 Million Baht\u000d\u000aSuper Luxury: Above 70 Million Baht\u000d\u000aNEW LAUNCH OF LOW-RISE HOUSING SUPPLY, LUXURY AND ABOVE (BY GRADE) 2017-H1 2023\u000d\u000aHOUSING TRANSFERS NATIONWIDE (UNIT)\u000d\u000aSource: Real Estate Information Center\u000d\u000a\u22641,000,000 8,347 60,764 69,111 8,079 54,963 63,042 -3.2% -9.5% -8.8%\u000d\u000a1,000,001-1,500,000 7,405 29,892 37,297 6,644 28,215 34,859 -10.3% -5.6% -6.5%\u000d\u000a1,500,001-2,000,000 13,619 27,644 41,263 12,597 26,249 38,846 -7.5% -5.0% -5.9%\u000d\u000a2,000,001-3,000,000 35,127 35,172 70,299 30,432 35,220 65,652 -13.4% 0.1% -6.6%\u000d\u000a3,000,001-5,000,000 26,335 12,435 38,770 25,139 14,422 39,561 -4.5% 16.0% 2.0%\u000d\u000a5,000,001-7,500,000 10,182 4,272 14,454 10,950 4,510 15,460 7.5% 5.6% 7.0%\u000d\u000a7,500,001-10,000,000 3,199 1,511 4,710 3,917 1,762 5,679 22.4% 16.6% 20.6%\u000d\u000a>10,000,001 4,779 1,965 6,744 5,410 2,141 7,551 13.2% 9.0% 12.0%\u000d\u000aTotal 108,993 173,655 282,648 103,168 167,482 270,650 -5.3% -3.6% -4.2%\u000d\u000a9 Months/2022\u000d\u000aPrice Range New Total New Total New Total Second\u0002Hand\u000d\u000aSecond\u0002Hand\u000d\u000aSecond\u0002Hand\u000d\u000a9 Months/2023 % Year-on-year Change\u000d\u000aDespite challenges, the luxury low-rise \u000d\u000ahousing market continues to flourish, \u000d\u000awith strong demand driven by high-net\u0002worth individuals and a shift in lifestyle \u000d\u000apreferences, as reported by property \u000d\u000aconsultant CBRE Thailand.\u000d\u000aThe luxury low-rise housing \u000d\u000amarket saw significant \u000d\u000agrowth during COVID-19 \u000d\u000aas people sought more \u000d\u000aspace, according to Artitaya \u000d\u000aKasemlawan, head of residential sales\u2013\u000d\u000aproject at property consultant CBRE \u000d\u000aThailand.\u000d\u000a\u201cDuring the pandemic and sub\u000d\u000asequent lockdowns, people were \u000d\u000acompelled to work from \u000d\u000ahome,\u201d she said.\u000d\u000a\u201cAs a result, many began \u000d\u000aseeking to purchase low\u0002rise houses that offered \u000d\u000amore space than city\u0002centre condos, where they \u000d\u000aused to reside due to their \u000d\u000aproximity to workplaces or \u000d\u000atheir children\u2019s schools.\u201d\u000d\u000aWith reduced commuting \u000d\u000aneeds during work-from\u0002home setups, people sought \u000d\u000alow-rise houses that met \u000d\u000atheir remote work and study \u000d\u000arequirements.\u000d\u000a\u201cAnother factor contributing to \u000d\u000athe robust growth of the high-priced \u000d\u000ahousing market was a shift in people\u2019s \u000d\u000alifestyles,\u201d she said. \u201cBuyers in this \u000d\u000asegment were eager to invest in luxury \u000d\u000aand convenience to enhance their \u000d\u000alives.\u201d\u000d\u000aAccording to CBRE Research, the \u000d\u000anumber of new low-rise housing units \u000d\u000ain the luxury segment (priced from \u000d\u000a30-70 million baht per unit) and those \u000d\u000aabove 70 million baht per unit launched \u000d\u000ain 2022 reached a historic peak, totalling \u000d\u000amore than 1,100 units, which is over a \u000d\u000a400% increase from 2021.\u000d\u000aIn the first half of 2023, the number \u000d\u000aof new low-rise housing units in these \u000d\u000asegments totalled around 600 units, \u000d\u000asoaring by 205% from the same period \u000d\u000alast year.\u000d\u000a\u201cThe increased supply stemmed \u000d\u000afrom demand,\u201d said Ms Artitaya. \u000d\u000a\u201cPreviously, these buyers had to buy \u000d\u000aLUXURY LOW-RISE \u000d\u000aHOUSING MARKET \u000d\u000aTHRIVES DESPITE \u000d\u000aCHALLENGES\u000d\u000aland to construct their own homes. \u000d\u000aToday, developers have launched \u000d\u000alow-rise houses in these segments. As \u000d\u000athese homes sold well, other developers \u000d\u000afollowed suit.\u201d\u000d\u000a\u201cDespite the new supply added to \u000d\u000athe market, sales performance in the \u000d\u000aluxury low-rise housing segment has \u000d\u000anever dropped, remaining at around \u000d\u000a70% as it was before the pandemic,\u201d \u000d\u000ashe said.\u000d\u000aIn 2019, the sales rate of \u000d\u000alow-rise housing supply \u000d\u000ain the luxury and above \u000d\u000asegments was 70%, which \u000d\u000adropped to 66% in 2020 \u000d\u000abefore rebounding to 78% \u000d\u000ain 2021, 73% in 2022, and \u000d\u000a70% in the first half of 2023.\u000d\u000aBy location, areas in \u000d\u000aeastern Bangkok such as \u000d\u000aKrungthep Kreetha and \u000d\u000aBang Na stood out. Despite \u000d\u000athe 70% sales rate, this \u000d\u000alocation had the largest \u000d\u000asupply with 1,918 units \u000d\u000aand sold the highest number, totalling \u000d\u000a1,337 units.\u000d\u000a\u201cKrungthep Kreetha stood out in the \u000d\u000aeastern Bangkok zone due to the newly \u000d\u000aconstructed road\u2013New Krungthep \u000d\u000aKreetha,\u201d she said. \u201cWhenever there \u000d\u000ais a new road, it opens up more land \u000d\u000afor potential and large-scale property \u000d\u000adevelopment.\u201d\u000d\u000aIt was followed by western Bangkok, \u000d\u000asuch as Ratchapruek Road, with the \u000d\u000asecond-largest number of units sold, \u000d\u000atotalling 707 out of the total 972 units, \u000d\u000atranslating into a sales rate of 73%.\u000d\u000aAnother hot zone in the top three \u000d\u000awas downtown Bangkok, primarily \u000d\u000aalong Sukhumvit Road, where land was \u000d\u000amore available compared to the central \u000d\u000abusiness district. It recorded 443 units \u000d\u000asold out of the total 473 units, achieving \u000d\u000aan impressive sales rate of 93%.\u000d\u000a\u201cThe demand for luxury houses \u000d\u000asurged due to a rising population \u000d\u000aof newly wealthy individuals in this \u000d\u000amodern era, comprising a diverse range \u000d\u000aof self-made careers such as influencers, \u000d\u000aYouTubers, and online merchants,\u201d said \u000d\u000aMs Artitaya.\u000d\u000aAccording to property consultant \u000d\u000aKnight Frank\u2019s Wealth Populations \u000d\u000areport for 2023, the number of HNWIs \u000d\u000a(those with assets of US$1 million \u000d\u000aand above) experienced 2.9% growth \u000d\u000alast year, reaching 69,543,783 people \u000d\u000aworldwide.\u000d\u000aIt is anticipated to rise significantly by \u000d\u000a57% over the next five years, expanding \u000d\u000ato over 109 million people globally.\u000d\u000aIn Thailand, the number of HNWIs \u000d\u000ahad been on the rise, with 85,939 people \u000d\u000ain 2017, which increased to 95,497 in \u000d\u000a2021 and 104,790 in 2022. It is expected \u000d\u000ato jump by 51.7% to 158,977 in 2027.\u000d\u000a\u201cWith the increasing demand, the \u000d\u000alow-rise housing market in the luxury \u000d\u000asegment is expected to remain healthy \u000d\u000athroughout next year because low-rise \u000d\u000ahousing development poses less risk \u000d\u000acompared to condos,\u201d she said.\u000d\u000aWhen developing condos, developers \u000d\u000amust invest a significant amount of \u000d\u000acapital all at once to complete the \u000d\u000aproject, even if not all units are sold. \u000d\u000aMeanwhile, developers can phase \u000d\u000athe development of low-rise housing \u000d\u000aprojects according to the achieved sales \u000d\u000arate.\u000d\u000aThe luxury segment with units \u000d\u000apriced from 30-70 million baht has \u000d\u000aexperienced strong sales since the \u000d\u000apandemic until this year,\u201d she said. \u201cThe \u000d\u000amomentum continues post-pandemic \u000d\u000aand is expected to persist into 2024.\u201d\u000d\u000aRESILIENT TO \u000d\u000aNEGATIVE FACTORS\u000d\u000aDespite the rise in interest rates, \u000d\u000aresidential demand in the upper-end \u000d\u000asegment remained strong, showing \u000d\u000agrowth in unit transfers in the first \u000d\u000anine months of the year, said Vichai \u000d\u000aViratkapan, acting director-general \u000d\u000aof the Real Estate Information Centre \u000d\u000a(REIC).\u000d\u000a\u201cEven a mere 0.25 basis point \u000d\u000aincrease in interest rates has a ripple \u000d\u000aeffect on lower-end buyers and also \u000d\u000aimpacts middle-end buyers, reducing \u000d\u000atheir purchasing power,\u201d he said.\u000d\u000aIn the first nine months of this year, \u000d\u000athere were five increases in interest \u000d\u000arates, each by 0.25 basis points, raising \u000d\u000athe policy interest rate from 1.25% in \u000d\u000aJanuary to 2.50% in September.\u000d\u000aThe higher interest rates have not \u000d\u000aonly reduced the purchasing power of \u000d\u000ahomebuyers in the middle-to-lower\u0002end segments but have also made it \u000d\u000adifficult for them to obtain home loan \u000d\u000aapprovals, he said.\u000d\u000a\u201cHomebuyers in the upper-end \u000d\u000asegment are minimally affected by the \u000d\u000ahigher interest rates,\u201d he said. \u201cMany \u000d\u000aare financially prepared when buying \u000d\u000aa house. Some use loans in small \u000d\u000aproportions or not at all, especially \u000d\u000athose in the luxury segment.\u201d\u000d\u000aAccording to REIC, the total \u000d\u000anumber of residential units transferred \u000d\u000anationwide dropped by 4.2% year-on\u0002year to 270,650 units in the first nine \u000d\u000amonths of the year. However, the total \u000d\u000avalue rose 1.6% to 766.97 billion baht.\u000d\u000a\u201cThe decrease in unit numbers \u000d\u000aalongside the rise in value indicates \u000d\u000athat a significant portion of the transfers \u000d\u000aoccurred in the higher-priced segment,\u201d \u000d\u000asaid Mr Vichai.\u000d\u000aIn the post-pandemic period, the \u000d\u000atrend of transferred unit growth being \u000d\u000alower than the transferred value transfer \u000d\u000agrowth began in the fourth quarter of \u000d\u000a2022, with the number of transferred \u000d\u000aunits growing by 12%, while the value \u000d\u000aof transfers increased by 16.4%.\u000d\u000aIn the first quarter of 2023, there was \u000d\u000aa 0.8% drop in transferred units but a \u000d\u000agrowth of 7.9% in transferred value. \u000d\u000aThis was followed by a decline of 4.4% \u000d\u000aand a growth of 0.5% respectively in the \u000d\u000asecond quarter, and a decrease of 7% \u000d\u000awith a drop of 2.6% in the third quarter.\u000d\u000a\u201cThe trend of unit growth being lower \u000d\u000athan value growth was also evident in \u000d\u000athe number of newly launched units in \u000d\u000athe first three quarters, as developers \u000d\u000alaunched more units in the high\u0002priced segment than in the lower-end \u000d\u000asegment,\u201d he said.\u000d\u000aAmong all housing categories, only \u000d\u000asingle detached houses experienced \u000d\u000agrowth in the number of newly launched \u000d\u000asupply in the first three quarters, with a \u000d\u000ayear-on-year increase of 2%, while the \u000d\u000arest experienced a decline.\u000d\u000aIn terms of value, single detached \u000d\u000ahouses saw the largest year-on-year \u000d\u000aincrease of 11.6%, while the rest either \u000d\u000aexperienced a decline or had a growth \u000d\u000aof less than 3%.\u000d\u000aCinq Royal Krungthep Kreetha\u000d\u000aNarasiri Phahol-Watcharapol\u000d\u000aMONDAY, NOVEMBER 27, 2023 ","Source: Real Estate Information Center\u000d\u000a\u22641,000,000 2,000,001-\u000d\u000a3,000,000\u000d\u000a5,000,001-\u000d\u000a7,500,000\u000d\u000a10,000,001-\u000d\u000a20,000,000\u000d\u000a3,000,001-\u000d\u000a5,000,000\u000d\u000a7,500,001-\u000d\u000a10,000,000\u000d\u000a>20,000,001\u000d\u000a8,000\u000d\u000a7,000\u000d\u000a6,000\u000d\u000a5,000\u000d\u000a4,000\u000d\u000a3,000\u000d\u000a2,000\u000d\u000a1,000\u000d\u000a0\u000d\u000a1300\u000d\u000a1200\u000d\u000a1100\u000d\u000a1000\u000d\u000a900\u000d\u000a800\u000d\u000a700\u000d\u000a600\u000d\u000a500\u000d\u000a400\u000d\u000a300\u000d\u000a200\u000d\u000a100\u000d\u000a0\u000d\u000a-100\u000d\u000a146\u000d\u000a1,690\u000d\u000a285\u000d\u000a971\u000d\u000a1,882\u000d\u000a2,420\u000d\u000a942\u000d\u000a1,644\u000d\u000a13 185 124 43 122 0\u000d\u000aSource: CBRE Research\u000d\u000a2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022\u000d\u000a600,000\u000d\u000a500,000\u000d\u000a400,000\u000d\u000a300,000\u000d\u000a200,000\u000d\u000a100,000\u000d\u000a0\u000d\u000aTHB/Sq.m.\u000d\u000aAVERAGE ASKING PRICE OF FREEHOLD FUTURE UNITS, HIGH-END & ABOVE, 2010-Q3 2023\u000d\u000a*Future prices include being marketed and on-hold project but not include sold out projects\u000d\u000aQ1\u000d\u000a2023\u000d\u000aQ2\u000d\u000a2023\u000d\u000aQ3\u000d\u000a2023\u000d\u000a366,000\u000d\u000a284,777\u000d\u000a270,000\u000d\u000a252,857\u000d\u000a250,250\u000d\u000aSilom/Sathon Central Lumpini Sukhumvit Riverside Average Price\u000d\u000a7,557\u000d\u000a0\u000d\u000aUnit % Change\u000d\u000aPrice\u000d\u000aRange\u000d\u000a(Baht)\u000d\u000aQ1 Q2 % Change\u000d\u000a1,000,001-\u000d\u000a1,500,000\u000d\u000a1,500,001-\u000d\u000a2,000,000\u000d\u000a169\u000d\u000a923\u000d\u000aCONDO\u000d\u000aNEW CONDO SUPPLY LAUNCHED IN GREATER BANGKOK IN 2023 (UNIT)\u000d\u000aSource: Real Estate Information Center\u000d\u000a\u22641,000,000 2,000,001-\u000d\u000a3,000,000\u000d\u000a5,000,001-\u000d\u000a7,500,000\u000d\u000a10,000,001-\u000d\u000a20,000,000\u000d\u000a3,000,001-\u000d\u000a5,000,000\u000d\u000a7,500,001-\u000d\u000a10,000,000\u000d\u000a>20,000,001\u000d\u000a3,000\u000d\u000a2,500\u000d\u000a2,000\u000d\u000a1,500\u000d\u000a1,000\u000d\u000a500\u000d\u000a0\u000d\u000a249\u000d\u000a1,487\u000d\u000a730\u000d\u000a1,369\u000d\u000a2,259\u000d\u000a3,003\u000d\u000a1,534\u000d\u000a874\u000d\u000a266\u000d\u000a140\u000d\u000a255\u000d\u000a126 104\u000d\u000a516\u000d\u000a2,083\u000d\u000a143\u000d\u000aUnit % Change\u000d\u000aPrice\u000d\u000aRange\u000d\u000a(Baht)\u000d\u000aQ1 Q2 % Change\u000d\u000a1,000,001-\u000d\u000a1,500,000\u000d\u000a1,500,001-\u000d\u000a2,000,000\u000d\u000a119\u000d\u000a347\u000d\u000a60\u000d\u000a50\u000d\u000a40\u000d\u000a30\u000d\u000a20\u000d\u000a10\u000d\u000a0\u000d\u000a-10\u000d\u000a-20\u000d\u000a-30\u000d\u000a-40\u000d\u000a-50\u000d\u000aCONDO\u000d\u000aNEW SALES OF CONDO IN GREATER BANGKOK IN 2023 (UNIT) \u000d\u000aTOP LOCATIONS FOR LUXURY CONDO\u000d\u000aWITH THE HIGHEST LAND APPRAISAL PRICE\u000d\u000aPER SQUARE WAH (BAHT)\u000d\u000aSource: The Treasury Department \u000d\u000aLocation 2023-2026 2016-2022\u000d\u000a1\u000d\u000a2\u000d\u000a3\u000d\u000a4\u000d\u000a5\u000d\u000a6\u000d\u000a7\u000d\u000a8\u000d\u000a9\u000d\u000a10\u000d\u000a11\u000d\u000a12\u000d\u000aPloenchit Road\u000d\u000aWireless Road\u000d\u000aSilom Road\u000d\u000aRama I Road\u000d\u000aRatchadamri Road\u000d\u000aSathon Road\u000d\u000aSukhumvit Road (Wattana District)\u000d\u000aAsok Montri Road\u000d\u000aNaradhiwas Rajanagarindra Road\u000d\u000aConvent Road\u000d\u000aChit Lom Road\u000d\u000aLang Suan Road\u000d\u000aPhaya Thai Road\u000d\u000aSala Daeng Road\u000d\u000aRama IV Road\u000d\u000aSarasin Road\u000d\u000aThong Lo\u000d\u000a1 million\u000d\u000a750,000-1 million\u000d\u000a400,000-1 million\u000d\u000a750,000-900,000\u000d\u000a450,000-800,000\u000d\u000a750,000\u000d\u000a600,000\u000d\u000a900,000\u000d\u000a500,000-750,000\u000d\u000a700,000-1 million\u000d\u000a400,000-900,000\u000d\u000a750,000-900,000\u000d\u000a450,000-750,000\u000d\u000a650,000\u000d\u000a550,000\u000d\u000a280,000-600,000\u000d\u000a500,000\u000d\u000a450,000-500,000\u000d\u000a400,000\u000d\u000a240,000-500,000 420,000\u000d\u000aACCUMULATED DOWNTOWN CONDOMINIUM SUPPLY, \u000d\u000aLUXURY & ABOVE\u000d\u000a(LAUNCHED SINCE 2010-Q3 2023)\u000d\u000aSource: CBRE Research\u000d\u000aNo. of units Existing Supply Future Supply\u000d\u000a4,000\u000d\u000a3,500\u000d\u000a3,000\u000d\u000a2,500\u000d\u000a2,000\u000d\u000a1,500\u000d\u000a1,000\u000d\u000a500\u000d\u000a0\u000d\u000aSilom/Sathon Central Lumpini Sukhumvit Riverside\u000d\u000aWith the global \u000d\u000aeconomic situation \u000d\u000aand the slower \u000d\u000areturn of foreign \u000d\u000abuyers, Bangkok\u2019s \u000d\u000aluxury condo market \u000d\u000aremains subdued, \u000d\u000afocusing on selling \u000d\u000aexisting inventory as \u000d\u000adevelopers refrain \u000d\u000afrom launching new \u000d\u000aprojects, reflecting a \u000d\u000acautious approach \u000d\u000ain response to the \u000d\u000auncertainties of the \u000d\u000atimes.\u000d\u000aLUXURY CONDO MARKET FACES CHALLENGES AMIDST \u000d\u000aGLOBAL UNCERTAINTY\u000d\u000aINVENTORY FOCUS\u000d\u000aWhen the COVID hit globally, \u000d\u000aoverseas buyers could not travel. \u000d\u000aWith only local buyers, particularly \u000d\u000aend-users, as investors held back, \u000d\u000ademand dropped. This weak demand, \u000d\u000acombined with economic slowdown, \u000d\u000amade developers cautious about new \u000d\u000alaunches.\u000d\u000a\u201cSince 2021 until now, luxury condo \u000d\u000adevelopers have focused on clearing \u000d\u000aexisting inventory before initiating \u000d\u000anew launches or developments due to \u000d\u000athe high risks associated with condo \u000d\u000adevelopment, which requires more \u000d\u000asubstantial capital and time compared \u000d\u000ato low-rise houses,\u201d she added.\u000d\u000aFurthermore, launching a new condo \u000d\u000aproject and achieving a sales rate of 50% \u000d\u000aor higher, as seen in the past five years, \u000d\u000ahas become more challenging due to \u000d\u000aslower sales rates since the pandemic. \u000d\u000aEven achieving a sales rate of 30% \u000d\u000atoday is more difficult as it may be only \u000d\u000a10-20%, with a slower pace, she added. \u000d\u000aLast year, there were four newly \u000d\u000alaunched condo projects in the luxury \u000d\u000aand above segments. Given the limited \u000d\u000asupply, the selling opportunities \u000d\u000afavoured units launched earlier.\u000d\u000a\u201cThe condo inventory has been \u000d\u000aconsistently absorbed because \u000d\u000adevelopers aim to sell it off to generate \u000d\u000acash before introducing new projects,\u201d \u000d\u000ashe said. \u201cSeveral have offered big \u000d\u000adiscounts on inventory completed for \u000d\u000a1-2 years to avoid interest costs from \u000d\u000acarrying unsold units.\u201d\u000d\u000aMeanwhile, under-construction \u000d\u000aprojects compete in promotions. \u000d\u000aThey might not provide as substantial \u000d\u000adiscounts as completed units because \u000d\u000athey are still in the construction stage \u000d\u000aand have ample time for sales.\u000d\u000aIn the first half of 2023, a total of \u000d\u000a723 condos in the luxury and above \u000d\u000asegments were sold in downtown \u000d\u000aBangkok, and this year\u2019s total is not \u000d\u000aexpected to exceed 1,500 units.\u000d\u000a\u201cAt its peak, this segment had seen \u000d\u000aover 7,000 units sold per year, but we \u000d\u000awill not reach that amount in the next \u000d\u000afew years,\u201d she added.\u000d\u000aAt present, the purchasers of \u000d\u000ainventory are predominantly local \u000d\u000abuyers. Despite the return of foreign \u000d\u000atourists, overseas buyers, especially \u000d\u000amajor ones like the Chinese, have not \u000d\u000areturned to the same extent as before.\u000d\u000aMYANMAR EMERGING\u000d\u000aMs Artitaya said that buyers from \u000d\u000aMyanmar constituted the most active \u000d\u000amarket. They were engaged across \u000d\u000anearly every segment, from the lower\u0002end to the higher luxury segments. \u000d\u000aHowever, the most robust market \u000d\u000aactivity was observed in the luxury and \u000d\u000aabove segments.\u000d\u000a\u201cThe number of buyers from \u000d\u000aMyanmar is catching up to that of the \u000d\u000aChinese. It\u2019s similar to the Chinese \u000d\u000amarket seven years ago,\u201d she said. \u000d\u000a\u201cAlthough its population is smaller than \u000d\u000aChina\u2019s, it is emerging.\u201d\u000d\u000aLike other foreign buyers, buyers \u000d\u000afrom Myanmar prefer locations in the \u000d\u000acentral business district that they are \u000d\u000aalready familiar with before considering \u000d\u000aother areas. For the luxury segment, \u000d\u000athey tend to favour the central Lumpini \u000d\u000aarea, even if it is a leasehold property.\u000d\u000a\u201cIf given the option and with similar \u000d\u000aproducts available, buyers will opt \u000d\u000afor freehold properties,\u201d she said. \u000d\u000a\u201cHowever, leasehold properties have \u000d\u000aevolved significantly, offering features \u000d\u000alike hotel services that freehold \u000d\u000aproperties lack.\u201d\u000d\u000aShe said luxury condo buyers, who \u000d\u000ausually seek a particular lifestyle, \u000d\u000aperceive that they can offset each \u000d\u000aother, leading them to choose leasehold \u000d\u000aSTRONG DEMAND \u000d\u000aFOR BANGKOK\u2019S \u000d\u000aPRIME CONDOS\u000d\u000aDemand for super-prime \u000d\u000aand prime condos in Bangkok \u000d\u000aremained strong in the first half \u000d\u000aof 2023, with an average sales rate \u000d\u000aof 80%, driven by both Thai and \u000d\u000aforeign buyers, as reported by \u000d\u000aproperty consultant Knight Frank \u000d\u000aThailand.\u000d\u000aCondos in this segment were \u000d\u000acontinually increasing in value. \u000d\u000aAs such, buyers still preferred to \u000d\u000abuy these condos for resale in the \u000d\u000afuture as they believed their value \u000d\u000awould keep increasing. \u000d\u000aEven though it was a second\u0002hand condo, the potential of land \u000d\u000ain prime areas caused constant \u000d\u000ahigh demand.\u000d\u000aAccording to the Real Estate \u000d\u000aInformation Center, second-hand \u000d\u000acondos priced 10 million baht and \u000d\u000aabove per unit had the third largest \u000d\u000agrowth in terms of unit transfers \u000d\u000ain the first nine months of 2023, \u000d\u000awith a growth of 21.7% to 644 units.\u000d\u000aKnight Frank reported the total \u000d\u000asupply of super prime condos in \u000d\u000amid-2023 was 5,194 units, with \u000d\u000aonly 180 new units from one \u000d\u000aproject added to the market. \u000d\u000aAs of mid-2023, the total supply \u000d\u000aof prime condos stood at 5,271, \u000d\u000awith no new units added to the \u000d\u000amarket. \u000d\u000aThe majority of them were \u000d\u000alocated in the Sukhumvit area, \u000d\u000aaccounting for 39%, followed by \u000d\u000athe Sathon and Silom area at 30%, \u000d\u000athe Lumpini area at 24%, and the \u000d\u000aChao Phraya River area, which \u000d\u000aaccounted for only 7%.\u000d\u000aMeanwhile, condos near \u000d\u000ainternational schools in the central \u000d\u000abusiness district (CBD) area \u000d\u000awere playing a crucial part and \u000d\u000abecoming more popular among \u000d\u000aforeigners, especially the Chinese.\u000d\u000aThe total number of super \u000d\u000aprime condos sold amounted to \u000d\u000a4,309 units out of a total supply \u000d\u000aof 5,194 units. The sales rate was \u000d\u000aat 83%, a decline of 0.3% from the \u000d\u000asame period of last year.\u000d\u000aThe total number of prime \u000d\u000acondos sold amounted to 4,216 \u000d\u000aunits out of a total supply of 5,271 \u000d\u000aunits. The sales rate was at 80%, a \u000d\u000arise of 2.3% from the same period \u000d\u000aof 2022. \u000d\u000aThe main buyers were Thais \u000d\u000awhile Chinese were returning \u000d\u000ato buy partially, reflected by the \u000d\u000anumber of ownership transfers \u000d\u000asince the beginning of the year. \u000d\u000aAn additional key buying decision \u000d\u000afactor was proximity location to \u000d\u000ainternational schools. \u000d\u000aThe average selling price of \u000d\u000asuper prime condos as of June \u000d\u000a2023 was 378,600 baht per square \u000d\u000ametre, which increased by 0.87% \u000d\u000afrom the end of 2022 with the \u000d\u000aaverage selling price of 374,745 \u000d\u000abaht per sq m. \u000d\u000aMeanwhile, the average \u000d\u000aselling price of prime condos was \u000d\u000a273,000 baht per square metre, \u000d\u000arising by 0.96%. As the market\u2019s \u000d\u000aabsorption rate was quite high, \u000d\u000aunits remaining for sale were \u000d\u000aonly 20%, leaving the market with \u000d\u000alimited options.\u000d\u000aDue to the global un\u0002certainty, volatile eco\u0002nomy and the slower \u000d\u000acomeback of the foreign \u000d\u000abuyer market, the luxury \u000d\u000acondo market remains sluggish, with \u000d\u000ano new supply being launched and \u000d\u000aa primary focus on selling existing \u000d\u000ainventory.\u000d\u000aArtitaya Kasemlawan, head of \u000d\u000aresidential sales-project at property \u000d\u000aconsultant CBRE Thailand, said no new \u000d\u000asupply of condo units priced at 250,000 \u000d\u000abaht per square metre and above was \u000d\u000alaunched in Bangkok in the first 10 \u000d\u000amonths of 2023.\u000d\u000a\u201cThe condo market has been quiet \u000d\u000asince the pandemic as many buyers\u2014\u000d\u000awho are a mix of end-user and \u000d\u000ainvestment buyers, including long-term \u000d\u000ainvestors buying for rental purposes \u000d\u000aand short-term speculators\u2014have \u000d\u000arestrained their buying and investing \u000d\u000aactivities,\u201d she said.\u000d\u000acontinue to exist but in smaller \u000d\u000anumbers due to economic slowdowns \u000d\u000aand reduced customer numbers during \u000d\u000aand after COVID.\u000d\u000aBasic needs of both local and foreign \u000d\u000abuyers are good location, products that \u000d\u000ameet the requirements like quality, \u000d\u000afinishing and add-on features like \u000d\u000aservices and concierge.\u000d\u000aIn CBRE\u2019s classification, a condo in \u000d\u000athe luxury segment ranges from 250,000 \u000d\u000ato 350,000 baht per sq m or 12 million \u000d\u000abaht per unit. For the super-luxury \u000d\u000asegment, prices exceed 350,000 baht per \u000d\u000asq m or over 20 million baht per unit.\u000d\u000a\u201cCondo prices in the luxury and \u000d\u000aabove segments have not seen a \u000d\u000asignificant increase due to the limited \u000d\u000alaunch of new projects,\u201d she said.\u000d\u000a\u201cThe market remains relatively calm \u000d\u000aand is anticipated to continue this way \u000d\u000afor a while. However, prices have not \u000d\u000adeclined either, attributed to stable land \u000d\u000aprices and construction costs.\u201d\u000d\u000aproperties, which are typically in \u000d\u000aprime locations and priced lower than \u000d\u000afreehold ones in the same location.\u000d\u000aAs all buyers from Myanmar \u000d\u000apurchase luxury condos for their \u000d\u000apersonal use, they prefer larger-sized \u000d\u000aunits, ranging between 80-120 square \u000d\u000ametre, specifically with two bedrooms \u000d\u000aand more, whether they are off-plan \u000d\u000aand ready-to-move-in units. The unit \u000d\u000aprices range from 20 to 100 million baht.\u000d\u000aThere are two main reasons for buyers \u000d\u000afrom Myanmar to purchase luxury \u000d\u000acondos. One is to have a second home \u000d\u000athat meets their needs for conducting \u000d\u000abusiness in Thailand, their lifestyle and \u000d\u000aaccessing medical services.\u000d\u000aThe second reason is to facilitate their \u000d\u000achildren\u2019s education in international \u000d\u000aschools in Bangkok, where there are \u000d\u000anumerous and diverse curriculum \u000d\u000aoptions available to choose from.\u000d\u000aOther nationalities of buyers, such \u000d\u000aas Americans, British, and Chinese, \u000d\u000aThe Estelle Phrom Phong\u000d\u000aMONDAY, NOVEMBER 27, 2023 ","LUXURY BRANDED RESIDENCES\u000d\u000a Projects Residences*\u000d\u000aOperational 186 15,774\u000d\u000aPipeline 2023 32 3,166\u000d\u000aPipeline 2024 23 2,053\u000d\u000aPipeline 2025 26 2,586\u000d\u000aPipeline 2026 22 1,922\u000d\u000aPipeline other 35 414\u000d\u000aTotal 324 25,915\u000d\u000aSource: Knight Frank\u000d\u000aNote: *Knight Frank has numbers of residences for 276 of the 324 projects in its analysis.\u000d\u000aTOP 10\u000d\u000aMARKETS FOR\u000d\u000aLUXURY BRANDED\u000d\u000aRESIDENCES\u000d\u000aNumber of Schemes by Country\u000d\u000aUS 106\u000d\u000aMexico 19\u000d\u000aUAE 15\u000d\u000aThailand 13\u000d\u000aUK 11\u000d\u000aChina 10\u000d\u000aVietnam 7\u000d\u000aCanada 7\u000d\u000aIndonesia 7\u000d\u000aTurkey 6\u000d\u000aSource: Knight Frank\u000d\u000aThailand\u2019s luxury branded residence \u000d\u000amarket is flourishing, attracting affluent \u000d\u000abuyers and experiencing significant \u000d\u000agrowth, with a strong focus on global \u000d\u000aultra-high-net-worth individuals (UHNWIs).\u000d\u000aThe luxury branded residence \u000d\u000amarket is experiencing \u000d\u000arobust growth, driven by \u000d\u000aaffluent buyers, particularly \u000d\u000ain the post-pandemic era. \u000d\u000aThailand now ranks as the world\u2019s \u000d\u000afourth-largest market for such \u000d\u000aproperties.\u000d\u000aAccording to Knight Frank\u2019s \u000d\u000aGlobal Branded Residences report, \u000d\u000athe luxury branded residence market \u000d\u000aencompasses 324 schemes. The report \u000d\u000aprovides information on the number \u000d\u000aof residences in 276 of these schemes, \u000d\u000atotalling just under 26,000 residences, \u000d\u000awith an average of 94 units per project.\u000d\u000aAmong the tracked schemes, 186 are \u000d\u000acurrently operational, with 138 in the \u000d\u000apipeline. Knight Frank has estimated \u000d\u000adelivery dates for 103 of the pipeline \u000d\u000aschemes between 2023 and 2026, \u000d\u000aindicating an annual growth rate of 12%.\u000d\u000aNorth America leads with nearly \u000d\u000a40% of all projects, followed by Asia \u000d\u000aPacific (20%) and Europe (13%). Out \u000d\u000aof the 202 schemes worldwide, the \u000d\u000amajority are concentrated in the US \u000d\u000awith 106 schemes, while Mexico, the \u000d\u000aUAE, Thailand, the UK, and China all \u000d\u000ahave double-digit numbers of schemes.\u000d\u000aSavills reported last month that there \u000d\u000awere 690 completed schemes, including \u000d\u000aboth luxury and non-luxury options, \u000d\u000aglobally as of mid-2023, with over 600 \u000d\u000aschemes in the pipeline expected to be \u000d\u000adelivered by 2030. This future growth \u000d\u000aaligns with historical trends, as branded \u000d\u000aresidence schemes have increased by \u000d\u000aover 160% in the past decade.\u000d\u000aWhen considering all existing \u000d\u000aschemes, North America currently \u000d\u000aaccounts for just over one-third of the \u000d\u000atotal supply. Over the past 30 years, the \u000d\u000asector has expanded into all regions, \u000d\u000awith Asia Pacific and the Middle East \u000d\u000aemerging as hotspots, accounting for \u000d\u000aan additional 40% of the total supply.\u000d\u000aThe highest growth over the pipeline \u000d\u000aperiod is expected in the Middle East \u000d\u000a(+120%) and in Central and Latin \u000d\u000aAmerica (+89%), with all global regions \u000d\u000aforecasted to experience high levels of \u000d\u000agrowth by 2030.\u000d\u000aBranded residences have evolved \u000d\u000afrom being solely luxury hotel-driven \u000d\u000ato offering products across various \u000d\u000aTHAILAND\u2019S LUXURY BRANDED RESIDENCES \u000d\u000aMARKET ON THE RISE\u000d\u000ahotel chain scales, as well as branded \u000d\u000aresidential schemes from non-hotel \u000d\u000abrands. These non-hotel brands \u000d\u000aencompass a wide range of industries, \u000d\u000aincluding fashion, design, automotive, \u000d\u000aand food and beverage, each offering \u000d\u000adistinct lifestyles to their global buyer \u000d\u000abase.\u000d\u000aFor both hotel and non-hotel brands, \u000d\u000athere are compelling value propositions \u000d\u000afor offering branded residential \u000d\u000aschemes. Hotels provide their culture \u000d\u000aof service, quality of food and beverage, \u000d\u000ahousekeeping, and concierge services. \u000d\u000aHoteliers already possess the expertise \u000d\u000ato develop and operate properties, \u000d\u000amaking branded residences private \u000d\u000ahomes infused with the DNA of \u000d\u000ainternationally recognised hospitality \u000d\u000abrands, where services and amenities \u000d\u000aare reimagined for that setting.\u000d\u000aNon-hotel brands have the \u000d\u000aopportunity to offer specific designs \u000d\u000aor concepts that brand followers are \u000d\u000afamiliar with, along with fully designed \u000d\u000aand integrated spaces in line with the \u000d\u000abrand ethos, according to Savills.\u000d\u000aIn Thailand, luxury branded \u000d\u000aresidences include Aman, Banyan Tree, \u000d\u000aDusit, Four Seasons, InterContinental, \u000d\u000aMandarin Oriental, Six Senses, St. Regis, \u000d\u000aand The Ritz-Carlton, as well as non\u0002hotel brand YOO Inspired by Starck. \u000d\u000aThese properties are primarily located \u000d\u000ain Bangkok\u2019s prime areas, including \u000d\u000aRatchadamri, Chit Lom, Lumpini Park, \u000d\u000aand along the Chao Phraya River, with \u000d\u000amany also found in Phuket and some \u000d\u000ain Khao Yai and Hua Hin.\u000d\u000aNext year, Phuket will welcome two \u000d\u000anewcomers: Rosewood Residences \u000d\u000aKamala on Kamala Beach, developed \u000d\u000aby SET-listed developer Raimon Land, \u000d\u000aand The Standard Residences, Phuket \u000d\u000aLaguna on Bang Tao Beach, owned by \u000d\u000aCentral Group. Standard International, \u000d\u000aa hospitality subsidiary of SET-listed \u000d\u000adeveloper Sansiri, also plans to launch \u000d\u000aThe Standard Residences Hua Hin \u000d\u000anext year, following the opening of \u000d\u000aThe Standard Hua Hin hotel two years \u000d\u000aago. Boripat Louicharoen, Standard \u000d\u000aInternational\u2019s Managing Director for \u000d\u000aAsia Pacific and the Middle East, stated \u000d\u000athat The Standard Residences Hua Hin \u000d\u000awill be the third, following the first in \u000d\u000aMiami launched last year and the \u000d\u000asecond in Lisbon this year. The target \u000d\u000abuyers will primarily be foreigners, \u000d\u000awith a particular focus on Chinese and \u000d\u000aRussians who have shown a preference \u000d\u000afor purchasing properties in Phuket.\u000d\u000aTHE RISE OF THE RICH \u000d\u000aAccording to Knight Frank, the \u000d\u000apandemic has boosted residential \u000d\u000aproperty demand among ultra-high\u0002net-worth individuals (UHNWIs), those \u000d\u000awith a net worth of US$30 million or \u000d\u000amore, with approximately 17% of global \u000d\u000aUHNWIs purchasing homes in 2022. \u000d\u000aThis percentage exceeded the long\u0002term trend and reflected the post\u0002COVID surge in residential markets, \u000d\u000asupporting housing investment \u000d\u000athroughout 2021 and 2022, resulting \u000d\u000ain strong price growth in many prime \u000d\u000ainternational markets, as stated by Liam \u000d\u000aBailey, Knight Frank\u2019s Global Head of \u000d\u000aResearch.\u000d\u000aDespite higher interest rates, there \u000d\u000aremains healthy underlying demand, \u000d\u000awith 15% of UHNWIs considering a \u000d\u000apurchase in 2023. Future demand for \u000d\u000abranded residences is expected to be \u000d\u000adriven by rising affluence, increased \u000d\u000amobility, and the desire of wealthy \u000d\u000aGENERALLY, PEOPLE \u000d\u000aEXHIBIT STRONG \u000d\u000aBRAND LOYALTY, AND \u000d\u000aONCE THEY ESTABLISH \u000d\u000aA CONNECTION WITH \u000d\u000aA BRAND, IT TENDS \u000d\u000aTO ENDURE.\u000d\u000aUNDERSTANDING \u000d\u000aBRANDED \u000d\u000aRESIDENCES\u000d\u000aA branded residence, as defined\u000d\u000aby Knight Frank, is typically a \u000d\u000aresidential property associated with \u000d\u000aa well-established brand, often a \u000d\u000ahotel operator. These properties \u000d\u000aincorporate the brand\u2019s identity, \u000d\u000aservices, and amenities.\u000d\u000aBranded residences frequently \u000d\u000acommand premium prices \u000d\u000acompared to their non-branded \u000d\u000acounterparts, justified by additional \u000d\u000afeatures such as enhanced security, \u000d\u000afacilities, services, and quality \u000d\u000aassurance provided by the brand. \u000d\u000aMoreover, they offer the convenience \u000d\u000aof inclusion in rental pools and the \u000d\u000aappeal of a well-managed property \u000d\u000awith a lock-and-leave lifestyle.\u000d\u000aSavills, the property consultant, \u000d\u000atraces the concept of branded \u000d\u000aresidences back to the 1920s, but \u000d\u000ait didn\u2019t emerge as a significant \u000d\u000asubset of the residential market \u000d\u000auntil the 1980s. While originally \u000d\u000aconcentrated in North America, \u000d\u000abranded residential projects are now \u000d\u000aprevalent worldwide.\u000d\u000aIn the Asia Pacific region, branded \u000d\u000aresidences serve dual roles in prime \u000d\u000aproperty markets. They provide high\u0002quality, exclusive primary homes in \u000d\u000aemerging cities while also serving as \u000d\u000asecond homes and prestigious assets \u000d\u000afor regional and international high\u0002net-worth individuals (HNWIs) in \u000d\u000aresort-oriented locations.\u000d\u000aThe expansion of brands into \u000d\u000aAsia Pacific gained momentum in \u000d\u000athe 1990s, following the inception \u000d\u000aof branded residences in North \u000d\u000aAmerica during the 1980s. Over the \u000d\u000apast decade, the region has witnessed \u000d\u000aa remarkable 216% increase in the \u000d\u000asupply of branded residences.\u000d\u000aIn many Asia Pacific markets, \u000d\u000aespecially emerging cities, newly \u000d\u000aaffluent residents often choose \u000d\u000abranded residences as their \u000d\u000aprimary homes, citing concerns \u000d\u000athat non-branded options may lack \u000d\u000acomparable amenities. Interestingly, \u000d\u000awhile luxury hotel brands constitute \u000d\u000aonly 44% of the total supply in \u000d\u000aAsia Pacific, brands representing \u000d\u000aa spectrum of hotel chain scales \u000d\u000aaccount for over 80% of the total \u000d\u000asupply.\u000d\u000aUpper-upscale and upscale \u000d\u000achains, constituting 32% of the \u000d\u000aoperational schemes, frequently \u000d\u000aaddress the demand for luxury \u000d\u000aprimary residences. Notably, in \u000d\u000amarkets like Vietnam, Thailand, and \u000d\u000athe Philippines, upper-upscale and \u000d\u000aupscale developments account for \u000d\u000amore than half of the operational \u000d\u000aschemes, indicating the potential for \u000d\u000athe expansion of non-luxury options \u000d\u000aglobally.\u000d\u000aBranding, with its associated \u000d\u000aemphasis on quality and service, \u000d\u000aoften commands premium pricing \u000d\u000awhen applied to residential products \u000d\u000aacross various markets. In the Asia \u000d\u000aPacific region, the average price \u000d\u000apremium for branded residences \u000d\u000ais 21% on an unweighted basis, \u000d\u000aslightly lower than the global \u000d\u000aaverage. However, the diversity \u000d\u000aof chain scale positioning in Asia \u000d\u000aPacific results in less pronounced \u000d\u000apremiums compared to exclusive \u000d\u000aluxury schemes.\u000d\u000aDespite this, price premiums \u000d\u000aacross the region can vary significantly \u000d\u000abased on the scheme type and \u000d\u000alocation. Established locations \u000d\u000atend to have lower premiums due \u000d\u000ato greater competition from similar \u000d\u000anon-branded properties.\u000d\u000aA notable trend across the Asia \u000d\u000aPacific region is the increasing \u000d\u000apreference for branded residences \u000d\u000aamong buyers seeking primary \u000d\u000aresidences. These properties offer \u000d\u000aenhanced security, high-quality \u000d\u000aliving spaces, and a sense of elevated \u000d\u000astatus compared to non-branded \u000d\u000aalternatives. Resort markets in the \u000d\u000aregion also attract both international \u000d\u000aand local buyers, leading to varying \u000d\u000aprice premiums across schemes and \u000d\u000alocations.\u000d\u000ainvestors to expand their residential \u000d\u000aproperty portfolios.\u000d\u000aThe global population of UHNWIs \u000d\u000adeclined by 3.8% to 579,625 in 2022 \u000d\u000aafter a record-breaking 9.3% growth in \u000d\u000a2021, primarily due to sharply higher \u000d\u000ainterest rates and more challenging \u000d\u000ageopolitical conditions. This resulted \u000d\u000ain a 10% decline in the total wealth held \u000d\u000aby UHNWIs in 2022.\u000d\u000aHowever, Knight Frank\u2019s Wealth \u000d\u000aPopulations report for 2023 confirms \u000d\u000athat the world population of UHNWIs \u000d\u000ais projected to increase by 28.5% \u000d\u000abetween 2022 and 2027. Although \u000d\u000athis marks a slowdown from the 44% \u000d\u000agrowth recorded in the previous five\u0002year period from 2017 to 2022, by 2027, \u000d\u000athere will be an additional 165,200 very \u000d\u000awealthy individuals for developers to \u000d\u000acourt globally.\u000d\u000aIn Thailand, UHNWIs, which \u000d\u000adropped by 5.9% to 888 in 2022 from 944 \u000d\u000ain 2021, are projected to grow by 13.4% \u000d\u000ato 1,007 in 2027, according to property \u000d\u000aconsultant Savills. The growth of the \u000d\u000abranded residential sector appears set \u000d\u000ato continue, with brands seeking new \u000d\u000alocations to expand their market share.\u000d\u000aInternationally mobile high-net\u0002worth individuals (HNWIs), who can \u000d\u000alive and work from any location, will \u000d\u000acontinue to drive demand for branded \u000d\u000aresidences. These buyers are often \u000d\u000aless reliant on debt to finance their \u000d\u000apurchases and will be less affected by \u000d\u000arising interest rates or other economic \u000d\u000achallenges.\u000d\u000aDomestic demand for luxury \u000d\u000abranded residences is expected to grow \u000d\u000afaster in emerging markets, where the \u000d\u000aquality of existing stock may not meet \u000d\u000athe expectations of newly wealthy \u000d\u000aindividuals for high-quality fit-outs \u000d\u000aand services. In these markets, there \u000d\u000awill be opportunities for urban upscale \u000d\u000aand luxury products targeting brand\u0002loyal, well-travelled buyers.\u000d\u000aAccording to Oxford Economics, \u000d\u000aAsia Pacific is projected to exhibit the \u000d\u000ahighest growth in terms of high-income \u000d\u000ahouseholds over the next five years. \u000d\u000aSavills anticipates that new high-net\u0002worth buyers will be seeking primary \u000d\u000aresidences and second homes in \u000d\u000abranded schemes.\u000d\u000aAs the branded residences sector \u000d\u000acontinues to expand, especially in Asian \u000d\u000amarkets, the offering of brands across \u000d\u000adifferent chain scales and from both \u000d\u000ahotel and non-hotel brands is likely \u000d\u000ato continue diversifying, providing \u000d\u000aan increasing variety of options for \u000d\u000adiscerning buyers.\u000d\u000aVARIETY OF BUYERS \u000d\u000aSavills notes that the buyers of \u000d\u000abranded residences are as diverse as \u000d\u000athe brands themselves. However, there \u000d\u000aare several general characteristics \u000d\u000ashared by a significant portion of those \u000d\u000awho purchase branded residences.\u000d\u000aBuyers are typically global high-net\u0002worth individuals (HNWIs) seeking \u000d\u000alock-up-and-leave properties to add \u000d\u000ato their existing portfolios. Branded \u000d\u000aresidences serve as trophy assets for \u000d\u000athese global buyers who embrace the \u000d\u000alifestyle and associations with the \u000d\u000abrand (or brands) of their choice.\u000d\u000aThe brand associations that \u000d\u000aindividuals form can be potent drivers \u000d\u000afor choosing to invest in a branded \u000d\u000aresidence. Generally, people exhibit \u000d\u000astrong brand loyalty, and once they \u000d\u000aestablish a connection with a brand, \u000d\u000ait tends to endure. This deep trust \u000d\u000aand confidence in familiar brands \u000d\u000acan attract more buyers and foster \u000d\u000ameaningful, enduring relationships, \u000d\u000aparticularly among Millennials and \u000d\u000aGeneration Z, who demonstrate even \u000d\u000agreater brand loyalty compared to \u000d\u000aprevious generations. This loyalty \u000d\u000apresents a promising prospect for \u000d\u000abrands to cultivate a dedicated buyer \u000d\u000abase in the years ahead.\u000d\u000aSavills highlights the diversity \u000d\u000aamong buyers of branded residences, \u000d\u000areflecting the wide range of brands \u000d\u000awithin this sector. Nonetheless, \u000d\u000aseveral common characteristics can \u000d\u000abe attributed to a significant portion \u000d\u000aof these buyers.\u000d\u000aTypically, purchasers are global \u000d\u000ahigh-net-worth individuals (HNWIs) \u000d\u000aseeking lock-and-leave properties to \u000d\u000acomplement their existing real estate \u000d\u000aportfolios. Branded residences serve \u000d\u000aas prized assets for these global buyers, \u000d\u000aallowing them to embrace the lifestyle \u000d\u000aand associations associated with the \u000d\u000abrand (or brands) of their choice.\u000d\u000aThe brand affiliations individuals \u000d\u000aforge can be incredibly influential in \u000d\u000atheir decision to invest in a branded \u000d\u000aresidence. In general, people display \u000d\u000astrong brand loyalty, and once they \u000d\u000aestablish a connection or association \u000d\u000awith a brand, it tends to endure. \u000d\u000aIndividuals place significant trust \u000d\u000aand confidence in brands they already \u000d\u000ahave a relationship with, which, in \u000d\u000aturn, can help brands attract more \u000d\u000abuyers and cultivate deeper, more \u000d\u000ameaningful relationships. Notably, \u000d\u000aMillennials and Generation Z, the \u000d\u000aprospective buyer base for branded \u000d\u000aresidences, exhibit increasing and \u000d\u000adisproportionately high brand loyalty \u000d\u000acompared to previous generations. For \u000d\u000abrands, this loyalty has the potential to \u000d\u000atranslate into a dedicated buyer base in \u000d\u000athe years ahead.\u000d\u000aDusit Central Park\u000d\u000aThe Residences at Mandarin Oriental, Bangkok\u000d\u000aMONDAY, NOVEMBER 27, 2023 ","This special publication is edited by Soonruth Bunyamanee for Bangkok Post Public Company Limited. Writer Kanana Katharangsiporn | Copy Editor Simon Kind | Designer Cheerawath Khruasukhon | Photographs Supplied & POST archives\u000d\u000aGraphics Cheerawath Khruasukhon | Deputy Managing Editor Ratch Lunchaprasit | Advertising Sales FVP Nanthana Singkamala, Tel 0 2616 4440, Email nanthanas@bangkokpost.co.th \u000d\u000aTOP 20\u000d\u000aWORLD SECOND HOME\u000d\u000aDESTINATIONS ORDERED\u000d\u000aBY PRIME RESIDENTIAL\u000d\u000aINDEX RANK\u000d\u000aSource: Savills Research\u000d\u000a1 Co\u0302te d\u2019Azur\u000d\u000a2 Monaco\u000d\u000a3 Aspen\u000d\u000a4 Tuscany\u000d\u000a5 Mallorca\u000d\u000a6 St. Moritz\u000d\u000a7 Cotswolds\u000d\u000a8 Costa Brava\u000d\u000a9 Palm Beach\u000d\u000a10 Costa Smeralda\u000d\u000a11 Verbier\u000d\u000a12 Capri\u000d\u000a13 Phuket\u000d\u000a14 Malibu\u000d\u000a15 Palm Jumeirah\u000d\u000a16 Val d\u2019Ise\u0300re\u000d\u000a17 Marbella\u000d\u000a18 Lake Como\u000d\u000a19 Mykonos\u000d\u000a20 Ibiza\u000d\u000aThe enduring appeal of luxury vacation homes in sought-after destinations has remained \u000d\u000arobust since the COVID-19 era, with Phuket catering to foreign demand and Khao Yai \u000d\u000awitnessing a surge driven by affluent Thais.\u000d\u000aHIDEAWAY FROM\u000d\u000aTHE PANDEMIC\u000d\u000aSince the outbreak of COVID-19, the \u000d\u000atrend of purchasing second homes has \u000d\u000agained immense popularity worldwide, \u000d\u000anot solely limited to Thailand, as the \u000d\u000ainitial pandemic wave and subsequent \u000d\u000alockdowns prompted a shift in lifestyle.\u000d\u000aMany people were compelled to work \u000d\u000afrom home, leading to the development \u000d\u000aof a hybrid working model or visiting \u000d\u000athe office just a few days a week, or, for \u000d\u000asome, early retirement. \u000d\u000aThis adjustment significantly \u000d\u000aincreased the demand for second \u000d\u000ahomes in various global locations, \u000d\u000aparticularly in the luxury segment, \u000d\u000areflecting robust sales figures and a \u000d\u000agrowth in prices.\u000d\u000aAccording to property consultant \u000d\u000aKnight Frank\u2019s Prime International \u000d\u000aResidential Index (PIRI 100), average \u000d\u000aluxury house price growth slowed to \u000d\u000a5.2% last year.\u000d\u000aHowever, with 17% of global ultra\u0002high-net-worth individuals (UHNWIs), \u000d\u000aor those with a net worth of US$30 \u000d\u000amillion or more, buying a home in 2022, \u000d\u000athis still marked the second strongest \u000d\u000ayear on record.\u000d\u000aResorts outperformed, with coastal \u000d\u000aand rural locations in sunnier climes \u000d\u000aseeing average price growth of 8.4%, \u000d\u000amarginally ahead of ski resorts, which \u000d\u000awere up 8.3% on average, eclipsing their \u000d\u000a2021 record.\u000d\u000aIn Thailand, Phuket ranked 38th in \u000d\u000aPIRI 100, with a growth of 6.3%, ahead \u000d\u000aof Bangkok, which ranked 44th, with a \u000d\u000agrowth of 5.8%. Both were in the top \u000d\u000afive in Asia Pacific, following just Tokyo \u000d\u000aand Mumbai.\u000d\u000aPHUKET AND KHAO YAI: LUXURY PROPERTY MARKETS THRIVE\u000d\u000aPHUKET \u000d\u000aUNPARALLELED\u000d\u000aProperty consultant Savills analysed \u000d\u000a60 global locations for its prime \u000d\u000aresidential index\u2014world second home \u000d\u000alocations 2023\u2014based on five elements.\u000d\u000aThese elements include high-end \u000d\u000aretail and restaurant offerings, the four\u0002and five-star hotels in each market, the \u000d\u000aquality-of-life score for each location, \u000d\u000aprices for prime residential properties, \u000d\u000aand each location\u2019s global reach and \u000d\u000aconnectivity through flight connections, \u000d\u000aGoogle Trends data and buyer source \u000d\u000amarkets.\u000d\u000aTop spot went to Co\u0302te d\u2019Azur due to \u000d\u000aits strong offerings across all categories, \u000d\u000afollowed by its next door along the \u000d\u000acoast\u2014Monaco.\u000d\u000aPhuket ranked 13th and was the top \u000d\u000alocation in Asia-Pacific, surpassing even \u000d\u000athose outside the US and Europe. It \u000d\u000aachieved its highest score in the leisure \u000d\u000aand lifestyle offering category, followed \u000d\u000aby global reach and hospitality.\u000d\u000aAccording to Savills, this tropical \u000d\u000aisland in the Andaman Sea is the first \u000d\u000aAsia Pacific location that appeared on \u000d\u000aits index. Phuket\u2019s white-sand beaches \u000d\u000athat blend into turquoise-blue seas are \u000d\u000aknown around the world. \u000d\u000aThis Thai island is also another \u000d\u000a\u2018foodie\u2019s\u2019 paradise\u2014visitors can explore \u000d\u000alocal street food markets or dine at one \u000d\u000aof the 50 restaurants highlighted in the \u000d\u000aMichelin Guide.\u000d\u000aIts reputation for picturesque \u000d\u000ascenery, world-renowned food and \u000d\u000arelaxed lifestyle help to give the island \u000d\u000aa high global reach score on the index. \u000d\u000aThis international appeal is reflected \u000d\u000ain its real estate market, with prime \u000d\u000aresidential property averaging US$500 \u000d\u000aper square foot (\u20ac5,300 per square \u000d\u000ametre). \u000d\u000aPhuket also has more branded \u000d\u000aresidences than any other location \u000d\u000aon the index\u2014providing high quality \u000d\u000asecond homes and trophy assets for \u000d\u000aregional and international high-net \u000d\u000aworth individuals.\u000d\u000aVichai Viratkapan, acting director\u0002general of the Real Estate Information \u000d\u000aCenter (REIC), said the surging demand \u000d\u000afor luxury villas in Phuket, primarily \u000d\u000adriven by foreign buyers, resulted in \u000d\u000athe introduction of new villa supply, \u000d\u000areaching a record high in 2023.\u000d\u000a\u201cThe luxury villa market in Phuket \u000d\u000ahas remained consistently vibrant over \u000d\u000athe past year, bouncing back from a \u000d\u000asluggish period during the COVID-19 \u000d\u000apandemic,\u201d he said.\u000d\u000a\u201cThe significant increase in demand \u000d\u000aduring the second half of last year has \u000d\u000atranslated into a substantial rise in new \u000d\u000asupply launched in the market during \u000d\u000athe first half of 2023.\u201d\u000d\u000aAccording to REIC, the number of \u000d\u000aluxury villas launched in Phuket during \u000d\u000athe first six months of 2023 surged \u000d\u000atwelvefold, totalling 541 units with a \u000d\u000acombined value of 29.65 billion baht. \u000d\u000aThis marked a substantial increase \u000d\u000acompared to the 45 units valued at \u000d\u000a886 million baht launched in the same \u000d\u000aperiod last year.\u000d\u000aBefore the pandemic, the initial \u000d\u000apeak took place in the first half of 2019, \u000d\u000awitnessing the launch of 194 villas \u000d\u000avalued at 3.68 billion baht. \u000d\u000aHowever, this figure significantly \u000d\u000adeclined to 29 units worth 535 million \u000d\u000abaht in the second half of 2019, with \u000d\u000ano new launches until the latter part \u000d\u000aof 2021.\u000d\u000aSales of luxury villas had never \u000d\u000asurpassed 100 units until the second \u000d\u000ahalf of 2022 when 129 units, valued at \u000d\u000a4.16 billion baht, were sold. This upward \u000d\u000atrend persisted, with 213 units, worth \u000d\u000a8.9 billion baht, sold in the first half of \u000d\u000athis year.\u000d\u000aAs of the end of the first half of \u000d\u000a2023, Phuket had a total of 979 luxury \u000d\u000avillas valued at 49 billion baht. This \u000d\u000acomprised 907 single detached houses, \u000d\u000a29 duplex houses, eight townhouses, \u000d\u000aand 35 land plots.\u000d\u000a\u201cThe Phuket property market \u000d\u000acontinues to be primarily fuelled by \u000d\u000ainternational buyers, particularly those \u000d\u000awith a strong preference for pool villas, \u000d\u000aespecially among Russian and Chinese \u000d\u000ainvestors,\u201d said Phattanan Phisutvimol, \u000d\u000apresident of the Phuket Real Estate \u000d\u000aAssociation.\u000d\u000aSetthaphol Boottho, executive \u000d\u000adirector of MontAzure, a joint-venture \u000d\u000amixed-use project between Thailand\u2019s \u000d\u000aThe Narai Group, Hong Kong\u2019s ARCH \u000d\u000aCapital and Philean Capital from \u000d\u000aSingapore\u2019s Pontiac Land Group, said \u000d\u000aPhuket stood out as Thailand\u2019s premier \u000d\u000atourist hub post-COVID, benefiting \u000d\u000afrom a diverse influx of foreign \u000d\u000ainvestment, notably from Russians and \u000d\u000aEuropeans. \u000d\u000aAs of early 2023, beachfront land in \u000d\u000aPhuket was valued at 70 million baht \u000d\u000aper rai, while other areas range from \u000d\u000a30-40 million baht. Prime locations like \u000d\u000aPatong, Kamala, Kata, and Karon are \u000d\u000amostly developed, heavily populated \u000d\u000aby hotels and condos.\u000d\u000aThe luxury property market in Phuket \u000d\u000awas a magnet for global investors \u000d\u000ainterested in second homes, vacation \u000d\u000aproperties, or investment opportunities. \u000d\u000aTourism is on a resurgence path, \u000d\u000aheading to its pre-pandemic vibrancy \u000d\u000aby 2024, thanks to targeted marketing \u000d\u000atowards nations like China, Russia, and \u000d\u000aIndia, among others. A new Free Visa \u000d\u000apolicy targeting Chinese and Indian \u000d\u000atourists will likely bolster this trend. \u000d\u000aFactors like the Russia-Ukrainian \u000d\u000aconflict shifted property trends, with a \u000d\u000anotable number of Russians investing in \u000d\u000aThai properties for safety and the allure \u000d\u000aof the local climate and cost-friendly \u000d\u000aliving.\u000d\u000aThe post-pandemic reopening \u000d\u000ahas seen a surge in foreign property \u000d\u000abuyers. In Phuket, Russian influence \u000d\u000ais undeniable, especially in the luxury \u000d\u000avilla sector, registering the highest sales \u000d\u000ain 2022 in five years. \u000d\u000aAs of early 2023, both Russian \u000d\u000aand American investors have been \u000d\u000aexperiencing a noticeable increase in \u000d\u000atheir purchasing power. \u000d\u000aRemarkably, Russian visits to \u000d\u000aThailand soared tenfold in the first \u000d\u000ahalf of 2023, causing a 338% increase \u000d\u000ain Phuket\u2019s luxury villa sales, with \u000d\u000aRussians accounting for half. \u000d\u000aAlthough the Chinese were once the \u000d\u000aprimary tourists in Phuket, Russians \u000d\u000ahave now taken the lead. The significant \u000d\u000ainvestments of Russian elites in \u000d\u000aThailand\u2019s property market are evident.\u000d\u000aAttasit Intarachooti, CEO of Phuket\u0002based developer Botanica Luxury \u000d\u000aPhuket Co, Ltd, said Cherng Talay and \u000d\u000aLaguna were the most popular areas \u000d\u000afor luxury villas among foreigners, with \u000d\u000a95% of buyers being foreigners.\u000d\u000aKamala Beach emerged as a \u000d\u000asought-after location due to its high\u0002end facilities and amenities including \u000d\u000afive-star hotels, Michelin-starred \u000d\u000arestaurants, cafes and bars, with the \u000d\u000amajority of the luxury residential units \u000d\u000asituated in proximity to the beach.\u000d\u000a\u201cHalf of the luxury villa buyers were \u000d\u000aRussians, especially after the Russia\u0002Ukraine war, as the destination choices \u000d\u000afor affluent Russians became limited,\u201d \u000d\u000ahe said. \u201cThe other half were buyers \u000d\u000afrom European countries.\u201d\u000d\u000aIt planned to tap buyers in Dubai \u000d\u000adue to a growing number of tourists \u000d\u000afrom the Middle East. Meanwhile, \u000d\u000aChinese buyers in the luxury segment \u000d\u000aremained relatively few in number due \u000d\u000ato challenges related to outbound travel \u000d\u000aand transferring money overseas.\u000d\u000aKHAO YAI REVIVED\u000d\u000aThe luxury home market in Khao Yai, \u000d\u000awhich had been quiet for over a decade, \u000d\u000ahas revived in the past two years as \u000d\u000awealthy Thais sought refuge in second \u000d\u000ahomes during the pandemic, and this \u000d\u000amomentum is set to continue.\u000d\u000aKhao Yai is recognised as a \u000d\u000asecond-home destination that has \u000d\u000anot experienced an intense surge in \u000d\u000ademand, as the market is primarily \u000d\u000adriven by Thai buyers seeking both \u000d\u000alow-rise houses and condos as second \u000d\u000ahomes during certain trends.\u000d\u000aThe recent expansion of the Khao \u000d\u000aYai property market occurred in 2012, \u000d\u000afollowing the Great Floods in Thailand \u000d\u000ain 2011. Home and condo sales soared \u000d\u000aas people from Bangkok sought refuge \u000d\u000afrom the floods.\u000d\u000aIn the few years after the Great \u000d\u000aFloods, numerous residential projects, \u000d\u000aespecially condos, were launched.\u000d\u000aSome of the supply stemmed \u000d\u000afrom landlords utilising their land \u000d\u000afollowing the announcement of the \u000d\u000aland and building tax, resulting in an \u000d\u000aoversupply situation for several years. \u000d\u000aConsequently, the Khao Yai property \u000d\u000amarket experienced a slowdown.\u000d\u000aHowever, the COVID-19 pandemic \u000d\u000ain 2020, with its widespread impact \u000d\u000aand subsequent lockdowns, revitalised \u000d\u000athe Khao Yai property market once \u000d\u000aagain. This time, the resurgence was \u000d\u000aparticularly notable in the high-priced \u000d\u000asegment.\u000d\u000a\u201cSales of single detached houses \u000d\u000aor villas priced at 20 million baht and \u000d\u000aabove have been very good since 2021,\u201d \u000d\u000asaid Wongsakorn Prasitvipat, managing \u000d\u000adirector of SET-listed developer \u000d\u000aProperty Perfect. \u201cThose priced lower \u000d\u000athan that are not.\u201d\u000d\u000aAfter launching phase one of Bella \u000d\u000aDel Monte Khaoyai with 16 units worth \u000d\u000a530 million baht in 2021 and sold out \u000d\u000athat year, Property Perfect launched \u000d\u000aphase two last year with 24 units worth \u000d\u000a1.4 billion baht.\u000d\u000aThe project is located on a 180-rai \u000d\u000aland on Rural Highway No. 3052 Road \u000d\u000aor the Khao Yai-Wang Nam Khiao \u000d\u000aroute. It features a total of 84 two-storey \u000d\u000aH1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023\u000d\u000a600\u000d\u000a500\u000d\u000a400\u000d\u000a300\u000d\u000a200\u000d\u000a100\u000d\u000a0\u000d\u000a30,000\u000d\u000a25,000\u000d\u000a20,000\u000d\u000a15,000\u000d\u000a10,000\u000d\u000a5,000\u000d\u000a0 0\u000d\u000a3,688\u000d\u000a0 0\u000d\u000a7,737\u000d\u000a249\u000d\u000a29,658\u000d\u000a0 0\u000d\u000a1,768 1,241 635\u000d\u000a2,060\u000d\u000a1,153\u000d\u000a4,161\u000d\u000a1,270 262\u000d\u000aUnit\u000d\u000aSource: Real Estate Information Center\u000d\u000aValue (Million Baht)\u000d\u000aNew Supply (Value) New Sales (Value) New Supply (Unit) New Sales (Unit)\u000d\u000a845 535 573 886\u000d\u000a8,901\u000d\u000aNEW SUPPLY AND SALES OF VILLAS IN PHUKET\u000d\u000aH1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023\u000d\u000a1,000\u000d\u000a900\u000d\u000a800\u000d\u000a700\u000d\u000a600\u000d\u000a500\u000d\u000a400\u000d\u000a300\u000d\u000a200\u000d\u000a100\u000d\u000a4.5\u000d\u000a4.0\u000d\u000a3.5\u000d\u000a3.0\u000d\u000a2.5\u000d\u000a2.0\u000d\u000a1.5\u000d\u000a1.0\u000d\u000a0.5\u000d\u000a0\u000d\u000a50,000\u000d\u000a40,000\u000d\u000a30,000\u000d\u000a20,000\u000d\u000a10,000\u000d\u000a0\u000d\u000a201\u000d\u000a347 332\u000d\u000a210 188\u000d\u000a274 241\u000d\u000a979\u000d\u000a217\u000d\u000a9,933 9,728 8,945 7,413\u000d\u000a27,866\u000d\u000a8,198\u000d\u000a15,524\u000d\u000a49,267\u000d\u000aUnit Value Average Absorption Rate Per Month\u000d\u000aUnit\u000d\u000aAverage Absorption Rate Per Month (%)\u000d\u000aSource: Real Estate Information Center\u000d\u000aValue (Million Baht)\u000d\u000a10,084\u000d\u000a13,557\u000d\u000a20,382\u000d\u000a604\u000d\u000a245\u000d\u000aTOTAL SUPPLY OF VILLAS IN PHUKET\u000d\u000asingle detached houses, with plots \u000d\u000aranging in size from 269 to 493 square \u000d\u000awah and prices between 28-159 million \u000d\u000abaht.\u000d\u000a\u201cBuyers are primarily Thais seeking a \u000d\u000aretirement home,\u201d said Mr. Wongsakorn. \u000d\u000a\u201cMany of our customers bought units in \u000d\u000aour project based on recommendations \u000d\u000afrom friends who had previously \u000d\u000apurchased and showcased the units to \u000d\u000athem.\u201d\u000d\u000aHe added that one of the key drivers \u000d\u000afor luxury home demand in Khao Yai \u000d\u000awas convenient transportation as the \u000d\u000aBang Pa-in to Nakhon Ratchasima \u000d\u000aMotorway would open next year, \u000d\u000aalong with a high-speed train project \u000d\u000ascheduled to start operations in 2026.\u000d\u000aLast month, Creston Holding Ltd, \u000d\u000awhich owns a large parcel of land \u000d\u000atotalling 226 rai in Khao Yai, launched \u000d\u000aphase one of Banyan Tree Residences \u000d\u000aCreston Hill, a branded residential \u000d\u000aproject worth a total of 17 billion baht \u000d\u000aupon completion.\u000d\u000aThis came after Creston Hills \u000d\u000aResidence, its first luxury villa project \u000d\u000aconsisting of 57 units, achieved an 80% \u000d\u000asell-out.\u000d\u000a\u201cDemand for second homes in Khao \u000d\u000aYai has surged since the pandemic,\u201d said \u000d\u000aChayaditt Hutanuwatra, chairman of \u000d\u000aCreston Holding Ltd. \u000d\u000a\u201cOur sales at the first and new \u000d\u000aproject has been remarkably strong, \u000d\u000aparticularly among business owners \u000d\u000aand executives who chose this hillside \u000d\u000adestination for remote work during the \u000d\u000alockdown.\u201d\u000d\u000aStuart Reading, managing director \u000d\u000aof hospitality firm Banyan Tree Group\u2019s \u000d\u000aproperty development, said Banyan \u000d\u000aTree Residences Creston Hill will be \u000d\u000athe first-ever luxury branded residence \u000d\u000aproject in Khao Yai.\u000d\u000a\u201cIt is also the first project that the \u000d\u000agroup has partnered on since its \u000d\u000ainception, involving planning, design, \u000d\u000adevelopment, sales, marketing and \u000d\u000aassistance in the project finance process \u000d\u000awhich is different from other hotel \u000d\u000abrand owners,\u201d he said.\u000d\u000aThe project will be located on a 71-\u000d\u000arai plot, which is part of the 226-rai \u000d\u000aland located 100 metres from the main \u000d\u000aentrance of the Khao Yai National Park \u000d\u000ain Nakhon Ratchasima\u2019s Pak Chong \u000d\u000adistrict.\u000d\u000aIt will comprise 34 lagoon-side pool \u000d\u000avillas priced from 60 million baht and \u000d\u000a34 condo blocks ranging in size from \u000d\u000a65 square metres, with prices per unit \u000d\u000aranging from 15-40 million baht or \u000d\u000a190,000 baht per square metre.\u000d\u000aThe first phase with 21 villas and 16 \u000d\u000acondo blocks was launched for sale \u000d\u000aearly in the year and recorded 1 billion \u000d\u000abaht in presales so far.\u000d\u000aAll of the residential units for sales \u000d\u000awill be valued at 15 billion baht while \u000d\u000athe remaining 2 billion baht will be \u000d\u000aallocated for a hotel with 120 rooms and \u000d\u000aa wellness retreat called Veya, featuring \u000d\u000a20 rooms, located in the rearmost part \u000d\u000aof the project.\u000d\u000aBotanica MontAzure\u000d\u000aAn aerial view of Banyan Tree Residences Creston Hill, the first luxury branded residence project in Khao Yai.\u000d\u000aMONDAY, NOVEMBER 27, 2023 ","MONDAY, NOVEMBER 27, 2023 "]