Frasers Property Home (Thailand), a leading residential developer, plans to launch three new condominium projects annually, each valued at over 1 billion baht, to diversify its portfolio and cover all market segments.
Apichart Hengwanich, Senior Executive Vice-President of Condominium Project Development and Operations Support, noted that Frasers Property Thailand Plc, the parent company, was previously the only top 10 developer in Thailand without condominiums in its portfolio.
“The Bangkok condo market experienced a slowdown during the pandemic but rebounded swiftly last year due to a lack of new supply in recent years,” Hengwanich explained. “This makes it an opportune time for us to launch our first condo project this year.”
Several factors are driving increased condo demand, including the government’s budget to boost purchasing power, a downward trend in interest rates, and the potential removal of certain individuals from the National Credit Bureau’s blacklist.
“Many individuals blacklisted by the National Credit Bureau have minor issues,” Hengwanich said. “Removing them from the blacklist would significantly increase the number of potential homebuyers, particularly for condominiums.”
On May 25, Frasers Property Home will begin bookings for Klos Ratchada 7, a low-rise condo project valued at 426 million baht. This marks the company’s first condo project for sale, excluding the leasehold Triple Y Residence in the Samyan Mitrtown mixed-use development.
Situated on a 314.5-square-wah plot on Ratchadaphisek Soi 7, Klos Ratchada 7 will feature an eight-story tower with 111 units, ranging from 26 to 36.4 square meters, priced from 2.99 million baht per unit. The project targets current renters in the Ratchadaphisek area, particularly those paying around 7,000 baht per month.
Frasers expects more than half of the units to be booked within the first two weeks of the launch.
In the first quarter of 2024, Frasers Property Thailand reported a 4.5% increase in revenue from its residential development business, reaching 2.37 billion baht compared to the same period last year.
Source: Bangkok Post
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