The condominium market in Thailand was sluggish during the first quarter of the year. In order to stimulate demand, SET-listed developer AP (Thailand) is set to launch new condominium projects like Life Ladprao that is worth 7.6 billion baht on May 20-21.
According to Vittakarn Chandavimol, chief of the AP business group, the economy of Thailand is recovering and consumer sentiment is positive. The only negative factors affecting demand are external like the mounting conflicts among other countries. The developer expects about 26 billion baht in pre-sales by the end of the year. Of the total pre-sales, 12.4 billion baht will be generated from condominiums, a 24% rise year-on-year. 13.6 billion baht will be generated from the sales of single homes and townhouses.
Life Ladprao will be located on Phanom Yothin Road that is opposite Central Plaza Ladprao, a property that was bought by AP Thailand for 700,000 baht per square wah. The project will consist of 45 and 46 storey buildings that have a total of 1,615 units sized between 26 and 355 square meters. Units are priced at 140,000 baht per square meter or from 2.9 million per unit.
Since condo demand remains strong in the location, AP expects that they will be able to generate 4 billion baht from the project by the end of the year. Annual sales rate of condos in Saphan Kwai to Major Cineplex Ratchayothin in the last 5 years was higher than 80% except last year where most of the supply that were launched were neither on the main roads nor near future Skytrain stations.
According to the research team of AP, there are 2,472 condos for sale in the area with 940 of the units from projects developed by the top 10 developers. 3 new condo projects are also being launched this year from a joint venture with a Japanese partner.
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