SUNDAY, February 25, 2024

Thai condo developers hope return of Chinese tourists will help clear outstanding stocks

Thai condo developers hope return of Chinese tourists will help clear outstanding stocks

Major condo developers are delighted that Chinese tourists are finally returning to Thailand after nearly three years, and are hoping they will clear the outstanding stock.

Thansettakij spoke to several developers and learned that they are all happy that Chinese tourists are returning now that China has lifted travel restrictions.

Apa Ataboonwong, president of Richy Place 2002, said Chinese tourists returning boded well for developers, especially when it came to unsold units and projects that are close to completion.

She also believes that the return of Chinese travellers will also bring the property market back to its feet and benefit the country’s economy.

Richy Place has five projects with 50 units in the heart of Bangkok and is hoping they will get snapped up by Chinese buyers.

The developer also has a 32-storey condo project with 800 units on the Thonburi side of Bangkok near the Wutthakat BTS station that Chinese buyers may also find attractive, Apa said.

She said her company expects to sell at least 300 to 400 units to Chinese investors.

Meanwhile, Pruksa Real Estate’s CEO Piya Prayong said his company has completed 10 condominiums with a total of 3,000 units just in time for the return of Chinese tourists.

He reckons the projects will be attractive to Chinese buyers because they are either in the heart of the capital, near public transport or along the Chao Phraya River.

Wongsakorn Prasitvipat, chief business development officer at Property Perfect Plc, however, said his company does not develop property in the heart of Bangkok, so it is not relying on Chinese investors.

Thai Real Estate Association president Meesak Chunharakchot said he believes the lifting of restrictions in China will help revive Thailand’s property market.

Wichai Wiratkaphan, acting director of Government Housing Bank's Real Estate Information Centre, said the pandemic did not appear to have much of an effect on Chinese investors’ interest in Thailand. He said this was reflected by the high number of property transfers.

The first half of last year saw 4,433 condo units being transferred to both Thai and foreign buyers, marking a 1.4% increase from the same period in 2021. Of the 4,433 units, 1,124 or 48% were transferred to Chinese buyers.

Wichai said the value of the condo units transferred in the first half of 2022 stood at 22.33 billion baht, 9.1% higher than the same period in 2021.