Costliest condos priced around Bt400,000 per sqm

The Diplomat on Sukhumvit 39 by KPN Group Corporation has the highest prices at Bt411,111 per square metre. Nimit Langsuan by Pace Development Corp is asking Bt405,186 per square metre, and next is The Residences at Mandarin Oriental Bangkok by IconSiam Super Luxury Residence Corp at Bt400,000 per square metre.
But even these high asking prices will be beaten by 98 Wireless by Sansiri, which will open for presales next quarter at Bt550,000 per square metre.
“The supply of luxury homes is limited but demand is still growing from both local and foreign potential buyers,” AREA said.
Sansiri president Srettha Thavisin said earlier that its luxury condominium project 98 Wireless, worth Bt8.5 billion, had already secured commitments for Bt1.2 billion worth of sales before it opens to booking in October.
“This shows that demand for luxury homes is still strong as long as they are in the right location,” he said.
According to a survey by Knight Frank Thailand, the prices of prime and super-prime condominium units in Bangkok increased by more than 5 per cent in the first half of the year, suggesting that those segments are far from being oversupplied.
The property consultancy’s research showed that for super-prime units – priced at Bt300,000 per square metre and above – the average price jumped from Bt303,250 per square metre at the end of 2015 to Bt319,095 at the end of June, an increase of 5.23 per cent.
In the same period, the average price of prime condos increased by 7 per cent, from Bt226,350 per square metre to Bt242,313.
Despite the slow economic recovery, which has dented purchasing power, the market still expanded, assisted by foreign purchases.
“We are observing more interest from foreign buyers in super-prime and prime condominiums in Bangkok. Two years ago, the proportion of foreign buyers was averaging around 5 to 10 per cent; now we believe the number is around 10 to 15 per cent,” said Risinee Sarikaputra, research director of Knight Frank Thailand.
Most buyers of super-prime condos are Thais who buy a unit as a second home that serves their exclusive lifestyles, according to the company.
The foreign buyers of these units are mostly people from Hong Kong, Singapore or Taiwan who have businesses in Thailand.