Developers to push sales in December

Property firms plan to boost their sales in the last month of this year after seeing their sales slump in October and this month following the recent flood crisis.

Most of them are launching residential projects in areas that were spared the flooding, such as inner Bangkok locations like Sukhumvit, Sathorn, Bang Na, and upcountry locations close to the capital such as Pattaya and Hua Hin. They expect this will drive up their sales in the last month of this year.

LPN Development is opening pre-sales of Lumpini Park Beach Jomtien, worth Bt4 billion, at a starting price of Bt1.49 million this week.

Raimon Land is introducing its latest condominium project – Unixx South Pattaya – worth Bt2.95 billion, at a starting price of Bt880,000 per unit. 

Pruksa Real Estate plans to launch only three residential projects, worth Bt2.4 billion, located in three areas that did not face flooding – Chaeng Wattana Road, Khon Kaen province, and Phuket.

LPN Development managing director Opas Sripayak said that the demand to buy residences at locations that did not face flooding will see strong growth.

For example, sales of Lumpini Riverside Rama 3 is now a success, averaging 50 to 100 units a week after the floods hit parts of Bangkok and the suburbs.

Meanwhile, the company has also notched up success in the sales of Lumpini Park Beach Jomtien. About 800 units of a total of 2,000 have found buyers after the project’s soft launch on October 8. Pre-sales will open for the balance 1,200 units this weekend. 

Following the demand to buy residences in dry areas, LPN Development recorded pre-sales of Bt12 billion in the first 10 months of this year. 

Raimon Land’s chief executive, Hubert Viriot, said that none of the company’s residential projects were flooded, which would drive sales growth. The company recorded pre-sales of Bt3.43 billion in the first nine months of this year. The company also plans to launch its latest residential project in Pattaya called Unixx, worth Bt2.95 billion, after seeing strong demand to buy a second home in this location. 

Pruksa Real Estate director and chief business officer Prasert Taedullayasatit said the company will suspend launch of 20 residential projects, planned for the last quarter of this year, following the negative impact on the market in the aftermath of the floods. However, the company is going ahead with the launch of three new residential projects at locations that did not face flooding – Chaeng Wattana Road, Khon Kaen province and Phuket. This will help it achieve its new pre-sales target for the year of Bt30 billion, he said. 

Meanwhile, Real Estate Information Centre (REIC) said the property market this year will see a drop of between 10 and 20 per cent, due to the flooding impact. 

However, the locations that did not face flooding will see a price rise following increasing demand.