Developers eye promotions after end of govt incentives

Yesterday, Gaysorn Property Co introduced its latest luxury condominium, the Tela Thonglor, worth Bt4.1 billion.
NYE Estate brought out its latest townhouse estate, Cherkoon, worth Bt500 billion.
Sansiri unveiled its latest detached-housing estate, Setthasiri Pattanakarn, worth Bt3.1 billion.
Fafuen Temboonkiat, managing director of Gaysorn Property, said the company had confidence that the demand for luxury condominiums in Bangkok’s Thonglor area was still growing. This is also the best time to expand.
Tela Thonglor is under construction with completion scheduled by the end of 2019. The average price is Bt300,000 per square metre.
The company believes it can close 75 per cent of the project’s sales by the end of this year, he said.
Sutee Limpanachaipornkul, managing director of NYE Estate Co, said Cherkoon had succeeded in locking up buyers for 45 per cent of its units after presales opened early this year.
“Looking forward to this year in the Thai residential property market, we see a constant growth in horizontal housing projects, while condominium development tends to slow down.
“Many major real-estate developers have allocated more investment to horizontal housing projects.
“There is still considerable demand for premium townhouses and townhouses in urban and urban fringe areas with short commutes and convenient access to mass transit systems and expressways, which offer cheaper prices per square metre than condominiums,” he said.
Metha Angwatanapanich, senior executive vice president for business and low-rise project development at Sansiri, said the company would monitor sales at low-rise housing projects this month after the property-tax incentives ended last month.
“We aim to have sales of Bt1 billion per month from May to September from detached-housing and townhouse projects,” he said.
“If performance fares worse than the target, we will offer a reduction in transfer and mortgage fees to 0.01 per cent, the same as the property-tax incentives.”
During the first four months of this year, Sansiri recorded Bt4 billion in sales from detached-housing and townhouse projects, partly boosted by the now-expired government incentives.
It aims to achieve Bt14 billion in sales from detached houses and townhouses this year, up from Bt11 billion last year.
Kanda Property Co also launched a sales campaign waiving transfer and mortgage fees until next month to help sales after the incentives expired.
“There were some customers unable to get units transferred by April because they waited for mortgage approvals from banks,” managing director Issara Boonyoung said.
“Though the deduction for transfer and mortgage fees ended, homebuyers can still get a tax deduction from a house priced Bt3 million or lower until the end of the year.”