The overall condominium market in Q3 2017 remained generally slow; however, the downtown area performed well due to healthy demand while the midtown/suburban market still faced challenges.
Buyers in the downtown market remained selective and cautious which slowed down the overall sales rate resulting in a mixed sales performance. Only projects that are in good or new locations with the right pricing that matched the demand in the area did better than the average. However, we are not worried about having an oversupply in the downtown area. As of Q3 2017, there were 30,480 under construction units and 77.2% of this future supply has already been sold and there is limited built-but-unsold inventory.
In this quarter, three super luxury projects were launched, two of which are leasehold projects developed by Siam Sindhorn: Sindhorn Tonson (59 units) and Sindhorn Langsuan (20 units). The two projects have an average asking price of THB 300,000 and THB 330,000 per square metre, respectively, for a 30-year lease. The only freehold super luxury project launched was Banyan Tree Residences Riverside Bangkok (133 units), developed by Nirvana Daii PCL.