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LUXURY PROPERTY MARKET IN BANGKOK09-May-2018


The luxury market in Bangkok is a growing trend. Wealthy individuals are moving into the city to take advantage of the luxury property boom happening in Bangkok. Luxury real estate has overtaken the initial trend of mass produced condos and apartments that flood Bangkok in recent years. This new trend has been influenced by the growing population of wealthy individuals and investors from both Thailand and abroad. Many foreign luxury buyers come from nearby countries such as China, Singapore, Japan, and Hong Kong. Wealthy buyers in the UK and USA have also had their eyes on Bangkok’s new developments. There have been many recent developments as well as numerous upcoming projects to cater to the demand, such as Sukhothai, Magnolias, and 98 Wireless, and many developers are focusing on marketing to the overseas market.

It’s evident that the luxury trend will continue to grow, as Bangkok currently has many new projects under development and are expected to open within the next few years. These projects include at least eight new luxury hotels and approximately 20 new condominium buildings. These buildings will yield a total of over 2,000 new units to purchase or rent.

 

Wealthy buyers that are interested in luxury properties put more emphasis on the location, amenities and build quality rather than the price of a unit. The average price per square meter for recent luxury units in Bangkok is 200,000 THB [>6,500USD]. For super-luxury units, the starting price is closer to 300,000 THB [about 10,000USD]. Prices have continuously been increasing in recent years so newer developments are expected to be priced at least 10% higher. The highest price per sqm has been reached by the very prestigious flagship project of Sansiri at more than 700,000THB [>20,000USD] per sqm (98 Wireless project). This gives room for future luxury projects to add more budget into the design and other key features. It is expected prices to drop only within projects where a large amount of unsold inventory exists. Land prices are pushing up the cost to developers and thus price to buyers. We strongly advise you to consult our Bangkok property advisers to know get more details on this.

Even with increasing price tags, wealthy individuals continue to stimulate the demand for such properties. In 2017, almost 120,000 luxury units were available. Of these, an estimated 90,000 were occupied. This represents close to 80% occupancy rate in Bangkok for luxury properties. The majority of buyers remains Thai individuals that represents more than 80% of the total market for luxury properties. This shows the potential of growth among foreign property buyers in Bangkok. Our Bangkok property experts still see sustained demand within the luxury segment; especially for units priced within the range of 200,000THB [>6,500USD] to 300,000THB [10,000USD] per sqm. Those prices still remain relatively low when we compare with high end luxury properties in Hong Kong or Singapore where prices ranged between 750,000THB [25,000USD] and 1,050,000THB [35,000USD] per sqm or more.

At Sense Property Group, we have listed our preferred luxury properties in Bangkok that match the following criteria:

  • Location: for every savvy property investor, location is essential. It’s therefore absolutely essential to invest in luxurious properties that are located in high end areas or in neighborhoods that evolve in that direction.
  • Common Facilities: with the price of land that becomes extremely expensive, it’s becoming a luxury to have free access to multiple facilities such as swimming pool, fully equipped gym, sauna, library, high end lobby, and the likes. Those features are often demanded by expats and local residents.
  • Design and Style: Luxury projects are becoming more unique in their concepts, with things such as sky gardens and underground parking. However, what is essential in the design and style of a luxury project is the modernity and quality of décor. Many developers in Thailand are now employing renowned interior designers that each bring their own influences and styles to the project, such as the interiors in Maha Nakhon being inspired by David Collins Studio or the three-dimensional architectural `petal` that spirals along Magnolias Ratchadamri Boulevard designed by award-winning Andre Fu of Hong Kong and Avroko of New York.
  • Services and Management: this is usually what makes the difference with other properties that we do not define as luxurious. Top notch properties in Bangkok usually offer excellent services such as private concierge, excellent management team, bilingual (Thai and English) and Service Minded staffs. More and more luxury residences in Bangkok offer similar services than what can be found in 5 star hotels.
  • Space: unfortunately, most of the recent property developments offer smaller and smaller space in sqm. We therefore believe that affording space in new, modern and premium properties matters. For example, 2 Bedroom units usually offer at least 100sqm. Space will also be measured in ceiling height and optimal/smart use of space.
  • Finishing and Construction Quality: this is probably one of the most important aspects to check when you pay the high price. Each construction property (even the most renowned) offer various quality standards. It’s therefore to perform a due diligence and make sure the materials used are premium. The same goes with finishing, property buyers have to be picky until the finishing is perfectly done.

Our top 15 Luxury Property in Central Bangkok

The Sukhothai Residences (Completed) – SATHORN

Sukhothai is one of the earliest modern luxury properties developed in the recent boom, being completed in 2010 by HKR International. This tower condominium is one of the most exclusive properties in the Sathorn district, the area being ideal for the property since it’s located near a growing CBD and attractive residential neighborhood Suanplu/Yenakart. This building consists of 41 floors with 196 units, with units being priced between 25 million baht and over 500,000 million for large duplex and penthouses.

The Sukhothai Residences is taking advantage of generous common areas including a long swimming pool connected to the gardens of the property and its supper equipped fitness center. This high end luxurious condo located in the very central part of Bangkok is a freehold and the building has been completed in 2010. 

For more information about units for sale at The Sukhothai Residences, Click here


Ritz Carlton Residences at Maha Nakhon (Completed) – SATHORN / SILOM

Thailand’s Tallest Building, Maha Nakhon is clearly becoming a key landmark in terms of design and architecture. This magnificent real estate sculpture offers unique features such as three dimension “pixels” that pop out of the main structure of building giving residents a feeling of floating in the sky.

The Ritz-Carlton Residences is a mixed-use property development that will aslo present a fancy observatory deck at more than 300 meters in altitude offering unique guest experience with one of the largest glass floor in the world. This new real estate icon of Thailand offers luxurious condo units including terraces and skyboxes for unobstructed views of Bangkok, stemming to the unique pixelated desgin of the project.

Asking prices for units at Ritz-Carlton currently range between 315,000THB [10,000USD] to 450,000THB [about 15,000USD] per sqm.

Ritz-Carlton in Bangkok Maha Nakhon is a freehold property that has been fully completed in 2018.

The new landmark of Bangkok will also do the premiering of Edition Hotels. Bangkok Edition features 154 guest rooms and 5 levels of public space space for food and beverage outlets including two signature restaurants, a lobby bar and pool bar.

For more information about units for sale at Ritz Carlton Maha Nakhon, Click here


The Diplomat Sathorn (Completed) – SATHORN (Surasak)

KPN Land have developed The Diplomat Sathorn in the Central Business District on Sathorn Road. The project consists of 192 units and 35 storeys, with one, two and three bedroom units going for approximately 10 to 55 million THB [300,000USD to 1,850,000USD]. At BTS Surasak, close to other condo projects such as The Line and The Room, The Diplomat Sathorn`s median price per square meter is 255,761 THB [>8000USD], in line with the average price for new luxury projects located in the same area.

The Diplomat Sathorn is a freehold condo that has been completed in 2016.

For more information about units for sale at The Diplomat Sathorn Click here


Magnolias Ratchadamri Boulevard (Completed) - RATCHADAMRI

Situated in one of the most exclusive neighborhoods in Bangkok, Magnolias Ratchadamri Boulevard overlooks the Royal Bangkok Sports Club, home to the equestrians of Thailand, so many of its units have a view that is second-to-none. It’s a mixed-use development, and the luxury condo within contains 316 total units over 60 floors. Asking prices for units at Magnolias range from 200,000THB [>6,500USD] to 300,000THB [10,000USD], making it one of the less expensive luxury properties we have featured. The location beside BTS Chidlom and Siam means the rest of Bangkok is easily accessible. Magnolias Ratchadamri will also feature Southeast Asia’s first Waldorf Astoria hotel with 171 rooms and suites.

It`s important to note that Magnolias is sitting on a leasehold of 30 years which partly explains the lower price per sqm.

For more information about units for sale at Magnolias Ratchadamri Boulevard Click here


185 Rajadamri (Completed) - RATCHADAMRI

185 Rajadamri is modeled after the city-park condos of other major cities like New York and London. This time the sought-after address is on Rajadamri Road (at Rajadamri BTS station). The project is only 35 storeys tall but has stunning views of Lumphini Park and the Royal Bangkok Sports Club from many of it’s units. 185 Rajadamri was developed by Raimon Land, whose other projects include The Lofts Ekkamai and The Lofts Asoke. Asking price for units at 185 Rajadamri goes from 250,000THB [>8,000USD] to 400,000THB [>13,000USD] per sqm depending on unit type, floor level and interior design.

185 Rajadamri is a luxury property that offers condo units available for sale and rent in one of the mose prestigious locations of Bangkok. It`s one of the few freehold properties available in that area and the construction has been completed in 2013.

For more information about units for sale at 185 Rajadamri Click here


98 Wireless (Completed) - LUMPINI

Perhaps one of the most recognized luxury properties in Bangkok is 98 Wireless. It was built by Sansiri, who have been instrumental in developing several other luxury properties in the city. It’s located in Chidlom, an upmarket shopping area, and is one of the most expensive luxury properties that you’ll find here. Property values and demand have significantly increased in this area thanks to numerous developments nearby, such as the new Park Hyatt hotel and Central Embassy shopping mall. This building has a total of 25 floors with 77 units. Units at 98 Wireless can cost up to 700,000THB per sqm [>20,000USD].

98 Wireless is one of the few freehold buildings available in this very central part of Bangkok. The building has been completed in 2017 and knows a large success among foreign investors coming from Hong Kong and Singapore. 

For more information about units for sale at 98 Wireless Click here


Marque (Completed) – SUKHUMVIT (Phrom Phong)

Located opposite Emporium Shopping Complex on Sukhumvit Road, The Marque Sukhumvit, developed by Major Development, is a freehold super-luxury condo completed in 2017. The project has 149 units of One, Two bedrooms and large penthouses. The unique feature of this project is the 3.4 meters high ceilings that provide residents with a spacious living area. Selected units contain a private plunge pool, while penthouse units feature a swimming pool.

Condo units at Marque Sukhumvit range between 300,000THB [about 10,000USD] per sqm to 350,000THB [>12,000USD] per sqm. This modern and design building is a freehold residence.

For more information about units for sale at Marque Click here


Diplomat 39 (Under Construction) – SUKHUMVIT (Phrom Phong)

Another super-luxury condo located next to the EM district, The Diplomat 39 contains 150 one, two and three bedroom units over 31 storeys. The lobby of the building is one of the most striking features, built in an octagonal shape with the feel of a five-star hotel lobby. KPN Land expect the project to be completed in 2019 with units costing from approximately 15 – 185 million THB [500,000USD to > 6 million USD]. Price per sqm goes from 300,000THB [10,000USD] to 450,000THB [about 15,000USD] depending on floor level, unit orientation, size and interior design.

Diplomat 39 is a freehold property located in one of the most central areas of Sukhumvit nearby Phrom Phong BTS and not too far from the very trendy area of Thonglor. 

For more information about units for sale at Diplomat 39 Click here


Tela Thonglor (Under Construction) – SUKHUMVIT (Thonglor)

Tela Thonglor is another new luxury condo located on Sukhumvit Soi 55 with two wings per floor, two units per wing and 84 residences in total. Developed by Gaysorn Property, with residential management services by Gaysorn Residential Services, it is the same group of companies responsible for the luxury Siam shopping mall Gaysorn. Thonglor itself is known for its modern, upscale dining and lifestyle scene, so the project is located next to many community malls such as The Commons and 72 Courtyard, as well as Samitivej Sukhumvit.

Tela Thonglor is expected to be completed in 2019. It`s a freehold property with asking prices ranging from 300,000THB [about 10,000USD] per sqm to 350,000THB [>12,500USD] per sqm.

For more information about units for sale at Tela Thonglor Click here


Nimit (under Construction) – LUMPINI

Nimit Langsuan is a super-luxury 53 floor high rise condo on Langsuan Road, facing Lumphini Park just north of Sarasin Alley. It contains 187 residences, ranging from 2, 3, 4 bedroom units to penthouses, from 78sqm each to more than 600sqm. It is 700 metres from BTS Ratchadamri. The location is recognized for it’s luxurious amenities, with the renowned Gaggan Indian restaurant just up the street. Central Chidlom and Gaysorn shopping malls are around 1km away from the Residence. This high end luxury property located in very central party of Bangkok CBD has been sold out very fast. However, prospective investors can find nice resale units with a current asking price going from 350,000THB [>11,0000USD] to 400,000THB per sqm [>13,000USD].

Nimit Langsuan is a freehold project and construction is expected to be completed by end of 2018 / early 2019.

For more information about units for sale at Nimit Click here


Sindhorn Thonson (under Construction) – LUMPINI (Sarazin)

Sindhorn Thonson by Siam Sindhorn Company is a leasehold residential condominium, rising to only 17 storeys and offering 59 units. The residential units contain marble floors in the living areas and teak wood floors in the bedrooms. The kitchens are designed by Poggenpohl, the luxury German kitchen supplier, while companies such as Poliform and Axor-Hansgrohe provide amenities in the bedrooms and bathrooms. 

Sindhorn Thonson is a leasehold and is expected to finalize construction by end of 2018. Asking price per sqm ranges from 220,000THB [>7,000USD] to 280,000THB [>9,500USD]. This high level residence is located next to Lumpini Park.

For more information about units for sale at Sindhorn hTonson Click here


Four Seasons (Under Construction) – RIVER SIDE

Four Seasons is an iconic international brand when it comes to luxurious hospitality, and Bangkok will be welcoming a new Four Seasons hotel, expected to open in 2019. This property will be located along the waterfront at Chao Phraya River. This entire area has experienced a recent influx of luxury developments, including residences, shopping, and restaurants to attract a more affluent audience. Bangkok has been a popular destination for luxury vacations so this property may easily become one of the most desired destinations to stay.

This mixed-use super-luxury complex presents 3 buildings Four Seasons Private Residences Bangkok, Four Seasons Hotel, and Capella Hotel.

Four Seasons Private Residences Bangkok is a leasehold property development with an asking price per sqm starting at more than 300,000THB [about 10,000USD].

For more information about units for sale at Four Seasons Click here


Banyan Tree Residences (Under Construction) RIVER SIDE

Banyan Tree Residences Riverside Bangkok, a leasehold condo project, is under construction on the banks of the Chao Phraya River and thus every unit provides panoramic river views. Designed by architecture company SCDA, built by Bouygues-Thai and fitted by furniture brand Poliform, this project is expected to complete at the end of 2018. Owners can have Sanctuary Club membership giving them access to a large panel of VIP Services at preferred rates. 

Prices per sqm start at 300,000THB [about 10,000USD].

For more information about units for sale at Banyan Tree Residences Click here


The Residences at Mandarin Oriental (Under Construction) – RIVER SIDE

Another upcoming project also being built along the Chao Phraya River is The Residences at Mandarin Oriental by ICONSIAM Superlux. This property was originally announced in 2014 but won’t be completed until early 2019. It consists of 52 floors with 146 residences and penthouses. Part of the ICONSIAM, a mixed-use retail and residential project, all units will feature an unobstructed river view and private lifts.

The Residences at Mandarin Oriental is a freehold luxury property development. Asking prices range from 350,000THB [>12,000USD] to 400,000THB [>13,000USD].

For more information about units for sale at The Residences at Mandarin Oriental Click here


Esse Asoke (Under Construction) – SUKHUMVIT (Asoke)

The Esse Asoke at Singha Complex is a luxury project in development by Singha Estate on the site of the original Singha Beer House. This property is expected to be completed in 2019. When it opens, it will be one of the most expensive properties in the Asok area. It’s walking distance away from many of the surrounding attractions and critically-acclaimed restaurants. The Esse Asoke is expected to attract very wealthy individuals to invest and reside here, as the developers are designing a special garage within the property that’s specifically built for super cars.

The Esse Asoke is a freehold condominium project offering units priced between 300,000THB per sqm [about 10,000USD] to 350,000THB per sqm [>12,500USD].

For more information about units for sale at Esse Asoke Click here

Thailand is a country that is known for its hospitality and the luxury market in Bangkok is a great representation of the service-minded attitude here. Many more luxury developments can be expected to be built over the upcoming years.


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