Magnolia Quality Development Corporation (MQDC), one of the most active developers in Thailand, thinks that the demand for high-end condominiums in Bangkok is going to stay strong and is not going to be hampered by the sluggish overall property market.
Luxury projects going to be a success
Peachpattha Pakakan, who is the assistant vice president for MQDC’s marketing and sales projects, recently spoke to local media and said that the company is positive that the luxury projects are going to be a success.
The developer is attributing its hopes on the investors who are willing to invest money in the city’s luxury properties, with the appeal coming from great demand and solid yields for high-end projects in central locations. The prices for land plots located in downtown Bangkok is continually increasing, and the supply of the super luxury and luxury units is tight.
The luxury projects of MQDC
There are three high-end projects now under construction from MQDC. The Magnolias Ratchadamri Boulevard is going to showcase residential units and the Waldorf Astoria Bangkok hotel. Peachpatta mentioned that the project is going to have sales of 90% by this year’s end.
The Magnolias Waterfront Residents located in IconSiam, a highly talked about project, already closed its sales. In addition, The Residences at Mandarin Oriental in Bangkok, another MQDC project, also reached its 40% sales threshold. The developer is going to continue being meticulous when looking for the best buyers.
Increase of foreign buyers
Even though there is a slow domestic demand, the Thai real estate market has still increased due to the arrival of foreign buyers coming from Taiwan, Hong Kong and Singapore, who are very interested in the region and also taking advantage of the bigger yields.
Risinee Sarikaputra, the Knight of Frank Thailand’s research director, explained that they are seeing greater interest coming from these foreign buyers for the super luxury and luxury condo for sale in Bangkok.
He added that a couple of years back, the proportion of these foreigner buyers was only about 5 to 10 percent, on average; currently, they believe that it is already between 10 to 15 percent.