Thai Luxury Home Market Still Strong

[george]

Luxury home market still strong, Quality Houses says

BANGKOK: -- Despite the economic slowdown, the market for luxury houses seems bright as demand remains for single houses costing up to Bt60 million, according to Flt-Lieutenant Kree Dejchai, a senior vice president for Quality Houses Plc.

Major customers of high-priced houses include entrepreneurs, especially exporters whose income is in dollars, he said. Last month the company sold five luxury houses at Kaset-Nawamin Road for Bt60 million each.

Of the five customers, two were exporters who paid in cash to purchase the house. One exports plastic and the other exports computer software.

Quality Houses is betting on the luxury house market remaining firm. It plans to introduce a new luxury-house project next year under the brand Lada-rom at Srinakarin Road, and two projects at Rama II worth up to Bt3 billion.

They will replace its Preupirom project on Kaset-Nawamin Road, which will finish in the second half of this year.

The Preupirom Regent Kaset-Nawamin Road project now has five houses left, priced between Bt30 million and Bt60 million, which are ready to move into. They go on sale this Sunday.

Kree said demand for luxury housing priced up to Bt50 million each had continued to grow because many entrepreneurs still need new homes.

“Our products are designed to serve different homebuyers’ demands, especially private swimming pools in the home, entertainment areas and space for relaxing,” he said. Kree said the company would focus on entrepreneurs who have purchasing power rather than regular employees or white-collar office workers, so its projects will be close to business areas, especially small and medium manufacturing areas, and small and medium home offices.

“White-collar workers usually expect housing prices lower than Bt10 million. They are now concerned about their earnings in the future because of the economic downturn,” he said.

Preupirom Regent Kaset-Nawamin sales have reached Bt550 million to date, while Preupirom Regent Sukhumvit recorded sales of Bt450 million in the first half of this year, 15 per cent up from the same period last year.

Kree said that the company expected total sales of up to Bt2.5 billion from the projects on Kaset-Nawamin Road and Sukhumvit by the end of this year.

The group also expects sales of up to Bt2.6 billion next year from its four projects – Preupirom Regent Sukhumvit, Ladawan Ekamai-Ramindra, and the two new projects on Srinakarin and Rama II.

--The Nation 2005-07-13

[mnoorsapl]

“White-collar workers usually expect housing prices lower than Bt10 million. They are now concerned about their earnings in the future because of the economic downturn,”

That's me , but if i have with Bt30 million to Bt60 million i won't spend it on luxury home.

[The_Moog]

This is nothing more than advertising blurb for Quality Homes.

An unadulterated Press Release touting their new project.

Come on.....

[MikeRay]

How many suitcases one will need for 60 million baht in cash ?

[WhiteShiva]

This is nothing more than advertising blurb for Quality Homes.

An unadulterated Press Release touting their new project.

Come on.....

<{POST_SNAPBACK}>

My thinking exactly - I got as far as "according to Flt-Lieutenant Kree Dejchai, a senior vice president for Quality Houses Plc", and stopped reading.

After all - what do you expect this guy to say? "The market sucks at the moment, and we'll be lucky to sell any of the projects we have at the price we are asking......"

Typical of the advertising-journalism you see so much of in The Nation & The Post. Have you ever seen a bad restaurant, bar, car or hotel review in either of them? Of course not - when you and your spouse/gf/bf have been given a free weekend at a hotel or a four-course meal with wine at a posch restaurant, and perhaps even received a little envelope when you leave, the very least you can do is to write a favourable review. "You scratch my back, and I'll scratch yours"

TIT after all.....

Edited July 14, 2005 by WhiteShiva