Resale condos offer much better bargains than new ones, says developer

[webfact]

Resale condos offer much better bargains than new ones, says developer

By The Nation

 

BANGKOK: -- Plus Property has suggested that buyers invest in resale condos as research shows resale prices lower than new condo units by 26-44 per cent.

 

Anukul Ratpitaksanti, managing director of Plus Property, said the average selling price of units in new condominium projects had risen sharply. High-rise condo projects in the vicinity of the train services and those located in prime areas such as waterfronts had an average launch price of Bt235,000 per square metre during 2014-16. Price growth exceeded 10 per cent per year.

 

The Chao Phraya River waterfront zone that stretches from Phra Pinklao Bridge to Rama 3 Bridge had the highest launch price, at an average of Bt366,000 per square metre. This represented a growth of 44 per cent over the past three years.

 

The CBD zone came second in average launch price, which is currently in excess of Bt200,000 per square metre. Within this group, the Phrom Phong-Thong Lor zone boasts an average launch price of Bt325,000 per square metre, and a price growth of roughly 25 per cent per year; the Phloenchit-Chitlom-Asok zone has an average launch price of Bt278,000 per square metre, and an average price growth of 14 per cent per year; The Ratchathewi-Phya Thai zone has an average launch price of Bt255,000 per square metre, and an average price growth of 15 per cent per year.

 

The Thai economy is showing signs of improving. The Office of the National Economic and Social Development Board has announced an economic growth figure of 3.3 per cent for the first quarter of 2017. Public sector investment in infrastructure, such as investment in the various electric train lines, remains the driver for growth.

 

Private sector investment is expected to improve from last year due to windfall from public sector investment in infrastructure projects, which are seeing commencement of construction and budget disbursement. There has been greater consumer confidence since the beginning of the year, resulting in consumer spending starting to pick up. This is beneficial for both new and resale projects within the real estate market. 

 

Currently, developers are increasingly focusing on projects penetrating the higher-end market, as this group of customers still has purchasing power and has not been significantly affected by the increased stringency in loan issuance by financial institutions. At the same time, the prices of land in Bangkok have risen sharply, resulting in new projects having higher launch prices. The resale market, therefore, becomes an option that is gaining more interest at present.

 

Source: http://www.nationmultimedia.com/news/business/30316170

 

-- © Copyright The Nation 2017-05-24

[trogers]

Attempts at clearing unsold stocks years old have failed miserably...

 

This time it may work if they are at firesale prices...

[clockman]

Sell them before Bangkok sinks?

[BigBadGeordie]

Nice free advertising for Plus Property.

 

http://www.plus.co.th/About-Us

[11223344]

13 minutes ago, BigBadGeordie said:

Nice free advertising for Plus Property.

 

http://www.plus.co.th/About-Us

Why do you think it's free? Companies pay for articles such this

 

And the growth in asking prices of 14-44% a year reminds me "catch the idiots, while there are some"

[mercman24]

i have seen new 1 bed condos on the market, with a square meterage, of what would be classed as a studio, no thanks,

[trogers]

44 minutes ago, mercman24 said:

i have seen new 1 bed condos on the market, with a square meterage, of what would be classed as a studio, no thanks,

A marketing ploy. Place a slide partition between the bed and sofa, and presto, it's a one-bedroom...

[Destiny1990]

Article does not make sense.it talks about growth growth growth now let us see that growth once u like to sell your secondhand Bkk riverside condo!!!!

[sanukjim]

19 hours ago, trogers said:

Attempts at clearing unsold stocks years old have failed miserably...

 

This time it may work if they are at firesale prices...

many of these are from the owners that found out that they had terrible neighbors or the condo maintenance and practices was not as advertised.Beffore buying or renting any place ,go there at night and different times of the week and ask the other renters  to find out what it is rely like to live there.

[trogers]

1 hour ago, sanukjim said:

many of these are from the owners that found out that they had terrible neighbors or the condo maintenance and practices was not as advertised.Beffore buying or renting any place ,go there at night and different times of the week and ask the other renters  to find out what it is rely like to live there.

Many forget that buying a condo, whether to stay or to rent out, is buying into community living. Choose the wrong community and there goes capital gain and rental income.

[elgordo38]

Yes older condo's are better built and the elevator usually stops at every floor. We have pools and other amenities we do not have to crawl out a window to get to the balcony and at least you can see what your buying and your usually central not out in the burbs. 

[funandsuninbangkok]

Sounds like even Property Plus has given up trying to sell new units. Problem with selling older units is foreigners have to pay cash and Thais can't get loans for them. 

 

Typical Thai cluster <deleted>. Market is going down and they can't stop it. Timber!

[funandsuninbangkok]

On 5/24/2017 at 4:38 PM, BigBadGeordie said:

Nice free advertising for Plus Property.

 

http://www.plus.co.th/About-Us

Search function does not work. Very impressive.