Thailands Super-ultra Luxury Property Sector Continues Upward Trajectory

Thailands super-ultra luxurious real estate sector is poised for continued growth, according to Korn Narongdej, the CEO of Raimon Land. Korn made this statement during the official opening of "Tait Sathorn 12" a super-prime condominium in Sathorn, where up to 97% of the condo units have already been purchased.

Despite challenges like high inflation, rising living costs, economic deceleration, and geopolitical uncertainty, the upper echelons of society tend to remain unaffected, continuing to spend at or above their usual rate, Korn emphasized. He added, "When deciding to invest in a premium product, wealthy customers have the flexibility to make decisions without being constrained by conditions."

Korn also credited the growth of the high-end property sector to foreign investors seeking second homes in Thailand. The country's attributes, including its friendly people, religious tolerance, delicious cuisine, and rich culture, make it an appealing destination for affluent investors.

Regarding the latest ultra-luxurious condominium project, Korn mentioned that more than 40% of the units have been purchased by foreigners. The top nationalities buying units at Tait Sathorn 12 are Chinese, Singaporeans, Taiwanese, and Australians. Sixty percent of these units were acquired for personal use, while the rest were for investment purposes. Korn noted, "The rate of transfer was very fast, with approximately 1.8 billion baht worth of units transferred since August, surpassing more than half of the company's initial target."

Raimon Land's sales target for the year is set at 2.6 billion baht. Korn attributed the surge in sales to the growing interest in real estate as an investment option, emphasizing the attractive rental yields and appreciating resale prices.

As the market continues to strengthen, Korn revealed that Raimon Land plans to launch two new projects next year, both super-premium condominiums with iconic designs and limited units. Additionally, the company intends to venture into the luxury home segment in the Sukhumvit area to cater to the demands of high-end clients for private residences, with plans for only five exclusive houses starting at 300 million baht.

In addition to prime locations in Bangkok, Raimon Land is also developing a residential estate in Phuket, with units ranging from 600 million to 1 billion baht, targeting foreign buyers. Raimon Land stands as Thailand's leading developer of luxury and ultra-luxury properties, with a portfolio of projects valued at over 72 billion baht.

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Source: The Nation