Knight Frank Revealed Supply of Sukhumvit Condominium Increased 9% in First Half 2011, Scarcity of Land Plot is the Major Drive of Land Price
Mr. Frank Khan, Director of Residential Department , Knight Frank Chartered (Thailand) said that Condominium in the Sukhumvit area is the sub-market of City Condominium, being known as Central Business District (CBD). This is the section of Sukhumvit Road between Soi 1 and Soi 63 to the north and Soi 2 and Soi 42 to the south. This popular area with expatriates and tourists spans the Asoke Intersection on the west to the Emporium Mall to the east. Condominiums in the vicinity include Domus, Ficus Lane, Noble Remix, Vincente, Auguston, The Lake, Baan Siri 24 and Thanapat, to name a few. Recent trends include new budget condominiums such as The Room Sukhumvit 21 and Le Cote Sukhumvit Soi 14.
According to Knight Frank Thailand Research, in total there are 17,963 condominium units as of first half of 2011. During the first half of 2011, there were 1,522 units introducing to the market, increased by 9% from the supply at the beginning of the year. The take up rate was high, with about 78.5%, with the available unit for sales in this area of 3,850 units. 72% of available units are from the projects launching before this year, and are mostly the projects with big unit size and the unit type is over 2 bedrooms. We will be able to see that the big units of 2 and 3 bedrooms remain in the condominium stock and unable to compete with the new coming units, with proper size.
Source: Knight Frank Thailand Research and Consulting Department
The distinction zone of Sukhumvit is regarded in the area before Asoke junction. There were only 3,267 units located in the beginning of Sukhumvit area, with about 736 units available units located in this area. Surprisingly, the high-rise condominium units in this fabulous area stood only 2,404 units and 532 units are available in stock.
Mr. Frank commented that recently, the scarcity of land plot in acquiring high-rise building in this area is the major drive of land price. The land price is quoted over THB 700,000 per square wah where the land is located in the Soi with the road width up to 10 metres. The price of over THB 1.2 million per square wah is recently proposed for the land on the main Sukhumvit Road before Asoke junction.
Exploring the selling price of condominium in the distinguished area of Sukhumvit, over THB 150,000 per square metre is quoted for the high-rise condominium unit, with the money over THB 116,000 will respond your meticulous lifestyle with low-rise condominium building.
Nothing better than living in close proximity for public transportation, in the aesthetic high-rise building and located in the beginning of Sukhumvit, 15 Sukhumvit Residence being introduced to serve all, with the selling price below the average selling price of high-rise building in the Sukhumvit area where one must invest.
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