CB Richard Ellis Unveils CBRE Elite Living Showcase 2010 with Confidence in Condominium Market

Real Estate Press Releases Friday September 17, 2010 10:38
Bangkok--17 Sep--CB Richard Ellis

CB Richard Ellis, the leading international property consultant and largest sales and marketing representative for luxury condominiums in Thailand, organises the company’s first property exhibition, the “CBRE Elite Living Showcase 2010”. This special 11-day event running between 16 – 26 September 2010 at the Hall of Fame, M Floor, Siam Paragon will feature 11 premium condominium projects, hot deals of the year and many more special privileges, promotions and gifts.

In the present market, there are many new condominium project launches. Many first-time buyers who lack the experience may have to spend a large amount of time researching and visiting various project sales offices before making their purchase decisions. Therefore, to assist buyers, CB Richard Ellis has selected 11 premium condominium developments to feature at the CBRE Elite Living Showcase 2010, making it convenient for those looking to buy a condominium, whether for investment or for their own use. Unit prices range from THB 3 million to THB 80 million, covering various segments of the market.

Ms. Aliwassa Pathnadabutr, Managing Director of CB Richard Ellis Thailand, reveals that one of the highlights of this event is the pre-sale of Vertiq, the latest high-end condominium project located on Rama 4 Road and close to the Samyan MRT station. Prices start from THB 5.7 million for 2-bedroom units. The other highlights are Hot Deals of the year for ready-to-move-in premium projects and penthouses located in the heart of Bangkok. It is perhaps the last chance that purchasers can own units in completed projects at initial launch prices. Projects participating in the event include The Met, Vertiq, Abstracts Phahonyothin Park, Abstracts Sukhumvit 66/1, Royce Private Residences, Marrakesh Hua Hin Residences, The Vermont Singapore, Millennium Residence, Bright Sukhumvit 24, Amanta Lumpini, and Q Langsuan.

Purchasers will enjoy many special privileges, promotions and gifts valued over THB 2 million in total, including
  • Hot Deals of the year which offer selected units at very special prices
  • Special discounts, free transfer fee, free 1st year common area management fee, free sinking fund for selected participating projects
  • Special interest rate for home loans from Bank of Ayudhya, and up to 10 times extra points and 0% instalment programmes for reservation payment of up to 10 months for Krungsri credit cardholders and Central credit cardholders when purchasing at the exhibition
  • Up to 20 times extra points for Siam Paragon’s Platinum M cardholders when purchasing at the exhibition
  • Siam Paragon cash vouchers for every purchase made at the exhibition of THB 3,000 up to THB 30,000 (Applicable for CBRE sole-agency projects at the exhibition only.)
  • Additional special gifts and privileges for every purchaser from our partners including Bank of Ayudhya, SEASONS, Mobilia, Burgundy Grande, Origins, White Front, Katiliya Resort & Spa, Phu Chaisai Resort & Spa, and Italasia
  • Weekend activities such as Feng Shui talk, tips and techniques for interior decoration and wine tasting

Ms. Aliwassa added that “There have been many new launches recently, indicating the high level of activity in the condominium market. The first reason behind this is the improved economic climate and the continued positive trends which are reflected in the growth rate of exports, manufacturing, stock market, and in the low unemployment rate.”

“The second reason is that we have already gone through the crisis, so consumer confidence has been restored. The third reason is that demand for condominiums in Bangkok from Bangkokians and those whose children study or work in Bangkok remains strong. Other additional factors prompting an increase in demand for condominiums include lifestyle changes where people are moving out of their family homes and moving to live closer to their workplace in the CBD, an upswing in foreign interests and an increasing number of investors who are purchasing property as a long-term asset.

As the largest sales and marketing representative for luxury condominiums in Thailand, CB Richard Ellis is seeing a surge in sales volume and interests in the overall luxury condominium market as purchasers now have more confidence in the economic and political situations.

The main concerns in this segment are not purchasing power or price, but the level of confidence in the overall market and product satisfaction. This market segment has a very high potential and demands for developments that are in prime locations only. However, there is a limited supply of prime sites that are ideal for luxury developments, resulting in a limited number of projects that matches the target market’s requirements. Prices of high-end condominiums will continue to appreciate and purchasers tend to hold for the long-term as high-end projects in prime locations are becoming increasingly scarce. Prices of new projects also tend to be much higher, driven by increases in land and construction costs.

In the past 8 years, land prices in downtown areas have increased by more than 300%. When a site at the British Embassy in Bangkok was sold at THB 950,000 per square wah 4 years ago, the price was considered as the top level. However, recent land transactions in the adjacent areas achieved between THB 1.3 million – 1.5 million per square wah, while land prices in popular areas in Sukhumvit are in the range of THB 350,000 – 450,000 per square wah.

We are beginning to see more foreign interest in purchasing condominiums in Bangkok as the global economy is recovering, particularly Asians and Europeans. These foreigners see the growth potential of the Thai economy and property market in the mid to long term. In addition, prices of luxury condominiums in Thailand remains reasonable compared to other major cities where prices are reaching its’ peak. CB Richard Ellis is confident that by the year-end demand from foreigners will be as strong as the pre-crisis level.

For more information please contact:
Ms. Aliwassa Pathnadabutr
Managing Director
Thailand
66 2 654 1111
Ms. Ngamjai Jearrajarat
Manager
Corporate Communications – Thailand
66 2 654 1111 ext 522

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