Khao Yai Condominium Market As of March 2013

Real Estate Press Releases Friday May 17, 2013 14:10
Bangkok--17 May--Agate Communications
Overview
  • Residential market in Khao Yai is becoming popular due to its short distance from Bangkok while providing ultimate privacy, mountain view and high quality of nature.
  • It is likely that Pakchong new town plan will be postponed for at least another year. This new town plan would play the crucial role in controlling all forms of development in Khoa Yai hence in the first quarter; the market appears to be more stabilized. Some residential projects delay their launching process.
There are five major developments area in Khao Yai including:
1. Thanarat Road is the most popular area, especially Thanarat Road Km. 17 - 23 which has higher price because it close to the National Park entrance and junction to other roads.

2. Kudkla - Phansuk Road is another road that has many amenities, restaurants and tourist attractions. It is also the shortcut from Bangkok to the National Park. Both housing and condominium projects are available for sales on this road.

3. Road connecting to Wang Nam Khiew is the road where luxury projects, such as Kirimaya and Toscana are located. There are hills and slopes providing good scenery on the south side of the road.

4. West Side of Thanarat Road has many housing projects near the mountains and hills giving beautiful views and privacy. However, the facilities are not well-developed; therefore, the price is not expensive. The roads in this area can be connected with three main roads, namely Mittraphab Road, Thanarat Road and Kudkla - Phansuk Road.

5. East Side of Thanarat Road is in quite similar condition with west side of Thanarat Road but has more local dwellers because the area is relatively flat with canal. A well-known project is Bonanza.
Supply

During the first quarter of 2013, there were two projects launching to Khao Yai condominium market comprising the total of 365 units. Atta the Condo owned by Noble Development is offered rental guarantee to attract investor while Zen Next has new onsen feature to catch the new potential group of buyers. The total supply of condominium in Khao Yai now stands at 2,654 units in 27 projects.

New Supply in Khao Yai
Name             Location                           No. of Units
Atta the Condo   Road Connecting to Wangnamkhieaw   261
Zen Next         Tanarat Km. 22                     104
Source: Nexus Property Marketing, March 2013
An additional of 176 units of luxury condominium namely Serene Hills located on Tanarat Km. 7 will be launching to the market by the second quarter of this year.
Demand

Majority of demand for residential in Khao Yai are from Bangkok. There remains demand for condominium in especially those with investment return opportunity. Atta the Condo with its location in Kirimaya Compound has announced its success for its first launch during the first quarter. The overall sales rate of the market dropped slightly from 65% in the last quarter of 2012 to 63% this quarter.

Price
The popularity of Khao Yai over the past few years resulting in skyrocketed growth in land price together with construction cost increase were a cost push factor of condominium price in Khao Yai.

The sales price of the new projects launched this year is significantly higher than those launched last year at around Baht 90,000 per square meter compared to Baht 69,500 per square meter. This is mainly due to the high quality of those launched projects as well as rental guarantee campaign.

The average market price witnesses at Baht 68,200 per square meter, 5% increase from last quarter.
Trend
Supply will be stable and likely to be increased again by the fourth quarter this year.
During the next two quarters, the condominium price in Khao Yai is forecast to be stable because the market is entering low season.

With all proposed leisure facilities to be entered Khoa Yai market e.g. water park, theme park, medicare and health center, retail center and hotels, Khao Yai market will become new travel destination for both Thai and expatriate people resulting in higher demand for second home market.


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