The condominium market in the center of Bangkok, covering the districts of Sathon, as a whole, the area around Lumpini Park, Siam and Ploenchit, is different from other places throughout the city. Land prices here are the highest in the capital, which means that most of the projects launched here are focused either on buyers of a deluxe suite or on a large number of apartments.
Examples of the latter include Noble Ploenchit with 1,444 apartments, Sathorn with 755 units and Supalai Icon Sathorn with 787 units, which is located on the site of the former Australian Embassy. Projects in this group may struggle to attract buyers as they match the advantages of location with the fact that they can buy an object of similar size and the same quality much cheaper, in just a few MRT or BTS stations.
Projects that have achieved success in the segment from 10 to 20 million baht mainly offer large apartments, a diverse layout, modern lifestyle-oriented amenities, or a combination of all three criteria.
Condos in the center of Bangkok priced from 5 to 10 million baht were the second most popular in 2022. It is important to note the projects around Chulalongkorn University, such as Park Origin Chula Samyang and Ideo Chula Samyang, in this price range, as they have demonstrated high sales figures.
There should be interesting activity in the condominium market in Central Bangkok, and several high-profile launches are expected in the near future. Recently, developer Proud Estate has targeted Bangkok by opening a Rom Convent pre-sale. Prices in the project, located opposite the BNH hospital, start from 8.5 million baht.
The biggest launch of 2023 is One Bangkok. Eventually, this complex will consist of three residential towers, although plans have been announced for only one. It is located in the same tower as the Ritz-Carlton Bangkok, but differs from the hotel in branding and management. The other two residential projects are free-standing towers. Only rented property will be available.
Finally, Hong Kong-based Swire Properties is expected to create a new condominium through a joint venture with City Realty after buying a stake in the land from HKR International. When the project will be released to the market, it is not reported, but the company announced that it will be a luxury development.