23 August, 2012 Bangkok - In the first half of 2012, Cha Am, Hua Hin and Pranburi’s residential market still showed good signs of growing, continuing from last year, especially in the condominium market in Cha Am and Hua Hin areas, according to the Cha Am, Hua Hin and Pranburi Residential Market Report issued by Colliers International Thailand.
Mr Surachet Kongcheep, Senior Manager of Colliers International Thailand’s Research Department, reports that “The total supply of condominium units is approximately 7,980 with around 47% in the Hua Hin Coastal area. Many developers were focusing more on the Cha Am area in 2011 and 2012 and some huge projects were launched there, so in the next two to three years, the Cha Am area will represent the biggest share of the condominium market. In addition, the limited land availability in the Hua Hin area was the major obstacle to condominium development there. Most luxury condominium projects were located in the Hua Hin area, due to the land prices being higher than other locations, making it unsuitable for the mass market.”
“The total number of newly-launched units in the first half of 2012 was approximately 3,060 units. The Cha Am area was still the most popular for the condominium market continuing from last year. This was due to approximately 1,422 units were launched in the Cha Am area during the first half of 2012 or around 46% of the total units launched in H1 2012, with one big project with more than 1,000 units being launched in the first half of 2012. Most large-scale condominium projects launched in the past one to two years are located in the Cha Am area, due to the availability of land and land prices remaining lower than other areas.” Mr Surachet Kongcheep said.
“The average take-up rate of all locations at the end of H1 2012 was approximately 61%, similar to that in the second half of 2011, although more than 3,000 units were launched in the first half of 2012. Condominium projects in the Cha Am and Hua Hin market are still welcomed by buyers” said Mr Surachet.
He went on to say “The take-up rate in the Hua Hin Inland area was significantly higher than the other areas at more than 74%, compared to 62% for the Pranburi area. This was due to the popularity of two projects from Sansiri Plc. were almost sold out after the official launch in April 2012. Some listed companies are already in the Cha Am, Hua Hin and Pranburi market, and the major developer is Sansiri with more than 10 projects in the area. Charn Issara have already launched three projects; Major Development two projects; Land & Houses one project; and SC Asset just launched their first project in the first half of 2012. The other big name developers also plan to launch their first condominium projects here.”
“The average selling price in the Hua Hin Coastal area is the highest, at more than THB73,500 per sq m, similar to the second half of 2011. The highest prices in the Hua Hin Coastal area are at some completed projects which still have units available for sale.” said Sunchai Kooakachai, Senior Manager, Hua Hin Office.
“Hua Hin city is busy and has traffic jams every weekend, especially during the long weekends. Many Thais preferred to stay in the Cha Am area to escape from the traffic jams and busy in the Hua Hin area. Cha Am area became a new prospective location for a second home as it is more peaceful and tranquil. During the first six months of 2012, we have received enquiries from our neighbour countries as well as China and Singapore, while foreigners from western countries have been disappearing from the market for more than a year. Most foreigners from our neighbour countries were looking for condominium units in the areas along the beach” Sunchai added.
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