PROPERTY

The number of newly launched condominium units in Greater Bangkok was almost twice that of single houses and townhouses in the first nine months of the year.

But Samma Kitsin, director-general of the Real Estate Information Center (REIC), said the condominium segment has experienced a slight oversupply in upper Sukhumvit and on Ratchadaphisek Road.

Some 9,000 to 10,000 condo units were launched in the first nine months on upper Sukhumvit Road, but sales were slow.

"Developers are unhappy with the situation, but buyers are happy as they have greater choices with competitive prices and attractive campaigns," said Mr Samma.

He said newly launched condos on Ratchadaphisek Road in Huai Khwang, Chatuchak and Din Daeng districts are facing similar conditions but with slightly better sales.

The REIC said the number of newly launched condo units in Greater Bangkok rose by 42% year-on-year in the first nine months to 46,000, while the number of single homes and townhouses fell by 29% to 24,000.

Of the 46,000 condo units newly launched, 29,000 (63%) were smaller than 30 square metres.

Land prices soared and construction costs rose.

Some 18,000 units were smaller than 26 sq m, while 11,000 were between 26 and 30 sq m.

Mr Samma said developers are making unit sizes smaller to keep condos affordable.

Condos remain popular in Greater Bangkok. The segment showed the only growth in transferred units out of the entire residential market.

During the first seven months, condominium transfers rose by 7%, while single-house transfers fell by 12% and townhouse transfers by 16%.