London calls wealthy Thais

The British developer St. James Homes is offering 16 luxury condominium units in London worth a combined 1.5 billion baht to high-net-worth Thai investors.

A two-day sales event that starts today has a 50% sales target.

Suphin Mechuchep, the managing director of Jones Lang LaSalle (Thailand) or JLL, the sales agent of the London condos, said wealthy Thais are always looking for chances to buy residential properties in the British capital.

Some of these are parents who have already sent their children to school or university in London or plan to do so.

They want to buy a condominium for their children to live in and for them to stay in when visiting, said Ms Suphin.

''Thai buyers also expect some capital gains when they sell the properties once their children finish their studies and move back to Thailand. Typically they'll hold onto a London residential unit for 10-15 years,'' she said.

Another group of Thai buyers comprises ultra-high-net-worth individuals seeking opportunities to invest in London's property market, which offers good risk-adjusted returns and has no restriction on foreign ownership.

Ms Suphin said London residential prices have already beaten expectations of many analysts this year and are set to rise by 6-8% for the full year.

Some areas such as Nine Elms Lane and the Albert Embankment rose above that level in the first half of this year.

JLL will today kick off the two-day sales event for The Corniche. The venue will be the Bangkok Club in the Sathorn City Tower on Sathon Road.

The London project offers Thai buyers 168 units sized from 46-192 square metres and 16 fully furnished units sized from 49 sq m and priced from 640,000 baht per sq m under a 999-year leasehold.

The project comprises three towers on the south bank of the River Thames.

Construction will start this year for completion in the first quarter 2017.

About the author

Writer: Kanana Katharangsiporn
Position: Business Reporter