AP keen on demand as it unveils condos
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AP keen on demand as it unveils condos

An artist's rendition of Rhythm Charoennakhon Iconic, a 29-storey condo project on Charoen Nakhon Road opposite Iconsiam, with 577 units worth 5 billion baht.
An artist's rendition of Rhythm Charoennakhon Iconic, a 29-storey condo project on Charoen Nakhon Road opposite Iconsiam, with 577 units worth 5 billion baht.

SET-listed developer AP Thailand plans to launch two new condo projects near Iconsiam and Victory Monument worth a combined 7.3 billion baht this month, aiming to secure its presales target of 13 billion baht by year-end.

Kamolthip Bumrungchatudom, chief of business group for condominiums, said the company is confident about demand for condos in the two locations.

"Iconsiam is a world-renowned shopping complex. We are confident the foreign quota for the project will be fully occupied," she said. "Our key foreign buyer markets include China, Taiwan and Myanmar."

Ms Kamolthip said buyers from Myanmar demonstrated robust demand for high-priced condos in Bangkok because of their domestic political situation and Bangkok's standing as a medical hub.

Their purchasing behaviour has changed from ready-to-move-in units to off-plan ones, she said.

AP is scheduled to launch Rhythm Charoennakhon Iconic on Nov 25. It is situated on a four-rai plot opposite Iconsiam, featuring a 29-storey building and 577 units priced from 159,000 baht per square metre, with the highest unit priced at 40 million baht.

The 5-billion-baht project marks the 23rd joint venture between AP and Japanese real estate firm Mitsubishi Estate Group since 2014.

The previous 22 joint venture projects were valued at a combined 107 billion baht and comprised 21,915 units.

The other condo project is Aspire Vibha-Victory, featuring a 29-storey tower and 593 units worth a combined 2.3 billion baht.

Unit prices start from 98,000 baht per sq m or 2.79 million baht a unit.

Ms Kamolthip said no new condo supply was launched in Din Daeng, Ratchaprarop, Victory Monument and lower Vibhavadi areas over the past five years.

Of four projects with an average sales price from 115,000-155,000 baht per sq m, two were sold out, she said.

Roughly 100 units remain unsold from projects that have been on the market since 2017, said AP.

The company aims to have 25-30% of the units sold at the two new projects by the end of the year and expects 13 billion baht in condo presales for 2023, marking a 13.6% increase from 11.4 billion posted in 2022.

The total presales target, which includes low-rise houses, is 58 billion baht.

In the first 10 months this year, AP recorded 10.7 billion baht in condo presales, a 15.8% gain from 9.25 billion in the same period of 2022.

Of this amount, 1.7 billion baht was from Life Phahon-Ladprao, a new condo project worth 3.5 billion baht launched in June. The remainder was presales from existing inventory.

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