The residential market has improved following the implementation of property measures last month, but interest rates should be cut to further stimulate growth, especially in the lower-income segment, according to SET-listed developer Supalai.
Prateep Tangmatitham, the company's chief executive, said the impact from the property measures should be evident starting from this month as April had many holidays.
"Sentiment is gradually improving as the measures help boost housing demand," he said. "The market this year will be good as our investments and new launches are larger compared with last year."
Mr Prateep suggested separate measures to stimulate the most vulnerable groups as they have yet to recover from the pandemic.
"The booming tourism sector benefits travel-oriented destinations and those working in the hospitality sector. However, individuals working in other sectors and those residing in non-tourism destinations continue to experience sluggish income," he said.
Mr Prateep recommended a cut in interest rates of at least 0.50 percentage points to assist debtors, particularly for debts incurred during the pandemic.
If these groups receive assistance, the economy will improve and social issues will be mitigated, he said.
Meanwhile, demand for high-end condos remained strong, as Supalai recorded healthy sales of large units at luxury project Supalai Icon Sathorn in recent weeks following its completion last month.
Mr Prateep said the majority of buyers at the project were executives working in the Sathon area, with a preference for units with 3-4 bedrooms. Many of them wanted to see an actual unit before making a decision.
Supalai Icon Sathorn is a mixed-use development comprising 720 condo units, 100 serviced apartment rooms, and office and retail spaces worth a combined 20 billion baht.
It is situated on a nearly eight-rai site on Sathon Road, formerly the location of the Australian embassy, which the company acquired for 1.4 million baht per square wah in 2017.
Land prices on Sathon Road are nearly 2.5 million baht per sq w, reflecting a cumulative annual growth rate of 8% per year.
In contrast, appraisal prices hover around 700,000-800,000 baht per sq w.
From 2014 to 2024, condo supply in the Sathon area, excluding Supalai Icon Sathorn, amounted to 1,955 units across eight projects, with an average price of 290,000 baht per square metre and 315 units remaining unsold.