In the ever-changing world of real estate, where economic downturns often impact various market segments, one niche stands strong and undeterred by the uncertainties: the luxury market segment.
Several property developers have acknowledged that the Covid-19 pandemic caused a contraction in the overall residential market, affecting both demand and supply. However, the luxury segment defied market conditions and experienced growth.
Korn Narongdej, CEO of SET-listed developer Raimon Land Plc, expressed confidence in the luxury segment, emphasising the resilience of buyers in this market despite economic fluctuations. He stated, “The luxury segment across various industries has remained highly active and experienced significant growth. Even during the pandemic, the luxury segment demonstrated strong sales, indicating the continued demand for high-end properties.”
In response to this trend, Raimon Land strategically adjusted its portfolio by exclusively focusing on the luxury segment and discontinuing projects that do not align with this strategy.
Thitima Rungkwansiriroj, CEO of SET-listed developer Singha Estate Plc, pointed out that the Covid-19 pandemic has led to a shift in consumer behaviour, with a preference for low-rise houses over condos due to the increased desire for more space. She estimated that the luxury market in 2023 is projected to experience a 35% growth in value, with the 50-100 million baht segment standing out as particularly prominent.
While other segments experience volatility and economic contractions, the luxury property market continues to thrive, according to Artitaya Kasemlawan, head of residential sales-project at property consultant CBRE Thailand. She stated, “The luxury property market has demonstrated remarkable resilience, with minimal impact from economic fluctuations. Prior to the Covid-19 pandemic, the market was in a balanced state, characterised by a surplus of supply and significant price increases.”
However, as the pandemic unfolded, demand decreased, leading to a reduction in supply. This supply shortage resulted in the absorption of existing units, restoring equilibrium between supply and demand. Consequently, prices remained relatively stable, as the luxury segment proved less susceptible to market fluctuations.
“In the first half of 2023, the luxury market continues to mirror the trends observed in the latter half of 2022,” she said. “Unlike other segments that were heavily impacted by the pandemic and economic downturn, the luxury market, comprising affluent individuals, remained relatively unaffected.”
In the first quarter of 2023, the Real Estate Information Center (REIC) reported a significant decline of 59% in the number of new supply launches in the overall residential market of Greater Bangkok. Vichai Viratkapan, acting director-general of REIC, attributed this decline to several key factors, including an unfavourable economy, high levels of household debt, and the expiration of relaxations in loan-to-value limits.
In contrast, the condo market has experienced a consistent decline in the number of newly launched supplies priced at 10 million baht and above in Greater Bangkok since 2019. This trend is primarily attributed to the limited availability of land plots in inner-city locations for new condo development. The number of units steadily decreased from 4,876 units in 2018 to 3,701 units in 2019, 1,702 units in 2020, and further dropped to 378 units in 2022.
However, there was a notable increase in the number of newly launched condo units in Bangkok in the first quarter of 2023, with a total of 167 units introduced compared to zero units in the same period of the previous year.
Developers perceive the luxury residential market as a segment that still holds potential, despite the ongoing economic factors negatively impacting purchasing power. They continue to introduce new supply in this segment. In the second half of the year, the market will witness the unveiling of several high-end projects. For instance, Raimon Land plans to introduce three new developments in the fourth quarter, with a combined sales value of over 18 billion baht. These projects will be positioned within the ultra and super luxury segments. One notable project is Rosewood Residences Kamala, a super-luxury villa development worth 7 billion baht, located on Kamala Beach in Phuket. Branded with Rosewood Hotels & Resorts, units will have prices starting from 600 million baht.
Singha Estate has announced the upcoming launch of five new high-end projects valued at over 10 billion baht. These projects will primarily consist of low-rise housing developments, including two single detached housing projects with units priced between 15-30 million baht and 30-50 million baht. Additionally, cluster homes will be introduced in two different locations, with the first offering units starting from 100 million baht and the second featuring units starting from 550 million baht.
Meanwhile, SC Asset Corporation Plc remains dedicated to the luxury housing market, with 70% of its upcoming low-rise house projects valued at 10.3 billion baht being launched in the second quarter, focusing on units priced from 20 million baht.
As it enhances experience and increases value by crafting exceptional living spaces, attention to detail, and providing outstanding after-sales services, Sansiri has solidified its leadership in the luxury real estate sector.
Sansiri Plc has achieved extraordinary milestones, reinforcing its unrivaled position as a leader in the luxury market. Within just one month, Narasiri Krungthep Kreetha’s 86 units priced between 50-130 million baht were completely sold out, demonstrating the company’s rapid success. Additionally, 98 Wireless made history in Thailand’s property market by setting a record-breaking resale price of 1 million baht per square metre. These remarkable achievements solidify Sansiri’s position as a trailblazer in the luxury segment.
As the developer continues to forge ahead, it unveils Narasiri Phahol-Watcharapol, an iconic, masterpiece project situated in a highly desirable location, cementing its commitment to delivering luxurious residences that captivate discerning homeowners.
Uthai Uthaisangsuk, Sansiri’s chief operating officer, said Sansiri is driven by an unwavering determination to craft exceptional living spaces that seamlessly connect customers’ preferences and lifestyles, while paying meticulous attention to every detail.
“With customers’ unwavering trust in our brand and quality over 39 years of expertise as a taste-maker brand, we are dedicated to creating a taste for living that surpasses expectations,” he said. “This commitment extends beyond design and construction, encompassing after-sales services that enhance the overall experience and contribute to increased value.”
2023’s ULTIMATE LUXURY UNFOLDS
Narasiri Phahol-Watcharapol is a prestigious project under the Sansiri Luxury Collection (SLC), offering units priced between 35 and 90 million baht. With a total value of 5.3 billion baht, it has emerged as a significant highlight this year.
The project is expected to contribute to the company’s overall sales, as it already achieved pre-sales worth over 1 billion baht from VIP customers within a two-week period.
“This success can be attributed to the growing demand for high-end single detached houses among high-net-worth individuals (HNWIs), prompting the company to plan for further expansion and new phases,” said Mr Uthai.
Situated in a prime location in Phaholyothin-Watcharapol, the two-story luxury single detached house project offers a complete luxury lifestyle experience for a limited number of 125 families within its expansive 75-rai area. It presents four distinct house designs, all of which feature double parking spaces capable of accommodating two cars. Redefining luxury single detached houses, the project draws inspiration from the Modern French Renaissance style, capturing the essence of the magnificent beauty found in France.
Every aspect of the design reflects a harmonious fusion of classical and contemporary elements, from notable world-class architectural features to the inclusion of significant landmarks in the project area, which contribute to its unique charm.
The project’s master plan is designed to align with the urban plan of Paris. The distinctive architecture and exquisite artworks start from the project’s entrance area, designed to exude beauty.
The sculpture of a winged lion (Le Lion de la Victoire), symbolising progress and prosperity in business, is placed at the entrance, reflecting the project’s commitment to advancement and prosperity for residents.
The Mini Maison (lobby lounge) serves as a private business meeting point without the need to enter the project area, providing privacy for homeowners.
The common area, spanning over 6 rai, is inspired by the unique design of the Palace of Versailles, including the Parterre garden that emphasises the use of intricately trimmed foliage in delicate and harmonious patterns, as well as the Tuileries Garden in Paris.
The parallel rows of trees planted on both sides are a replication of the famous Champs-Élysées, along with imported exquisite sculptures from Europe including fountain sculptures, tree pots and garden furniture, in the common garden area.
The Glasshouse-style pavilion, crafted from wrought iron, is inspired by the Eiffel Tower. The spacious clubhouse is situated in the most picturesque location of the project, surrounded by a serene lake.
The gardens in the common areas draw inspiration from the Palace of Versailles, featuring a glasshouse-style roof. Inside, it reflects the essence of French design, such as a versatile conference room for meetings and business interactions.
There is also a spacious 10x25 m swimming pool that includes a separate pool for children, perfect for families to cool off and enjoy the water. Fitness enthusiasts will appreciate the on-site gym, equipped with state-of-the-art facilities to cater to their workout needs.
Furthermore, family members of all ages can indulge in their favourite activities and make the most of their time together with well-designed playgrounds and a basketball court.
For houses, top-quality materials and impeccable designs are chosen. They encapsulate the complete narrative of beauty in the Modern French Renaissance style, showcasing the distinctive features of flourishing Parisian homes.
The exterior architecture stands out with its unique façade, highlighted by grand wooden doors. Inside the houses, the interior decorations make use of elements that exhibit an over-scaled aesthetic, such as the gigantic grand staircase, towering at 7.20 m. Additionally, the houses are named in accordance with French tradition.
“Watcharapol is an enticing prime location for luxury living, with land prices experiencing a significant surge of 40% over the past five years,” said Mr Uthai. “Moreover, there is a strong demand for luxury homes in this area.”
SANSIRI LUXURY COLLECTION
Sansiri Luxury Collection projects Refined Taste, Uncompromising Quality and Unparalleled Living Experience, said Mr Uthai.
“Exceptional design is a crucial requirement in every Sansiri Luxury Collection property,” he said. “Collaborating closely with renowned architects and designers, timeless beauty and sophistication, we aim to craft a living masterpiece, a space that will ignite inspiration for both current and future generations.”
Among the esteemed designers involved was Anne Carson who gained recognition for her exceptional work at Ralph Lauren. Her creative brilliance was evident in the interior design of 98 Wireless, setting a new benchmark with its unprecedented selling price of over 700,000 baht per sq m.
Recently, Sansiri’s prestigious flagship project, 98 Wireless, has achieved a remarkable milestone in Thailand’s property market. It has set a new record with an unprecedented surge in resale prices, reaching an astonishing 1 million baht per sq m, the highest ever recorded in the country.
“We incorporate enduring architectural styles such as beaux arts for 98 Wireless, regency for Baan Sansiri Pattanakarn, renaissance revival for Narasiri Phahol-Watcharapol, and modern luxury for BuGaan. When integrating these designs into our projects, we pay meticulous attention to not only the aesthetic elements but also the scale and materials used,” he added.
The company showcased exceptional craftsmanship that pushed the limits of home design, demonstrating a deep understanding of space and context to create extraordinary living environments.
It is not sufficient to meticulously select high-quality materials and design them in a distinctive manner like a work of art. Proper maintenance is also essential to ensure their longevity.
SLC aims to provide its discerning customers with living experiences that are tailored to their refined expectations, catering exclusively to a privileged few. Maintaining confidentiality and privacy is of utmost importance in luxury projects.
“Privacy in a residential development does not necessarily depend on having a limited number of units; it can be integrated into the design itself,” he added.
Privacy can be ensured in a condo project, an environment where residents have easy access to public areas. This can be achieved through the incorporation of private elevators and entry sequences, which are carefully designed to prioritise individual privacy.
LIFE-TIME ASSET VALUE
Mr Uthai said the company’s success as the top-ranked leader in Thailand’s superluxury real estate development stems from its unmatched strengths, namely unwavering customer trust and acceptance among upper-end buyers.
This is reflected in the brand’s reputation and the impeccable quality standards upheld in its projects which possess a deep understanding of individual identity and genuine residential preferences, coupled with their commitment to preserving the projects’ pristine condition as if it were their inaugural day.
“The brand heritage and our over 39 years of expertise have established us as a taste-maker in the property industry,” he said. “With a strong focus on after-sales services, we add value to the properties, elevating their worth even further.”
One of the projects that has experienced a substantial increase in value is Narasiri Krungthep Kreetha, a two-story luxury single-house project valued at 6 billion baht.
It achieved record-breaking sales within just one month last year, making history in the luxury housing market in the price segment of 50 million baht and above as the fastest-selling project in Thailand. It also offers the potential for capital gains of up to 30% within a mere three-month period.
At present, Sansiri Luxury Collection’s portfolio, worth a total of over 35 billion baht, includes eight projects: 98 Wireless, Baan Sansiri Pattanakarn, Narasiri Krungthep Kreetha, BuGaan Yothinpattana, BuGaan Krungthep Kreetha, The Monument Thong Lo, KHUN by YOO inspired by Starck, and the most recent addition, Narasiri Phahol-Watcharapol.
“Our success in the luxury market is anchored in our brand heritage, cultivated over 39 years of expertise, as well as the lifetime asset value supported by best-in-class after-sales services, and our reputation as taste-makers, earned through the trust and acceptance of our customers and collaborations with renowned international designers,” concluded Mr. Uthai.
In recent years, Thailand has witnessed a remarkable surge in the demand for luxury properties, reflecting a growing interest in acquiring opulent residences and indulging in a lifestyle of utmost grandeur. As the Thai real estate market continues to evolve, several intriguing trends have emerged, shaping the landscape of luxury property investments. These trends go beyond mere aesthetics and extravagance; they embody a profound shift towards a more conscious and holistic approach to luxury living.
Artitaya Kasemlawan, head of residential sales-project at property consultant CBRE Thailand, noted that consumer behaviours have undergone significant transformations since the onset of the Covid-19 pandemic. “During this period, it became evident that working from home was rapidly becoming the new normal, leading to a shift in preferences from city condo living towards low-rise houses,” she explained. Furthermore, she highlighted that the trend of demanding larger living spaces has not only endured but continues to thrive to this day.READ MORE
According to property research and consultancy Terra Media and Consulting Co, Ltd which conducted quantitative research among a sample of 1,000 respondents, eco-friendly and sustainable homes were identified as three of the top five upcoming trends for residential properties in 2023. The respondents, including Baby Boomers, Generation X, Y, and Z, all considered green spaces within the project and energy-saving measures as essential factors.READ MORE
Nowadays, people are placing more importance on addressing concerns related to PM2.5 air pollution, promoting fresh air circulation, and implementing energy-saving measures. Developers are responding to this shift by incorporating dedicated green spaces in their residential projects, whether they are condos or low-rise developments, to create a liveable environment for buyers.READ MORE
The branded residence market in Thailand ranks among the top 5 globally in terms of the highest number of branded residences, following Dubai and New York, said Ms Artitaya. “This indicates that there is still significant room for growth in this market,” she said. “Thailand is one of the countries that foreigners show early interest in when considering purchasing real estate outside their home countries.”READ MORE
Recently, there has been a growing desire among customers for extraordinary amenities that cater to the luxurious lifestyles of the luxury segment. This demand is evident in the high occupancy and strong bookings observed at The Ritz-Carlton Mahanakhon’s state-of-the-art mini theatre, featuring cutting-edge sound systems.READ MORE
Raising the bar for residential excellence
SET-listed developer Singha Estate Plc has firmly established itself as a true leader in the luxury residential market, setting new standards and redefining customer expectations with unparalleled best-in-class offerings.
Right from its inception, the company has strived to be at the forefront of the industry, continuously raising the bar for excellence, said Thitima Rungkwansiriroj, CEO.
“Our unwavering focus on being the best in class has set us apart from competitors,” she said. “We understand that customers deserve nothing but the best and our approach centres around providing top-notch products that surpass all others.”
Singha Estate focuses on consistently delivering exceptional quality that discerning customers truly deserve. One of the key drivers of its success lies in its strategic selection of prime locations for a luxury development.
By offering properties in highly sought-after areas, the company ensures that residents not only enjoy luxurious living spaces but also benefit from the convenience and prestige associated with these prime locations.
“The luxury market segment may be relatively niche, we therefore place great emphasis on design, layout and material selection, striving to create homes that exude sophistication and unparalleled elegance.”
Moreover, the company recognises that a home is not merely about the individual living space, but also about the shared areas and facilities that enhance the overall living experience.
One such example is SIRANINN RESIDENCES which was launched in January 2023. The project caters to the needs of multi-generational families, providing spacious homes and anticipating future needs.
By prioritising functionality, adaptability, and the highest standards of craftsmanship, it ensures that its properties remain a benchmark of luxury for years to come.
“We undertake market research to anticipate customer demands and create blueprints that prioritise quality materials, universal design, safety, and aesthetics,” she added.
By adopting a forward-thinking approach, Singha Estate ensures that every aspect of its developments, from function to specifications and technology, is meticulously designed and executed to deliver a top-notch living experience.
Notably, its foray into the luxury housing segment has been marked by the creation of SANTIBURI THE RESIDENCES, an iconic symbol of the company’s commitment to setting new standards.
With a price point exceeding 250 million baht, it has been able to incorporate exquisite features that enhance the beauty and luxury of these homes, unfettered by major cost constraints.
This unwavering dedication to craftsmanship sets the company apart, leaving a lasting impression on buyers who choose to invest in their properties.
Mrs Thitima said the company’s in-depth research ensures that every project, regardless of price range, is situated in prime locations with immense potential for residential growth.
“From the get go, we focus on the direction of the house, starting with the shape of the project’s land and the master plan. This ensures that our homes align with architectural principles and provide a truly desirable living experience.”
Singha Estate’s approach to homebuilding is centred around providing lasting value. Fundamental elements such as location, landscape, master plan, and layout are paramount, she added
“Our customers cannot easily change these aspects, so it is our responsibility to get them right from the start,” she said. “We are providing homes that stand the test of time.”
The company also believes in offering more than what others provide. By extending its warranties, it offers peace of mind and demonstrates its confidence in the quality of its products.
“Investing in a luxury home is a significant decision,” adds Mrs Thitima. “We go above and beyond industry standards by doubling our warranty period and providing 24-hour services.”
“By anticipating the future, our project incorporates innovative features of environmentally friendly architecture to meet future consumer needs. For example, an infrastructure system is specifically designed and tailored to support the operation of solar panels and batteries, making it ideal for charging electric vehicles.
Additionally, Singha Estate has implemented a robust electrical stability system that ensures uninterrupted power supply, particularly for households with elderly or patients who require medical equipment at home or even for sophisticated equipment like wine cellar.
Singha Estate’s success in understanding customer needs is further amplified by their focus on personas and target customers.
By catering to successful individuals who seek to reward themselves, the company taps into the growing demand for properties that not only offer a luxurious lifestyle but also serve as a symbol of social status.
“We take pride in our homes’ quality, durability and timeless design. When you choose Singha Estate, you are investing in a legacy,” concluded Mrs Thitima.
From the prestigious riverside developments in Bangkok to the idyllic pool and sea view villas in Phuket, Thailand’s real estate market presents an enticing range of opportunities for those seeking the epitome of luxury living. Let’s explore some of the most sought-after locations and the unique characteristics that make them hotspots for luxury property investments.
Central Lumphini-Silom-Sathon is a highly coveted location for both local and international luxury property buyers. It consistently sets new records for the highest land prices per square wah, solidifying its position as the most expensive land in the area. In 2020, the highest recorded land price reached an impressive 3.93 million baht per square wah.
This location also boasts a remarkable achievement as the site of the largest land deal in the country’s history. Valued at £420 million (approximately 18.6 billion baht), a joint-venture consortium comprising Central Group and Hongkong Land, a member of the Jardine Matheson Group, acquired a 25-rai plot of land from the British Embassy.
Due to the limited availability of freehold land for residential development, the majority of new projects in this area offer leasehold properties, with lease terms ranging from 30 to 50 years.
CBRE reports that the newly developed condos in this region primarily consist of super-luxury units, with prices starting from 350,000 baht per square metre and above. Notably, a significant number of these developments fall under the category of branded residences, further enhancing the level of luxury and prestige associated with the area.
SUKHUMVIT ROAD FROM SOI 1 TO 55 (THONG LO)
Sukhumvit Road, particularly the stretch from Soi 1 to 55 known as Thong Lo, is widely regarded as one of the most desirable locations for luxury condominiums. It attracts both local and foreign buyers, making it a top choice for luxurious living experiences.
The prime location in the heart of Bangkok, combined with a vibrant atmosphere and excellent connectivity, contributes to the high desirability of Sukhumvit among discerning property buyers. The area is renowned for its upscale amenities, renowned dining options, high-end shopping establishments, and a wide range of entertainment venues.
In terms of land prices, Sukhumvit ranks second after Central Lumphini, with the recorded price reaching 2.86 million baht per square wah in 2020, according to CBRE.
In the fourth quarter of 2023, Sukhumvit’s ultra-luxury segment will witness the launch of three residential projects. Among them, one development will be a branded residence offering spacious units starting from 100 square metres.
In addition to the branded residence, two other exceptional projects will make their debut in the area. The first is a low-rise housing project, while the second is a 32-storey condominium located on Sukhumvit’s main road in the Thong Lo area. The latter features a collection of 18 full-floor penthouse units, priced from 150 million baht.
The Riverside location, situated along the banks of the Chao Phraya River, encompassing Charoen Krung, Charoen Nakhon, and Rama III roads, has become a highly sought-after destination for luxury condominiums. The prices in these riverside areas range from 250,000 to 350,000 baht per square metre, capturing the attention of both Thai and foreign buyers.
It’s important to note, however, that not all sections along the Chao Phraya River hold equal appeal, as highlighted by Artitaya Kasemlawan, head of residential sales-project at CBRE Thailand. These riverside locations offer a unique combination of breathtaking views, serene surroundings, and convenient access to urban amenities. Living alongside one of Thailand’s most iconic rivers holds a distinct allure, prompting developers and investors to create exclusive residential projects in these prime areas, including branded residences.
One of the highly popular areas in the eastern zone of Bangkok is Krungthep Kreetha, known for its newly constructed, expansive road and trendy vibe. Previously, this location had limited housing projects. However, with the development of this new road, property developers now have the opportunity to acquire large plots of land for building houses.
Another noteworthy location in the eastern zone is Bang Na, which has long been associated with expensive housing projects. In fact, the latest large-scale residential project in Bang Na is also priced at a premium level.
According to Thitima Rungkwan-siriroj, CEO of Singha Estate Plc, a developer listed on the Stock Exchange of Thailand (SET), Bangkok’s eastern zone is the preferred destination for affluent homebuyers engaged in business activities near Suvarnabhumi Airport, Bang Na, and the Eastern Economic Corridors (EEC).
The appeal of Bangkok’s eastern zone lies in its exceptional development and the presence of state-of-the-art infrastructure, with Suvarnabhumi Airport and the Eastern Economic Corridors (EEC) serving as major attractions for both businesses and residential demand. Krungthep Kreetha and Phatthanakan have emerged as the most attractive and thriving areas within Bangkok’s eastern zone, playing a significant role in the city’s urbanisation.
The city planning regulations implemented in Bangkok’s western zone have played a crucial role in preserving its residential character. By limiting dense construction, the area has retained its true essence as a residential hub, attracting high-end residential developments.
Within this zone, Ratchapruek and Borommaratchachonnani have emerged as highly sought-after locations due to their less crowded atmosphere and convenient access to the Si Rat-Outer Ring Road Expressway.
According to Sansiri Plc, a property developer listed on the Stock Exchange of Thailand (SET), an increase in land prices has been observed in Ratchapruek, Petchkasem, Pinklao, Nakhon In, Rattanathibet, and Chaiyapruek. Ratchapruek, in particular, stood out as one of the top 10 locations in 2020, experiencing an average land price growth rate of 27%.
The appeal of this location is further enhanced by the presence of mega projects initiated by both the government and private sector, including large-scale shopping malls and leading hospitals.
VILLAS IN PHUKET
Phuket has emerged as one of the hottest destinations for luxury property buyers, attracting investors from around the world, according to Ms Artitaya. While the market has been impacted by the return of tourists after the Covid-19 pandemic, it is noteworthy that Russian buyers continue to dominate the Phuket market.
Russian buyers are particularly interested in pool villas with 2-5 bedrooms, prioritising spacious accommodations for their families. These villas typically fall within the price range of 20-60 million baht, offering various options to suit different budgets.
When considering a pool villa, Russian buyers tend to focus on popular locations such as Choeng Thale, Laguna, Bang Tao, and Layan. These areas offer numerous amenities and facilities, making them attractive choices for those seeking a well-rounded lifestyle.
In addition to pool villas, there is also a demand for sea view villas, often found in the resale market. These properties are frequently situated in hilly regions, with Surin Beach being particularly sought after.
Sea view villas in Bang Tao typically range from 70-150 million baht for 4-5 bedrooms, reflecting their larger size and breathtaking panoramic views of Phuket.
The first quarter of this year has witnessed a surge in new villa projects being launched in Phuket, following the successful sale of completed units in the fourth quarter of 2022. With the return of foreigners to Phuket, the market is currently experiencing significant growth, presenting excellent opportunities for developers to capitalise on.
While most villa developments are situated inland due to the scarcity of sea view land, it is important to note that finding sea view land is not a prerequisite for a successful villa project. Existing villas with stunning sea views already cater to the demand of buyers seeking such features.
Artitaya Kasemlawan, the esteemed head of residential sales-project at CBRE Thailand, highlights that discerning luxury home buyers have exceptionally high expectations. They seek residences that flawlessly meet their standards, demanding top-notch quality in every aspect.
Such buyers are willing to pay a premium for a property that excels in all areas. However, it is important to note that if a luxury residence fails to meet their expectations in certain aspects, it may not garner the same level of interest or enthusiasm.
The property should be situated in a truly luxurious area. Branded residences often choose central locations such as Central Lumphini, riverside areas, or prominent spots along Sukhumvit Road. If the property is not on a main road, it should still have easy access and wide entrances to avoid congestion.
The design of the property plays a crucial role. The exterior architecture should be timeless and awe-inspiring, while the interior layout should be efficient and make effective use of space. Luxury buyers expect every square metre to be well-utilised, as they are unwilling to pay for any wasted or subpar areas. The materials used should also align with the concept of luxury.
Branded residences are becoming more common as they add a touch of luxury to a project. High-end services or the involvement of renowned international designers can enhance the selling points of a development.
Luxury homes are increasingly expected to have sustainable features and eco-friendly technologies. Buyers value properties that prioritise environmental conservation and offer energy-efficient solutions.
The property should be easily accessible, with good transportation links and proximity to essential amenities such as shopping centres and restaurants.
The quality of the surrounding neighbourhood is crucial. Buyers seek a desirable and prestigious neighbourhood that aligns with their lifestyle and enhances the value of their investment.
When it comes to buying a luxury residence, these factors collectively contribute to the A+ quality that luxury buyers seek. While some buyers may purchase luxury properties for status and self-representation, others prefer a more low-profile approach.
The project’s concept and execution play a vital role in attracting buyers. Branded residences, for example, are associated with worldwide recognition and serve as a reflection of the buyer’s identity. However, luxury is not solely determined by the brand; it also depends on the product itself and what the developer has chosen to highlight.
For new developers entering the luxury market, creating an exceptional product is paramount in attracting and gaining the trust of potential buyers. Every developer starts from somewhere, so the initial focus should be on producing a remarkable product, even during the off-plan stage when customers cannot physically see the finished home.
Attention should be given to design, layout, choice of materials, efficiency, and the quality of the clubhouse facilities. Buyers will evaluate the finished product and determine if it aligns with what was promised during the sales process.
The success of future projects will depend on the satisfaction derived from the first development. Therefore, whether a developer is new or established, choosing a good location and delivering an outstanding product will drive sales.
Purchasing a luxury residence is a significant investment, and buyers expect the best of the best. By considering these factors and delivering a high-quality product, developers can create demand and achieve success in the luxury real estate market.