When it comes to residential luxury projects, the top locations that are targeted by the developers are those in the central district including Wireless, Phloenchit and Chidlom roads. It is expected that the land prices in those parts will increase as high as 2.8 million baht for every square wah due to the very limited supply in land.
According to Apichart Chutrakal who is the chief executive of Sansiri Plc, a developer listed by the SET, the prices of land appraisal when it comes to the three specific roads are always growing by 70 per cent annually. This is double the price increase on roads such as Sukhumvit, Sathon and Silom which only has 33 per cent of growth recorded annually.
He also said that the latest land transaction that they have with Wireless Road and other surrounding areas have already shown that they always have the highest number on record. He shared how they bought a plot located on Wireless Road back in 2010, the price was only 1.5 million baht for every square wah and during that time there are those that claimed that the firm has overpaid. As of this year, the offer price for the same locations has increased to 2.8 million baht.
The said plot will be the future location of Sansiri’s latest development project called 98 Wireless which is a super luxury condominium. The condo is expected to be finished by next month. The project is worth 8.7 billion baht and it will be comprised of 77 units. 45 per cent of the units have already been sold while foreigner acquisition will only be limited for 5 per cent because the firm is planning to perform marketing once the project is done.
Mr. Apichart revealed that the price is not important for buyers of the units in the super luxury sector because they are more concerned about the location and their preferences.
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