Premium riverside condominium boom predicted

BANGKOK, May 8 (TNA) -- Real estate developers stated that the ongoing improvements in the national economy and investments in urban electric rail networks will help stimulate the real estate sector. Ms Supin Meechucheep, president of Jones Lang La Salle (Thailand) Co Ltd stated that the real estate sector, in particular Luxury and Super Luxury condominiums in Bangkok, will boom in the next couple of years. These category of condominiums currently account for 17,200 units or 3 per cent of total demand. Of these, 2,600 units are riverside projects which has not met the extraordinary demand from the market for such prime locations. Furthermore, new riverside projects are few in number which has contributed to the dizzying rise in prices for such condos. Estimates are that the current 1- 2 per cent growth will exponentially rise to 20 per cent in the coming years. Decha Tangsin, the CEO of Mae Nam Residence Co, meanwhile, confirmed that the real estate sector this year will enjoy a healthy growth corresponding with the improving GDP which is projected to grow by 4.5 per cent. Further contributing to this is the confirmed investments in the urban electric rail network in Bangkok and its periphery. Once competed urban commute will become more and more convenient. These rail networks include the planned Gold Line which will cater to riverside residents living in Thon Buri-Charoen Nakhon. This will cause the demand for premium riverside condominiums to rise dramatically. Two real estate developers have already confirmed that they will be launching major riverside projects within the next 1- 2 years. (TNA)