• Indicates that in 2018, the resale/rental market trend in the Sukhumvit area connecting Asoke – Rama 9 is looking promising with an investment return of approximately 6-7% per year
  • Preparing to set a new high sales record, aiming for this year's sales target of 15 billion baht
  • Expanding the foreign customer base by establishing a new unit - partnering with property agent allies to penetrate 5 key markets in Asia: Japan, Hong Kong, Singapore, Taiwan, and China

         Bangkok (February 19, 2018) – Bangkok City Smart Co., Ltd. (BC), a leading comprehensive real estate investment consulting firm in the city, announced a new record with property sales in 2017 reaching 10 billion baht. The demand for resale condos for actual living has surged, with sales increasing by over 65%, especially for completed condos in two prime locations: Sukhumvit and Asoke connecting to Rama 9. The company aims to continue this growth into 2018 by expanding its foreign customer base and establishing a new unit while partnering with leading agents to penetrate the markets of 5 key countries: Japan, Hong Kong, Singapore, Taiwan, and China, with a target of closing total sales of 15 billion baht by the end of the year.

         Mr. Kayal Tantichatiwat the director of Bangkok City Smart Co., Ltd. (BC), which operates as a real estate agency covering sales and rental services under AP (Thailand) Public Company Limited, stated: “The company's performance in 2017 was highly successful, achieving a new all-time high with property sales through the company totaling 10 billion baht, growing over 65% from the previous year (2016) and surpassing the sales target of 7 billion baht. The sales composition was 60% from resale products and 40% from new projects. Part of this success is due to the significant growth in demand from customers interested in resale condos, which increased by over 50% from the previous year, reflecting our success as a leading property agent trusted by clients in both service and investment management.”

         For 2018, BC aims to maintain its leadership as a property agent in Thailand while focusing on managing both resale and rental products, concentrating on high-potential central business district (CBD) locations. This includes having a quality team and professionalism in customer consulting and negotiation. Additionally, the company is expanding its network and customer database. This year, the company has been appointed as the official real estate representative to manage the sales of AP Group's condominiums in international markets, establishing a new unit specifically for targeting foreign customers. They are also collaborating with leading property agents to penetrate the aforementioned 5 potential countries to showcase products abroad, with expectations to close property sales worth 15 billion baht by the end of 2018.

         “Regarding the resale and rental market trends this year, positive factors from the overall real estate market are expected to grow in line with the country's economic forecast, which is projected to grow by 4%. Additionally, the progress of government investment in the electric train network is a key indicator boosting confidence in buying, selling, and investing in real estate products. Especially in the mid to high-end condo market in the city center, the trend remains positive. Besides Thai customers being the main group, there is also a continuous demand from foreign customers purchasing for actual living and investment,” Mr. Kayal added.

         According to a survey by Bangkok City Smart's research department, the notable resale and rental condo locations include the early to mid Sukhumvit area (Nana – Asoke – Phra Khanong), which is a location combining leading offices from both foreign and Thai companies and large lifestyle hubs. The average rental price for a 1-bedroom unit is around 700 baht per square meter or yields approximately 6-7%. The Asoke – Rama 9 connection area is also attractive due to its relatively low cost of living compared to other central city areas and proximity to leading office buildings. The survey found that the occupancy rate of working-age urban residents in this area is high, with a continuous presence of expatriate tenants. The occupancy rates and yields are growing in the same direction, such as The ADDRESS Asoke, RHYTHM Asoke 2, RHYTHM Asoke, or ASPIRE Rama 9, all with an average occupancy rate of over 85%. The composition is 60% owner-occupiers and 40% renters, primarily Asian tenants from Taiwan, Korea, Japan, and China, with average rental prices ranging from 20,000 to 50,000 baht per month. The investment return is approximately 5-6% per year, making both locations increasingly valuable and suitable for investment purchases,” Mr. Kayal further stated.

         Currently, Bangkok City Smart has a portfolio of over 15,000 condominium units in prime city locations (CBD) (both completed and under construction) with a property value of approximately 80 billion baht. This includes about 50% from AP (Thailand) condominiums and 50% from other developers along the electric train lines. The company also has a rental portfolio of about 5,000 units valued at approximately 20 billion baht. Each year, the company can sell around 2,500 units, mostly priced at around 5 million baht per unit or more.

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