Market Signals for Condominium Sector in Q3 2023: The most successful new launches are in the Grade B segment, with prices ranging from 80,000 to 149,999 Baht/sq.m. Following closely is the Grade C segment, priced at 80,000 Baht/sq.m., accounting for 47%. Knight Frank reveals that the super prime and prime segments near top schools are experiencing strong demand. Research indicates that "living in or renting out" can increase value by over 100% within 10 to 15 years. The luxury condominium 'KingsQuare Residence' on Rama 3 Road has achieved over 1 billion Baht in sales within just 2 hours of its launch.

Knight Frank (Thailand) Ltd. reports that the overall condominium market in Q3 2023 has shown slight recovery after facing significant challenges, including a slow return of purchasing power that outpaced the recovering demand, despite a continuous influx of new supply into the market. Additionally, the inventory of unsold units in lower-priced projects has also increased. Furthermore, negative factors such as inflation rates from the central bank and high household debt have kept certain segments of the condominium market in a stable to declining state.

The most successful new condominium launches are in the Grade B segment, with selling prices of 80,000-149,999 Baht/sq.m. This accounts for 52 %, followed by the Grade C segment with prices of 80,000 Baht/sq.m. at 47 %, while Grade A with prices starting at 15,000 Baht/sq.m. only accounts for 1%.

New condominium launches are predominantly located in the suburbs of Bangkok, accounting for 76%, followed by 16% in the city center, and 8% in the areas surrounding the city center.

The super prime and prime condominium markets continue to grow, despite a decrease in available land for project development. Demand in this segment remains high, particularly among Thai and foreign buyers, with location being a key factor influencing investment decisions for future resale, especially near international schools in the CBD area.

Despite the challenges in the market, Knight Frank (Thailand) Ltd., a global real estate consultancy, has achieved remarkable success with the launch of the luxury condominium 'KingsQuare Residence' on Rama 3 Road, generating over 1 billion Baht in sales within just 2 hours of its launch, exceeding initial targets.

As the sole representative and advisor for 'KingsQuare Residence', Knight Frank (Thailand) has implemented a marketing strategy targeting key customer segments, particularly high-end clients and parents, as 'KingsQuare Residence' is located adjacent to King's College International School Bangkok.

Research indicates that purchasing and investing in condominiums near reputable schools significantly increases unit value by over 100% within 10 to 15 years, providing returns from rental or resale in the future, driven by a continuous influx of new students each year. For instance, King's College International School Bangkok has over 1,300 students after just 3 years of operation and is expected to see further increases in student numbers.

Additionally, the purchasing power study in this area shows that most clients, primarily parents, seek condominiums that feel like a second home. Thus, they prefer larger units, approximately 100-170 square meters, with 2-3 bedrooms and ceiling heights of at least 3 meters, desiring high privacy with no more than 250 units per project.

Mr. Chakrit Santiratnakul, Managing Director of Kings Square Development Co., Ltd. stated that the intention behind creating 'KingsQuare Residence' is to be more than just a residence, but a crucial piece of the puzzle that brings happiness to every family. As part of the Sahapat Group, it is designed to be a ‘Curated Living Community’ that integrates well-being with a premium Fitness & Wellness Club, conveniently located near three expressway intersections, along with amenities to enhance life and create a desirable community.

Additionally, they have partnered with businesses to create a vibrant community for residents, including Villa Supermarket, Toby’s Australian-style brunch café with a new ‘All Day Dining’ concept, Hong Bao, a Cantonese restaurant with expanded family lounge areas, James boulangerie, known for the longest queue for croissants in Thailand, and Sousaku, a premium shabu restaurant appealing to all ages, enhancing the quality of life for residents, parents, students, and the community around Rama 3, providing more family relaxation spaces, along with convenient parking that aligns with the number of bedrooms, greatly satisfying residents.

“I believe that a good quality of life starts with having quality time with family. Spending quality time with loved ones is invaluable and rejuvenates everyone. This inspires the design of products that meet the specific needs of customers at KingsQuare Residence, a luxury condominium adjacent to King's College International School Bangkok, as we want every family to have quality moments together, enjoy breakfast together, and parents can drop their children off at school before heading off to their own responsibilities without worrying about travel,” Mr. Chakrit said.

Ms. Pojjaman Varakijphokhathorn, Head of Project Sales Management at Knight Frank (Thailand) Ltd. stated, "We have a deep understanding of our target customers and firmly believe that aligning positioning and pricing can create outstanding sales even in the challenging condominium market conditions of the past quarter.”

The KingsQuare Residence project is now open for viewing of the show units near the project site. Interested parties can schedule a visit in advance by calling 061-413-6222, with the Knight Frank team managing sales and marketing. For more details, click knightfrankthailand.co/KingsQuare.