An artist’s rendition of Sena Kith Thepharak-Bang Bo, a lower-priced condo project Sena Development launched last year with units priced from 800,000 baht.
The affordable segment is likely to dominate new condo supply in Bangkok this year as most developers are shifting to this large market despite a number of completed units remaining for sale.
Phattarachai Taweewong, research and communication director at property consultant Colliers Thailand, said 2021 would be the first year in the past five that new condo supply with affordable prices would be the most active segment.
“Condos with affordable prices of lower than 100,000 baht per square metre or below 3 million baht a unit will mostly dominate the market as developers plan to launch these units in large numbers,” he said.
One such company is Sena Development Plc, which has eight new projects out of 17 set to launch this year that are condo units priced lower than 2 million baht.
Six of these eight projects feature units priced lower than 1 million baht in city fringe locations, including Bang Khae, Bang Bua Thong, Bang Pu, Theparak, Lat Krabang and Rangsit Klong 4.
“Condo units costing less than 1 million baht will replace townhouses in the same locations that are not affordable any more,” said Kessara Thanyalakpark, Sena’s managing director.
Other developers include Sansiri Plc, which plans to introduce four new condo projects with units priced from 1.29 million baht near Kasetsart University, CentralPlaza Bangna, Ratchayothin skytrain station and Ramkhamhaeng 12 MRT station.
“Feasible locations for affordable condos are city fringe areas where new mass transit lines are under construction. Those plots are more available for new development with lower land prices than inner city areas,” said Mr Phattarachai of Colliers.
He said many projects will be located near