Thai property developers must provide more amenities in new condominium projects to meet consumers’ demands, said Frank Khan, executive director and head of residential projects at Knight Frank Thailand.
He advised developers launching new projects to pay heed to real customers’ voiced preferences and develop their condominiums accordingly if they want to maintain their competitive advantage.
“Providing special alternative units and lifestyle functions will turn buyers’ attention to the condominium market,” he said.
Khan also added that some developers are also starting new trends by providing more sports facilities, common spaces, services and technology.
Also, he said, many projects are getting their condominiums managed by well-known hotel chains to provide residents with five-star services such as 24-hour reception, bellboy, concierge, personal fitness trainer, private chef, doctor on call, limousine service, housekeeping, et cetera.
He went on to say that developers should go one step further and provide home automation or “smart homes”, so lighting, appliances and entertainment systems can be remotely controlled, as well as build well-designed, spacious exercise areas, such as an Olympic-sized pool and more green areas, to accommodate residents at all times of the day and night.
As for location, he said that most projects are based in CBD areas and near mass-transit lines, especially the BTS Green Line and the MRT Blue Line, which has made many projects unaffordable for some people.
However, he said, if we go a little further along the MRT Orange Line, we will find projects at more affordable prices. Also, he said, since the MRT Orange Line will be completed in the next few years, it will make commuting easier.
“Such seamless transportation connectivity strongly affects the area’s potential for residential development projects,” he said.
In addition to targeting the local market, foreign buyers are also serving as one of the major drivers of Thailand’s residential market. However, overseas marketing strategies have not been very effective over the past six to eight months.
“Developers should be cautious and keep a close watch each quarter on their marketing plan and budget when investing in overseas markets such as Hong Kong and, in particular, China.
The Chinese market, which is an important investor, possesses strict regulations on money transfers. This financial tension is significantly hampering demand from the Chinese market,” he said. THE NATION (THAILAND)