Mega-City Bangkok Focus Of New Report
Leading developers and luxury hotel branded real estate offerings are casting a new light on the emerging world-class megacity Bangkok. C9 Hotelworks and Horwath HTL have collaborated on a new report that highlights the evolving cityscape in their Bangkok Hotel and Hotel Residence Market.
With high profile projects such as One Bangkok led by TCC Frasers Property, and CPN partnering with Dusit Thani, the hotel residences scene in Bangkok is expected to ramp up this year.
Leading Thai developer, Sansiri, invested USD58 million in The Standard Hotel to progress a lifestyle brand and hotel management know-how. Furthermore, Nirvana Daii launched their first hospitality branded property, Banyan Tree Residence which has experienced a strong market reception.
Traditionally leasehold properties in Bangkok were viewed as less desirable by the Thai market, but the success of the St. Regis offering altered legacy demand.
Today, luxury brands like Four Seasons and lower prices per square meter has seen leasehold units transacting at higher pace than freehold. This has also been stimulated by soaring foreign demand, and mixed-use projects offering diverse facilities.
With a rise in average built-up sales prices, the hotel residence market has continued to see a sharp y-o-y uptick in transaction volume from 4.09 to 6.07 units per month in 2017. The rising demand has been triggered by wealthy Thai families who seek a convenient location, lifestyle and hotel services.
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