Bangkok is the capital city of Thailand and includes its main business districts as well as the Stock Exchange of Thailand. Thanks to its variety of attractions and vibrant street life, Bangkok is also one of the world’s top tourist destinations and often the first stop for travellers exploring Thailand and southeast Asia.
Demand for condominiums in Bangkok has increased steadily over the last few years, with a strong influx of foreign demand and speculative investment.
Market sentiment has also been boosted by government spending on various large infrastructure projects such as new mass transit lines due to open in 2020, some of which will reach highly populated areas. A new high speed railway linking Suvarnabhumi, Don Mueang and U-Tapao airports is expected to be operational in 2023.
Strong demand from international buyers, especially bulk sales to Chinese buyers, has boosted supply in Bangkok’s rapidly expanding condominium market. In 2017, over 50,000 condominium units were completed, compared to a total supply of 645,000 units.
The Bank of Thailand recently announced tighter mortgage rules, aimed to reduce speculation and enhance financial stability in the longer term housing market. The loan-tovalue (LTV) ratio for a second home mortgage on properties valued above THB 10 million (about $306,000) and is purchased less than three years after the first mortgage, will be restricted to a maximum of 80% LTV. A third home only qualifies for a 70% LTV.
As a result of the new mortgage restrictions, the residential market in Bangkok is likely to slow down in 2019. Rising land prices will also make developers more cautious in acquiring new sites and launching new projects.
What you can buy in Bangkok: The Residences at Mandarin Oriental Bangkok
Located on the bank of the Chao Phraya River, close to the heart of Bangkok’s CBD, the Residences at Mandarin Oriental Bangkok comprises 146 units of 2-3-bedroom and penthouse units.
|Address: Charoen Nakorn|
|Status: Completed in Q1 2019|
|Number of units: 146|
|Average price: $1,200psf|
|Developer: The ICONSIAM Superlux Residence Corporation Limited|
|Architect: The Beaumount Partnership|
The development is part of ICONSIAM, a mega mixed-use project, comprising hotels, residential and a large shopping mall which opened to the public in November 2018.
One of the most important design features is the single loaded corridor allowing all units to have unobstructed river and city view. The units feature high ceilings starting from 3.2 meters up to 7 meters for two-storey duplex units.
Residents will receive the same services as the Mandarin Oriental Hotel guests, including 24-hour concierge service, valet parking, doorman/butler service and security. Other amenities and facilities include river terrace, outdoor infinity pool, private fitness room, children’s playroom, and garden loft. The
development features a private pier and boats that are reserved exclusively for residents.
The project completed in Q1 2019, with 75% of the units sold as at February 2019.