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City Developments launches huge luxury condo project in Bangkok

City Developments (CDL) of Singapore launch a luxury condo project in the heart of Bangkok worth over Bt10 billion. The Millennium Residence comprises four 51 to 53 storey “orchid petal shaped towers’, covering a plot of more than 12 rai located between Sukhumvit 16-20, accessible from the main roads of Sukhumvit, Rama IV and Ratchadapisek. It is CDL’s fifth project in Thailand and includes Thai developing partner MR Sukhumvit Ltd, as well as other Thai and US partners.

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Thailand Property Outlook – City Developments (CDL) of Singapore launch a luxury condo project in the heart of Bangkok worth over Bt10 billion. The Millennium Residence comprises four 51 to 53 storey ’orchid petal shaped towers’, covering a plot of more than 12 rai located between Sukhumvit 16-20, accessible from the main roads of Sukhumvit, Rama IV and Ratchadapisek. It is CDL’s fifth project in Thailand and includes Thai developing partner MR Sukhumvit Ltd, as well as other Thai and US partners.

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City Developments launches huge luxury condo project in Bangkok

Thailand Property market

City Developments (CDL) of Singapore launch The Millennium Residence a luxury condo project in the heart of Bangkok worth over Bt10 billion

City Developments (CDL) of Singapore launch The Millennium Residence a luxury condo project in the heart of Bangkok worth over Bt10 billion

Although the Thai real estate industry has continued growing significantly since 2008, we have not seen a real estate bubble environment manifesting. The industry seems to have learned its lessons during the 1997 financial crisis and has successfully implemented the following safeguards: The banking industry has become much more cautious providing project financing and mortgage loans.
Thailand is member of the ASEAN (Association of Southeast Asian Nations) trade bloc and has free trade agreements with India and China, two fast-developing economic powerhouses. Consequently, many multinational companies are using the country as a regional base for its operations or a place to station employees who travel around Asia. Foreign investment in Thailand is constantly expanding, supporting the strong economic growth of the country.

Compared to 1997 Real estate companies are able to respond much more quickly to changes

Factors that indicate the 2008 Thai real estate market is not experiencing a bubble- like boom include:
1. Property prices have not changed dramatically in most areas.
2. Interest rates are continuously rising In the overall housing market, speculation is not significant even though there is some speculation in condominium markets and tourist area properties.
3.Low consumer confidence because of unstable political and economic environments.
4. Global Financial Crisis discourages overall property speculation

Thailand Property Outlook – City Developments (CDL) of Singapore launch a luxury condo project in the heart of Bangkok worth over Bt10 billion

Any fall in domestic savings will impact Thai Real Estate Market corporate funding and investment. Mortgage loans will be more difficult to obtain : The slowing economy will force Thailand’s banks to be more restrictive in their lending practices. Mortgage loans will be more difficult to acquire with rejection rates rising. Lower supply : Responding to slowing market conditions, developers will lower their risks by building fewer homes and reducing supply. New housing supply will also be reduced because developers will have more difficulty obtaining equity, bond and credit market financing because of the global financial crisis. The 2008 global financial crisis has directly and indirectly impacted the Thai Real Estate Market . As Global Financial Crisis a result, it has also adversely affect the real estate market even though the industry has strengthened immensely since the 1997 financial crisis. The crisis – caused disposable – income decreases will result in falling consumer sentiment and confidence and the postponement of any purchasing decisions on the Thai Real Estate Market . Although the overall environment may be negative for many housing developers, those with good reputations, strong balance sheets and operating efficiencies may use the opportunity to gain market share.

FiveStars Real Estate Ltd is a registered company based in Bangkok. Our cultural and professional expertise give us the cutting-edge in the real estate business.

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