Singapore is set to be the second largest foreign market for Magnolias Ratchadamri Boulevard, one of the best-selling and most sought-after condominium developments in Bangkok.
The appetite for premium overseas properties from property buyers and investors in the city-state, together with Thailand’s strong performance as a business and tourist destination is driving demand for the super luxury project.
Magnolias Ratchadamri Boulevard is a mixed-use development that includes 316 luxury residences, the Waldorf Astoria Bangkok – the first in Southeast Asia – and an exclusive shopping mall. Since it was launched in June 2012, Magnolias Ratchadamri Boulevard has been attracting immense interest among local buyers and investors as well as foreigners, particularly from Hong Kong, Singapore and China.
“Hong Kong is our biggest overseas market; followed by Singapore and China, each accounting for between 8-10 percent of sales,” said Thanawan Chaiwatana, Managing Director of developer Magnolia Finest Corporation.
“Demand from Singapore is increasing at a much faster pace than China, so Singaporeans could very well become our second largest customer group, representing up to 20 percent of total foreign buyers upon sales completion.”
Singapore is one of the leading overseas markets to Thailand properties, according to CBRE Thailand, with Singaporeans accounting for 18 percent of total foreign buyers to Thailand properties in the first half of 2013.
Strong economic fundamentals, government policies that support foreign ownership of Thai property, the relative ease of access to financing, safe money transfer procedures, and high rental yield, all contribute in making Thailand an attractive investment option.
Chaiwatana added: “Singaporeans turning overseas for property to invest in are increasingly seeing Bangkok as one of the better alternatives to traditionally popular destinations like Australia and Malaysia.”
“Property prices are steadily going up, and the rental yield, especially for luxury properties like ours, is very good. In fact, the rental on Ratchadamri Road is the highest in Bangkok. Singaporeans are also very much drawn to Bangkok because they love the city – the shopping, the food and the way of life.”
More than 200 units were sold in the first 18 months. The one-bedroom units are sold and only four of the eight penthouses remain on the market.
“We are very upbeat about closing 75 percent sales by end of this year,”Chaiwatana added.
Magnolias Ratchadamri Boulevard became one of the most recommended Bangkok residential properties after a record-breaking 19 two-bedroom unit sales performance in Hong Kong in May.
The building meets the latest in Green considerations and fully complies with both Thai 2009 Green Building Code and the Leadership in Energy and Environment Design (LEED) certification of the U.S. Green Building Council.
Construction is on track for completion in the fourth quarter of 2014.
Image: Artist’s impression of Magnolias Ratchadamri Boulevard.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Related Stories:
Property down under attracting Chinese buyers
Foreign buyers hit by Malaysia budget
Croydon: London’s Latest Investment Hotspot