Thailand emerges as Asia’s biggest market for Branded Residences
Thailand Leads Asia’s Branded Residence Market in 2024
Thailand dominates Asia's branded residence market in 2024, capturing a 23.3% share of the US$266 billion sector, according to C9 Hotelworks, a Phuket-based hospitality and real estate consultancy. With over 68,000 units sold and an impressive 11% year-on-year growth, cities like Bangkok and Phuket are at the forefront, drawing wealthy Thai and foreign buyers.
The Philippines and South Korea rank second and third, with market shares of 17.3% and 11.6%, respectively. Emerging markets, including Malaysia, Vietnam, and India, collectively contribute 24.5% to the sector.
Phuket leads as a key destination for branded residences, offering 4,771 units across 26 projects, followed by Manila, Bangkok, Kuala Lumpur, and Pattaya. Hua Hin ranks 10th in terms of unit numbers, according to Bill Barnett, managing director of C9 Hotelworks.
Branded residences in central Bangkok average 291,000 baht per square meter, while those in resort cities are priced at 161,000 baht per square meter. Luxury-class units can reach up to 445,000 baht per square meter.
Barnett predicts increased competition as foreign companies enter the Thai market, challenging local brands to innovate on quality and price.
Luxury Residences Surge Post-Pandemic
Chanond Ruangkritya, CEO of Ananda Development Plc, attributes the growing demand for branded residences to a shift toward luxury projects following the pandemic, as the mass condominium market declined. Ananda’s Porsche Design Tower Bangkok, located on Sukhumvit Soi 38, is priced at 1 million baht per square meter, making it Thailand's most expensive residential property.
“We chose Porsche because it’s a premium brand with strong appeal among affluent Thais and foreigners, setting our property apart from competitors,” Chanond explained.
Krit Techasamma, managing director of Origin Nationwide Ltd, highlighted the popularity of branded residences among wealthy foreign buyers in Phuket, particularly Russians seeking second homes. He emphasized that these properties are not only lifestyle statements but also attractive investments, offering higher rental yields and better appreciation compared to standard condominiums.
Source: The Nation
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