Spiking land acquisition costs, intense inter-developer competition, and ever growing client expectations have transformed Bangkok condominium development into a “no holds barred” affair!
This hyper-competitive business environment has yielded several big names such as Sansiri, Ananda Development and AP (Thai) that are now dominant players in the Capital. These serial developers blanket Bangkok with constant marketing campaigns and regularly announce exciting new launches in attractive locations.
Despite this, several Up-and-Coming Developers are carving their own niche and clawing for a piece of the lucrative Bangkok market. Unable to compete head-on with the established names, they compete in parallel carefully crafting projects that can standout and provide a quality city lifestyle.
So how do these smaller upstarts survive and thrive?
Let’s review some of the benefits offered by these Up-and-Coming Condo Developers:
1. Lower Prices
Condos are status symbols, influenced by factors such as location desirability and branding. Established players leverage their brands often adding hefty premiums to their units’ prices. Independent Developers do not have this luxury and often strategically price their projects at more competitive rates.
Vtara36 a project located in desirable Thonglor by V Property was initially launched at a highly attractive Price Point! (Photo Courtesy V Property: Vtara36)
2. Pleasant Residential Location
Prime plots of land next to Mass Transit Lines are intensely coveted by residential and commercial developers. This means smaller independent developers are often priced-out and forced to acquire locations on quieter side-roads.
Since constructing a Condo is an investment that can run in the hundreds of million of Baht, careful and rigorous assessment of the location’s convenience and desirability is conducted. Very often, independent developers select locations with lifestyle convenience such as accessible connection to major roads (Even Mass Transit) or proximity to leisure hotspots.
“Siamese Gioia” Condo Project by Siamese Asset is located in the heart of Sukhumvit 39. This residential area is bustling with Coffee Shops, Eateries and Fuji Supermarket is located 5 minutes away.
K.D. Asset and Development, developed The Next Garden Suite, The Next Sukhumvit 52 and The Next Garden Mix on Sukhumvit 52 only 10-Minutes Walk from BTS On Nut and Tesco Lotus Supermarket.
3. Promotions and Discounts
Independent Developers often create hype around their launches by offering extensive promotions and freebies. This can include Furniture Packs/ Built in Furniture, Free Transfer Fees or Sinking Fund, Discounts on Units, even Free Gifts (I.e. Mobile Phones or Electric Appliances)!
Serio Sukhumvit 50 Condo Units are sold Fully Furnished!
4. Unit Layout and Design
With spiking land acquisition costs, space in modern condos is becoming a luxury. Being lesser-known, smaller developers often attempt to compete by offering non-standard layouts and designs that focus on the residents’ personal comfort.
Runesu Thonglor 5 by Thai-Japanese JV (W-Shinwa) is a Project with Japanese Style Living Space and Function.
5. Condo Concept and Common Areas
Independent Condo Developers are under pressure to offer products that can standout and meet the needs of their target market. Therefore extra-resources and special attention is dedicated to the project’s concept and design of the lifestyle offered, common areas and facilities.
All Inspire’s Excel Hideaway Sukhumvit 50 is offering a Waterfront Promenade overlooking a scenic canal.
