17-7-2023 (BANGKOK) Would you be willing to shell out 515 million baht (S$19.6 million) for a luxurious house on the Chao Phraya River in Klong San area, Bangkok? Altitude Development seems to think that at least 11 wealthy Thais or foreign investors will go for it.
The Phra Nakhon district’s Klong San area project comprises 11 detached houses, each priced at 515 million baht. The project is valued at 2.74 trillion baht and is one of many luxury housing estates recently developed in Bangkok to cater to foreign investors.
However, questions have been raised regarding whether foreigners can purchase a house with land in Thailand. Last year, the Interior Ministry proposed amending regulations to allow foreigners to purchase land for residential purposes, provided they invest at least 40 million baht (S$1.5 million) in the country for five years. The proposal was met with public uproar, and the idea was dropped.
Foreigners falling into one of four groups – the very wealthy, retirees, those seeking to work from home in Thailand, and specialists – are allowed to purchase no more than 1 rai of land in the country since 2002.
Property Perfect Plc is another developer looking to cash in on foreign investment in Bangkok. Wongsakorn Prasitvipat, the managing director of Property Perfect, foresees the demand for luxury houses in Bangkok rising as Thailand is a business hub for many foreign companies. He noted that many wealthy businessmen desire large houses near Suvarnabhumi International Airport, with 40% of luxury houses built by his company being purchased by foreigners. The foreign buyers comprise 30% from China and 10% from other countries, with some Chinese businessmen paying up to 160 million baht (S$6.1 million) for a lakeside house in the Kingkaew area near the airport.
Sansiri Plc also confirmed the trend of luxury housing projects, with its 6-billion-baht Narasiri Krungthep Kreetha project sold out in a month. The company is set to launch three more luxury housing projects with prices ranging from 35 million to 115 million baht this year. Meanwhile, Land & Houses has launched luxury projects in Krungthep Kreetha and Pinklao areas with units costing 100 million baht, and Proud Real Estate Plc has launched its Vi Ari project with six houses in the Saphan Khwai area with units starting at 83 million baht (S$ 3.1million) .
