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Bangkok Condominium Market REPORT

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Bangkok Condominium Market REPORT YEAR END 2010 | CONDOMINIUM THAILAND BANGKOK CONDOMINIUM MARKET REPORT Bangkok Condominium Market EXecUTIVE SUMMARY New launches in Q4 2010 continued to surge on the back of continued confidence in the residential market and affordable units being offered by developers. Overall 2010 represented a landmark year for the condominium market with over 60,000 units being launched in total. 2011 is set for another strong year for condominium launches but is then expected to moderate and a supply bubble is likely to be avoided as developers and authorities pay close attention to the market and its constraints. This year will represent a move from boom to consolidation. Market INDicatOrs Developers are dividing their attention to both urban and suburban Bangkok, with a similar number 2009 - 2010 being launched in both areas. Suburban Bangkok still remains firmly on the radar with listed developers targeting the low to mid end segment of the market, however non-listed developers are SUPPLY fighting back in Q4 2010 with many players launching smaller scale projects thus providing healthy LAUNCHES competition in the market. PRICES Issues regarding transport access to mass transit stations mean that the positive effects of these lines is not being fully realized and could be a problem for future new lines. TAKE-UP www.colliers.co.th BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 NEWLY LAUNCHED CONDOMINIUM Units DURING THE YEAR 2009 – Q4 2010 bY QUarter Source : Colliers International Thailand Research Newly launched units in the fourth quarter of 2010 slightly decreased but were resumed in Q3 and then continued forwards for Q4 2010. The from Q3 2010 by 2,500 units. Approximately 20,000 units were launched total number of newly launched units in 2010 was approximately 61,000, in Q4 2010. Many launches were put on hold due to the protests in Q2 a nearly 80% increase from 2009. COLLIERS INTERNATIONAL | P. 2 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 ZONING HISTORICAL SUPPLY BY YEAR CUMULatiVE SUPPLY IN BanGKOK COLLIERS INTERNATIONAL | P. 3 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 • CITY AREA • OUTER CITY AREA The area covers four adjacent but competing sub-markets: the Sukhumvit The area covers two parts of Bangkok: section comprising Sukhumvit Road between Soi 1 and Soi 55 to the north and Soi 2 and Soi 38 to the south; the Central Lumpini section o Outer City (East): This section starts from the extension of the BTS including Phloen Chit Road, Rama I Road, Soi Langsuan, Soi Sarasin, route at On Nut Station to the Bangkok boundary to the east. Chitlom Road Ratchadamri Road, Witthayu Road and Rachaprasong o Outer City (West): This section starts from the extension of the BTS Road; the Silom / Sathorn section; and the Riverside section fronting the route at Taksin Station to Bang Wa station which includes the area from Chaophraya River along Charoenkrung Road and Charoennakorn Road, Krung Thonburi Road to Ratchaphruek Road near Petchakasem where several five-star hotels are located. The City Area is convenient intersection. for businessmen, expatriates and tourists, because of its proximity to many office buildings, retailing and local attractions. • SUBURBAN BANGKOK These are the environs outside the areas already mentioned. Expansion • CITY FRINGE AREA of the mass transit system is the main determinant for increasing future This area covers three parts of Bangkok: supply in a particular area. The expansion from On - Nut to Samut Prakarn is scheduled to be completed in 2011. The expansion of the BTS o Northern Fringe: This section covers the BTS route starting from will benefit directly the surrounding condominiums, as it will considerably Ratchathewi Station to Mo Chit Station to the north and the MRT route reduce transportation costs and time. This will encourage the development starting from Petchaburi station to Bangsue station to the north. of new condominiums in this area. Suburban Bangkok represents the o Southern Fringe: This section covers Narathiwad Ratchanakarin Road, biggest area and for the purposes of this report includes Bangkok city old Chan Road, Sathupradit Road, Charoenkrung Road and Rama III Road town (Koh Rattanakosin area and boundary area). This location has along the Chaophraya River. comprehensive town planning controls restricting building height, so o Eastern Fringe: This section covers the BTS route starting from Thong there are no condominium projects in the area. Lor Station to On Nut Station to the east, Rama IV Road and Petchaburi Road, This area covers locations with their own local infrastructure and convenient transportation but require commuting to have access to the central business and entertainment areas. NEWLY LAUNCHED CONDOMINIUM Units IN Q4 2010 BY LOcatiON Source : Colliers International Thailand Research In Q4 2010 the suburban Bangkok area slightly trumped urban Bangkok LPN Development Plc. launched the “Lumpini Park Riverside Rama 3”, a with the higher number of units launched. new riverside condominium project on Rama 3 road in the Southern Fringe area with a total of 2,405 units and this was the largest project in Within urban Bangkok, the Eastern Fringe area has shown the highest this quarter and for the year as a whole. numbers with approximately 3,500 units, a nearly 31% increase from Q3. The Northern Fringe came very close second. COLLIERS INTERNATIONAL | P. 4 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 A compARISON OF NEWlY launchEd units by listed companies ANd NON listed companies dURING Q1 2009 – Q4 2010 Source : Colliers International Thailand Research Remark : Listed companies include subsidiaries In Q4 of 2010 listed companies still served up the largest share of newly this quarter is the highest of the past two years. Many are smaller in launched units, although the number of newly launched units by non scope than those put on the market by the listed developers but lesser listed companies increased from Q3 by approximately 1,300 units known developers are once again dipping their toes into the condominium meanwhile newly launched units by listed companies decreased by pond. nearly 2,400 units. The newly launched units by non listed companies NEWLY LAUNCHED CONDOMINIUM Units IN CITY AREA, Q1 2009 – Q4 2010 Source : Colliers International Thailand Research More than 2,500 units were launched in the City Area for Q3, but in the protests which began in February 2010 but was ratcheted up in April last quarter of 2010 just 400 units were launched. The limited number and May. This delayed launches to Q3 2010. of launches in the first half of the year was a direct consequence of the COLLIERS INTERNATIONAL | P. 5 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 NEWlY launchEd condOmINIUm units IN NorthERN FRINGE AREA, Q1 2009 – Q4 2010 Source : Colliers International Thailand Research Newly launched condominium units in the Northern Fringe area 3,300 units in Q4. dramatically increased to more than 4,300 units in Q3 and approximately HistORICAL SUPPLY SUpplY OF condOmINIUm units 1994 - 2010 Source : Department of Land, Colliers International Thailand Research Remark : The number of units does not include projects from the National Housing Authority Only approximately 6,000 new condominium units were completed and 2009 of nearly 15%. This decline is a reflection of the onset of theG lobal registered at the Department of Land in Q4 2010 and the total number in Financial Crisis which led to developers putting plans on hold and this is 2010 was approximately 24,700 units, which represented a fall from now affecting the figures for new supply. COLLIERS INTERNATIONAL | P. 6 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 TOtaL HistORICAL SUPPLY BY LOcatiON TO Q4 2010 Source : Department of Land, Colliers International Thailand Research Around 66% of total condominium units are located in the suburban proximity to the centre, mass transit connections and relatively lower Bangkok area with a total of more than 190,000 units. Within the urban land prices compared to the City Area. Bangkok area, the Northern Fringe contains the most units due to its COLLIERS INTERNATIONAL | P. 7 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 ADDITIONAL SUPPLY PER QUarter | CITY AREA, Q1 2009 – Q4 2010 Source : Colliers International Thailand Research Approximately 770 units were added in Q4 2010 and so total supply in scheduled to be completed in 2011. this area amounted to around 23,000 units. Roughly 6,600 units are AddITIONAl SUpplY pER quarter | NorthERN FRINGE AREA, Q1 2009 – Q4 2010 Source : Colliers International Thailand Research Approximately 2,600 units were added in Q4 2010, a significant addition Ratchadapisek, Ari and Sutthisan Road. The Northern Fringe contains a from just over 500 in Q3. This area still remains the main target for significant number of TB S and MRT stations, the key public transportation condominium projects in the near future, especially Phahonyothin, arteries in Bangkok. COLLIERS INTERNATIONAL | P. 8 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 FUTURE SUpplY – Urban Bangkok CUmUlativE FUTURE SUpplY SChEdUlEd to BE completed dURING ThE YEAR 2011 – 2013 by location IN urban Bangkok. (AS OF Q4 2010) Source : Colliers International Thailand Research Remark : Supply does not included unit in Suburban Bangkok Approximately 25,000 units are scheduled to be completed in 2011. The followed by the City area with a total number of around 6,700 units. It is Northern Fringe area continues to be the main player in urban Bangkok expected that the Northern Fringe will continue to dominate supply for with approximately 10,700 units scheduled to be completed in 2011 and the early part of the decade in urban Bangkok. COLLIERS INTERNATIONAL | P. 9 BANGKOK CONDOMINIUM MARKET REPORT | Q4 2010 TAKE UP SAles proportion OF NEWlY launchEd units IN Q4 2010 by location Source : Colliers International Thailand Research The average take up rate of newly launched condominiums in 2010 was Nut-Bearing extension line spurred take up in the Outer City- East area.
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