Due to higher yields, there is a reported increase in the number of purchasers coming from foreign countries such as Tawian, Singapore and Hong Kong.
According to Magnolia Quality Developent Corporation or MQDC, one of the top ranking developers in Thailand, said that they believe that the demand for luxury units within Bangkok continues to be string and will not be affected in any way by the overall state of the property market which is currently at a weak spot.
The assistant vice president for marketing and sales projects of Magnolia Quality Developent Corporation, Peachpattha Pakakan, released to the media a recent statement regarding their confidence with regards to luxury projects which remains to be in a strong in the market.
The developer is trusting on the fact that many investors are willing to spend their money when it comes to luxury properties that are within the city. This is because of the fact that there is a high demand as well as a string yield when it comes to properties that are located in the most prime areas. The prices for the land plots that are within Bangkok have continued to rise while the supply of units that under the luxury and super luxury category are only limited.
Currently, Magnolia Quality Developent Corporation has three projects that are being constructed and all of them consist of luxury units. The Magnolias Ratchadamri Boulevard which is used in a variety of functions will showcase residential units together with the Waldorf Astoria Bangkok hotel. According to Peachpattha, the project will have a sales record of 90 per cent before the year ends.
They hyped project of the company, Magnolias Waterfront Residences located at IconSiam, has already closed down its sales. The other project under MQDC which is The Residences at Mandarin Oriental is already on its 40 per cent of sales recorded which is the threshold. The developer is still looking for more buyers for their residential properties but they are quite meticulous in the choosing process. With another project planned, there will be additional condos for sale in Bangkok.