Despite the gloomy economy, high-net-worth individuals remain active buying property in prime locations, as evidenced by a newly launched luxury condo project in Lang Suan that recorded 30 units sold for 2 billion baht in one week.
Yongyutt Chaipromprasith, chief executive of property developer Scope Co, said individuals whose assets total at least 1 billion baht are still looking for investment properties in prime locations.
"Lang Suan is a sought-after location in which three or four condo projects were newly launched and mostly had a good sales rate," Mr Yongyutt said. "If location, product and price are right, that supply will attract buyers."
Last week the developer launched Scope Langsuan, a 34-storey luxury condo project worth 8.4 billion baht.
The property will comprise 158 units sized from 83 to 443 square metres and priced at 38-250 million baht a unit.
Scope recorded 30 units sold worth 2 billion baht, mostly for 83 sq m or one-bedroom type. Almost all units were acquired by Thai business owners, and all three penthouse units sold.
"Most Thai people perceive that luxury condos should be sized at two bedrooms but at 83 sq m for a one-bedroom type, it is more comfortable to stay," Mr Yongyutt said. "Buyers of this size are those with double income and no kids."
Scope is a joint venture firm in which SET-listed developer SC Asset Corporation Plc holds 90% and Mr Yongyutt owns 10%.
