One of the largest developers in Thailand, Sansiri, has announced one of their new luxury condos 98 Wireless just sold for $2.2 million. Word has it, the 25-story 98 Wireless is the finest luxury residential projects in all of Bangkok with absolutely no competition. 98 Wireless sits in the heart of the capital city surrounded by luxury malls, five-star hotels, and lush landscaping. Selling at $17,576 per square foot, making this residential skyscraper one of the most expensive properties in all of Bangkok.
The average resident in Thailand cannot afford to purchase these units so firms are selling these luxury units to Europeans whose eyes have been focused on Bangkok and it’s excellent growth. Europeans and others are snatching up these properties, causing real estate to go through the ceiling.
18 Wireless offers many amenities including the very finest décor with Ralph Lauren crystal chandeliers and furniture. There are private elevators for each condo, a chauffeured limousine service, and so many other incredible luxuries. Needless to say, Sansiri might have problems selling to local people, but they have absolutely no problems selling to the foreign market.
Foreign buyers have quickly discovered they can get so much more quality and value in real estate properties in Bangkok than in Hong Kong where prices are extremely high.
Another big advantage of living in Bangkok is its growth in tourism. Bangkok has become the most visited city in the entire world, bypassing London in 2016. This city has already seen over 19 million visitors, setting off a boom that has also caught the interests of investors from around the world and particularly China. During the final quarter of last year, condos in Bangkok rose over 10% and the price of land hit an all-time high of 30%.
China is the cause for a great deal of Bangkok’s growth when they tried to stop money from leaving the country. Last year, caps were placed on how much capital could be taken out of the country causing buyers to channel their money into property such as in Thailand where prices are a lot less expensive than places like Hong Kong.
Adding to other advantages for gulping up real estate in Bangkok, is the lack of land for developers. That said, investors believe apartments and condos in the capital of Thailand will continue to increase in value.
Sansiri jumped on the golden opportunity to start advertising their condos to foreigners a few years back when the economy hit rock-bottom. Sansiri’s marketing strategies included having various marketing events. This drew the attention of buyers from China who made it possible for Sansiri to sell 77 condos at 98 Wireless which is approximately half of the units.
Another advantage for Thailand, they have fewer limitations on foreigners owning property unlike some other areas of the Asian market. Although they are not allowed to own more than 49% of a project, they can buy residences that are on freehold land. Another reason for hot sales, foreign buyers do not have to pay taxes that are common in places like Singapore.
Thailand ‘s most expensive deal took place when they purchased Britain’s embassy in Bangkok to tear down and build luxury new launch condos that will sell for a very high price tag.
80% of another luxury condo’s units have been sold which is in the same area as 98 Wireless. Bangkok has its eyes set on continued growth and there does not seem to be any end for future luxury condo developments.
- The Trever
- Riverfront Residences
- Kallang Riverside (freehold condo)
- Sea Pavilion Residences
- Affinity At Serangoon