Overly reliant on China, Thailand’s condominium market plummets

 

The Covid-19 pandemic has worsened the property market in Thailand, particularly condominiums.

This happened because one of the countries with the largest property purchases in Thailand, China, has experienced an economic decline since the Corona epidemic.

As a result, Thailand, whose property sector relies on the Bamboo Curtain country, has to swallow the harsh reality.

Various methods have been used by condominium owners to attract consumers from China, but these efforts have not yielded results.

Among them is the cut in the selling price, which on average under normal conditions of Rp. 1.7 billion, is now being sold for Rp. 1.3 billion.

For example, nearly 12 Beijing natives, friends of Bobby He, own 3 condominium units per person.

Bobby’s friend bought condos located in Bangkok, Phuket, and Pattaya.

However, they only occupy one unit, and the rest they sell or rent back to support life in retirement later.

Thailand is known to have a policy of allowing foreign citizens (WNA) to buy condominiums with a portion of 49 percent of the number of condominiums available in the country.

However, since the Corona pandemic, the Thai economy has collapsed, followed by a decline in condominium sales. Mori Singapore

The developer in Thailand, AP Public Company Limited, experienced a 40 percent decline in sales of ‘Aspire’ or around Rp. 283.6 billion compared to the same period last year.

Director of Research and Consultancy Knight Frank Thailand, RisineeSarikaputra, said that it took two years to increase the trend of condominium unit sales to normal conditions.

Flats in Singapore Equivalent to Luxury Condos

More than 80% of Singapore’s population lives in government-built housing estates. But don’t imagine the housing they have is like most flats (Rusun) in the country.

Quoted from the Businessinsider page, Thursday (4/4/2013), the decision of Singaporeans to live in multi-storey houses built by the government is because housing costs in this country are very expensive.
Only the rich and possibly millionaires could live in a private condo. Meanwhile, most of the other residents who can only generate income of US$ 97 thousand per year, choose to live in public housing areas.

Among the various public housings built by the Singapore government, there is one version that is built more glamorously. This apartment is more suitable to be called a luxury condominium, even for the opinion of residents from the United States though.

Flats or more coolly called Pinnacle @ Duxton Apartments, are public housing areas that were opened to the public in 2010. Built with three towers, the flats in this area have 1,848 housing units, some of which have three modern decorated rooms.

Each tower is connected by a decorated veranda on the 50th floor. On this veranda there is a gym, jogging track, play area and stunning views of Singapore’s city and harbour.

Of course, Pinnacle @ Duxton does show high-end public housing and many people prefer to live in older units. However, this project is an idea that will be developed by Singapore’s Housing & Development Board (BOD).

Architect firm ARC Studio built this complex with the aim of providing a more diverse way of life for its residents. One of the ways to do this is to build an environmentally friendly housing complex.

The exterior of the complex is known to have gardens and recreational facilities.

“We were very amazed to see how eco-friendly concepts and nature came together in an architect’s work,” said the designer, Khoo Peng Beng.

The result of this combination is a housing complex that is surprisingly able to build intimacy even though it is in a large area.