PHOTO: Nara 9 – www.nara9.net

Property consultants, Edmund Tie & Company – South East Asia – report that the new condo supply for 2019 is ‘unlikely to increase’ and that sales rates are disappointing in Q3.

Their report says that the take-up rate of newly launched condominium projects in Q3 in Bangkok’s CBD dropped from last year’s 58% to only 31%, year on year. This is even lower than the performance in Q2 which was 46%.

Developers are acknowledging that there is a weaker demand for residential units and a significant drop in overall supply.

The three highest performing condo sale segments were the ‘luxury segment’, followed by the ‘super luxury’ and ‘Grade A’ segments.

The average price for condos has remained flat for Q3, compared to Q2 – around 330,000 baht per square metre – but this is still a 32% increase when compared to the same quarter in 2017, according to the report.

But Edmund Tie report that the figures are just a minor ‘blip’ following big rises in demand and sales over the past three years. They report that the new condominium supply in the CBD during Q3 was 1,636 units, rising from 852 in Q2, 2018 – a 92% increase in new units hitting the market.

For the office sector, their report says that rents will continue to increase gradually in the final quarter of this year and into 2019, driven by limited supply.

“There will be an increased demand for office condos in Bangkok.”

They say office developers remain focused on providing open-plan office space close to public transport nodes.

PHOTO: The Nation

King Power International Group has opened what is being marketed as the world’s biggest glass-bottomed skywalk.

The new tourist (and local) attraction is on the rooftop of the 78 storey Mahanakhon building on Narathiwat Road in Bangkok’s Bang Rak district. Mahanokon is Thailand’s tallest building at 314 metres.

The glass skywalk has 360 degree panoramic view, vertically and horizontally. Standing on the glass platform you can see right around the Bangkok skyline and beyond. You can also look directly down, 314 metres below, to the street – not for the faint-hearted.

The building is equipped with a fast elevator which can reach the 74^th floor from the ground in just 50 seconds.

King Power International (who have naming rights for the skyscraper) CEO Aiyawat Srivadhanaprabha said the glass-bottomed skywalk represents another important step and a pride for the Thai company.

“I believe that tourism is not just an engine to drive the country’s economy, but also a gate toward the building of sustainable confidence and promotion of Thai identity in the eyes of the global community,” said Aiyawat, an heir to the business empire of Vichai, the owner of Leicester City who died in helicopter crash recently.

The building features outdoor and indoor observation decks on the 78^th and 74 floors respectively, modern shopping malls, varieties of both Thai and international food and duty-free shops (of course).

Scroll through to around 4.00 of this episode of ThinkingOfLiving to get a first peep at the new Bangkok icon.