Property Perfect launch promotion to boost flagging condo sales

Thailand’s property market will grow only 3 – 5% this year and the condo market is likely to end up 25% down – the executive director of Property Perfect claims it’s the the most severe situation in 10 years.

The Nation reports that Wongsakorn Prasitwipat is primarily blaming the loan-to-value measures imposed by the government on Thai banks last April, along with a sluggish economy and the baht’s appreciation. He says, together, they’re driving up condo prices and sapping foreign demand for property here.

“The LTV measure has had the most impact on condo sales in the past 10 years. The government should introduce measures to stimulate market recovery, which should take approximately a year.”

To boost sales in the last quarter of this year, Property Perfect will unveil a promotion scheme called “Condo of the Year: Book a condo to win a trip to Japan”.

“This campaign is expected to hit 1.5 billion baht in sales from our 6 billion baht worth of stock.”

Its “Yuruay Condo” scheme, part of the Government Housing Bank’s “One Million Houses” project, is meanwhile aiming to target buyers beyond just low-income earners to the employees of private firms with monthly salaries between 20,000 – 30,000 baht. Each unit sells for 899,000 baht.

“Property Perfect plans to focus on horizontal low-rise condo projects next year to avoid economic risk and secure a quick return on investment.”

Property Perfect says its eyeing Srinakarin-Romklao and New Krungthep Kreetha roads, also considered a desirable location for condos by Sansiri, SC Asset and AP due to the convenient commute between downtown and Suvarnabhumi Airport.

SOURCE: The Nation