It attributes the choices to millennials’ customary interest in well-utilised space and predicts that residential projects aligned with the generation’s “sharing economy” will soon be in great demand.

The age group favours properties in prime locations, with convenient access to public transit but also affordable.

Bangkok’s Ekkamai, Huai Khwang and Phaya Thai neighbourhoods are currently garnering the most attention from this group of buyers, managing director Anukul Ratpitaksanti said on Monday.

Members of the generation aged 21 to 30 years and working-age individuals between 31 and 40 together constitute the primary group of buyers who choose to live in condominium rooms.

The older group contributes 41 per cent of total purchases. The younger group generates 13 per cent of total purchases, but its expansion has been “remarkable”, Anukul said.

They account for a 25-per-cent growth in the average number of buyers from 2013 and 2017.

“Members of this group classified as millennials were raised amid technological advances. They live dynamically and choose the types of residence that offer convenience in commuting and are situated on prime locations. They also favour a room size that matches their needs – a room that’s easy to maintain but also provides well-utilised space. Furthermore, these buyers favour property projects by major developers who have high credibility.”

Millennials generally give greater importance to the utility of a common area within the building and optimisation of available space within a unit.

“And they pay attention to a common area that answers to many facets of life, such as the co-working space or co-kitchen rooms found at some projects,” Anukul said.

However, launches of new projects in the high-end market have shown strong growth since the last quarter of 2016 with prices reaching Bt120,000 to Bt190,000 per square metre, Bt200,000 to Bt300,000 per square metre for luxury units and more than Bt300,000 in the super-luxury segment, she said.

A CBRE (Thailand) survey shows that 12,358 units were released in the luxury and super luxury segments in the central business district last year, up 48 per cent from 8,325 units in 2016.

The company also estimated that up to 15,000 luxury units costing Bt200,000 per square metre would be launched this year, up 21 per cent from 2017.

A Nation survey found ’98 Wireless’. developed by Sansiri Plc, the most expensive condominium property in Bangkok, with average sale prices of Bt580,000 per square metre. The penthouse units in the super-luxury property comes with a price tag of Bt650 million each.

The Sansiri project is followed by Ritz Carlton Residences Bangkok by Pace Development Plc, priced at an average of Bt450,000 per square metre and Bt382 million each for its 850-square metre penthouse units.

Others in the highest-price list included Marque Sukhumvit, developed by Major Development Plc, offered at Bt436,000 per square metre, and over Bt200 million for a penthouse unit.

The Residence at Mandarin Oriental Bangkok of IconSiam Superlux Residence Corporation Ltd is priced at an average of Bt418,000 per square metre. A 707-square metre penthouse unit costs Bt318 million.

Sansiri ‘s Khun by Yoo set a price of Bt370,000 per square metre while a 302-square metre penthouse in the property costs Bt111 million.

Aliwassa said that the resale prices of luxury condominium units have also increased by an average of 15 per cent a year. The return of investment in the rental market is averaged at up to five per cent a year.

“Although the supply of luxury condominium units has reached more than 10,000 units a year, demand remains strong in the central business district of Bangkok, given the limited availability of land for the development of luxury residential projects,” she said

“I decided to buy a unit at Saladaeng One in 2015 as the project’s design, construction materials, and usable space matched my lifestyle when compared with other condominiums in the same area,” Assistant Professor Dr Kulachet Mongkol said at an interview with The Nation recently when asked why he bought a one-bedroom, 57 square metres unit at Saladaeng One, developed by SC Asset Corporation Plc. The property is one of the luxury projects in the area, costing Bt350,000 per square metre.

Kulachet said its location was the main attraction as the property is sited close to the mass transit network. Others are its design work using the right raw materials and space that matched his needs.

Saladaeng One was introduced to the market in 2015 with a starting price of Bt260,000 per square metre. Its sale prices has since risen to about Bt280,000 and Bt320,000 per square metre, depending on the location of the unit. The completed project, valued at Bt4.4 billion, is now 49 per cent sold and unit transfers to customers started early this year.

Rateeporn Visuthakul, who purchased a unit at Ashton Chula-Silom of Ananda Development Plc, said that the decision was based on her confidence in Ananda Development Plc and its management team as well as the project’s location and design.

Ashton Chula-Silom is one of the luxury condominiums selling at Bt280,000 to Bt320,000 per square metre. The completed project, valued at Bt8.5 billion, has already sold 80 per cent of the units, while transfers to buyers are underway.

Kunyarat Pladisai, who bought a unit at “Vittorio”, a luxury condominium developed by AP (Thailand) Plc, said that this is the first time she has moved into a condominium unit. She decided to stay away from her home in soi Thong Lor as she was much bothered by the noises from a nearby construction site and the heavy traffic in front of her property.

“Being a outdoor person, I never thought that I could stay in a condominium. But a visit to the Vittorio project changed my mind. The project’s facilities matched my lifestyle, with a swimming pool and a spacious green area. It also offers after-sale service,” she said.

Construction of the “Vittorio” has been completed. Up to 55 per cent of the project , worth a total of Bt3.2 billion, has been sold. The project’s sale price averages Bt350,000 per square metre.

Amid fierce competition in the property market, developers have adjusted their business models to cope with the ever-changing demands from their customers.

“We are now more focused on improving our after-sale service and added facilities for our clients via innovation and technology,” said Vitttakarn Chandavimol, AP (Thailand) Plc’s chief business group officer/condominium.

He said the company has adopted artificial intelligence (AI) in the design process of its residential projects to meet the new requirements of prospective buyers.

“We have also created a system of intelligence applications and other smart devices for extra securities, home services, and the convenience of modern living, among others. This marks a change from being just a property developer to one that caters to every need of our customers ,” Vittakarn said.

Recent changes in the property market has seen customers demanding new services and facilities as a priority over a project’s location and design, especially in the luxury segment.

“Nowadays, when a customer shops around for a new home in the same area, he/she tends to select a residential project that provides more services despite the high price tag,” Vittakarn said.

To cope with the change in customer behaviour in the digital era, most property firms have now taken on the extra role of a service provider with the use of big data.

Ananda Development Plc is one of property firms in the luxury segment opting to heavily invest in the creation of new digital platforms for new services, based on big data summary.

The company’s chief executive officer Chanond Ruangkritya said the technological advancement would gather speed in the next five to ten years and would play a greater role in revolutionising the property industry in many aspects from the construction process to the enhancement of urban living. The company will keep adjusting to keep pace with the technological disruption. Last year, Ananda announced a plan to become a UrbanTech company as part of its strategy to deliver urban living solutions to customers. It has also partnered with promising tech startups to provide innovative services to its condominium customers.

Besides the technology disruption, he said condominium developers in the next five years might face more business challenges, including the current uptrend in land prices in some locations of inner Bangkok.

When condominium developers pay higher land prices, they will have to raise the price of room units accordingly, while the number of potential buyers with high purchasing power might not expand fast enough to match the higher room prices. Part of Thailand’s development depends on state investment in infrastructure projects under the government’s 20-year strategy, which began last year.

Other property companies in the luxury market – such as SC Asset Corporation Plc, Sansiri Plc, Land and Houses Plc have also shifted their focus to new project design, facilities and functionality via technology.

“Luxury home buyers demand more for the hefty price and that means getting the best and broadest services from developers. This is the new goal of all involved,” said Vittakarn of AP (Thailand).

Private residential prices in the affluent city-state have surged by 9.1 percent over the past year on strong demand after declining gradually for close to four years, the government said.

A statement, issued jointly by the central bank and the ministries of finance and national development, warned that the rise in property prices must not “run ahead of economic fundamentals”.

Allowing prices to surge unchecked could “raise the risk of a destabilising correction later, especially with rising interest rates and the strong pipeline of housing supply,” the statement added.

The government raised by 5.0 percentage points the additional buyer’s stamp duty (ABSD), a fee applied to the purchase price or current market value of a property, for Singapore citizens and permanent residents buying a second and subsequent house.

Citizens buying a third home and permanent residents buying a second home will now pay 15 percent in ABSD fees.

Foreign individuals buying any residential house must pay 20 percent and foreign entities 25 percent.

The loan-to-value limits for property purchases were also tightened by five percentage points.

“The revision to ABSD rates is likely to lead to a slowdown in the recovery of the private property market,” said Lewis Ng, chief business officer of industry specialist PropertyGuru Group.

For example, a person looking to buy a second unit worth Sg$1.0 million (US$733,000) will have to pay an additional Sg$50,000 in cash, and a total stamp duty outlay of Sg$144,600, he said.

DBS Bank said the new cooling down measures caught the market by surprise.

But Ng said that “while this might be painful for home-seekers in the short term, it will enforce financial prudence and create a more stable property market”.

Most Singaporeans and residents live in high-rise government-built apartment blocks or private condominiums.

The main Straits Times Index was down 2.22 percent after midday Friday, with property stocks among the top decliners.

To be officially opened in August of this year, the new luxury hotel features 22 units of pool villa, both one and two bed rooms at the size of between 220 square metres and 570 square metres as well as private pool length more than eight metres. All villas are designed to complement the natural beauty and the seashore with colourful materials and views, giving guests an unforgettable view of nature on Koh Fahn. Full facilities are available in the guest villa and the hotel’s public areas. The room rate starts from Bt20,000 to Bt120,000 per night.

Poomiphat Navanukroh, travel industry group director of Cape & Kantary Hotels, said that Koh Samui has had very high potential as the number of tourists is growing every year. In 2017, the number of inbound travelers to Koh Samui was 2.5 million, of which 15 per cent are Thais, and 85 per cent foreigners.

“Our key target guests are foreign tourists, which account for 90 per cent, mainly from Germany, the UK, Australia, Korea and China. About 10 per cent of our guests will be Thais with socio-economic status from B Plus and higher. We differentiate our property as the only 6-star hotel on the private island and the most luxurious hotel in Koh Samui,” he said. “Our credential is being a member of Small Luxury Hotels of the World (SLH),” he added. “In addition to Cape Fahn, we plan to open new hotels in Pattaya but details on those are not yet available. We will also establish further properties in the northeast within the next two to three years,” said Poomiphat.

Cape & Kantary Hotels is part of the Kasemkij Company, which has nearly half a century of experience in the development and management of commercial and residential properties.

At the same time, TRIS Rating assigns the rating of “BBB+” to SIRI’s proposed issue of up to Bt5 billion in senior unsecured debentures.

The proceeds from the new debentures will be used to refinance SIRI’s existing debentures maturing in August 2018 and for business operation.

Meanwhile, Sansiri Plc announces its presale Bt24 billion in the first half of this year or up 62 per cent from the same period of last year, the company’s chief financial and business supporting officer Wanchak Buranasiri said at press conference yesterday.

The company’s chief executive officer Suriyon Poolwararak said that the eight-storey project will have , targeting both domestic and overseas buyers .

The Bt6.5 billion condominium project on Thong Lo Road will be sold at a starting price of Bt300,000 per square metre or about Bt30 million per unit, said Piti Jarukamjorn, Sansiri Plc’s deputy executive vice president-project development department (High Rise).

The project has 127 units on a 2-rais plot.

The 20-rai (3.2 hectares) project comprises 69 three-storey units each with a usage area of between 400 and 492 square metres, chief executive officer Supachoke Panchasarp said on Monday.

Asset Five has appointed CBRE to take sole responsibility for the project.

Vana Residence Rama 9 – Srinakarin will officially launch and hold a grand-opening event in August, the CEO added.

Executive Suruwut Sukcharoensin said on Monday the project would be developed in two phases.

The first phase, worth Bt1.6 billion, would be open to booking on July 14-15, and the second phase, worth Bt1.6 billion, would follow suit soon, he said.

The company expects sales of up to Bt1.2 billion for the first phase within six months, he said.