This strong opening is on the back of an improving economic outlook and an expected increase in full-year growth in gross domestic product to 4.2 per cent, up 0.3 percentage points from 2017, and in part due to the rising cost of developing projects in the popular but densely built-up areas in Bangkok, online real-estate portal DDproperty said on Monday.

“The sophistication of Bangkok’s property market is more apparent now than ever,” said Kamolpat Swaengkit, the company’s country manager.

“As values continue to move upwards, property’s reputation as a valuable investment asset strengthens further. Developers are therefore taking note and it is no wonder that the year has welcomed joint ventures between local and foreign developers eyeing potential across the city.

“They have become a lot more selective on the kinds of projects they work on, with the focus on building the ‘right’ property for the location and ensuring it is suited to its target audience. We have seen a real shift in the market with this renewed attention to detail,” she added.

The company’s impressive first-quarter figures have given it confidence that total pre-sales will total Bt20 billion and revenue can reach Bt15 billion by the end of this year, it said.

The house and land packages start from Bt2.79 million and the entire project is worth Bt620 million.

Sales began at the weekend.

Given the attributes of the rail expansion and the lifestyle of modern people who increasingly desire convenience that in 2017, there were 62,751 new units entering the market, an increase from the previous year of 19 per cent, according to a report by Knight Frank Thailand Research,

The average annual total sales rate was around 76 per cent, reflecting growth from the 74 per cent seen in 2016. The most popular locations continue to be around the Light Green Line and the Blue Line.

As for the CBD, Sukhumvit remains the most popular area, with around 11,000 new units coming into the market; this was followed by Wireless Road, Silom and Sathorn with 2,300 units, and Rama 4 with 817 units.

For areas located outside the CBD, real estate development companies focused their attention on Rama 9-Ratchadapisek, Phaholyothin, Ladprao and Onnut-Bearing, with 19,000 new units entering the market.

When scrutinising sales of each area in 2017, it was found that the CBD and surrounding areas experienced average sales rates of 78 per cent and 71 per cent, respectively, while new suburban projects averaged an annual sales rate of approximately 80 per cent.

This serves as a good indicator of consumer confidence in the market. The selling price per square metre rose in all segments, particularly the CBD, which has limited plots of land suitable for the development of new projects.

As a result, land prices soared, which is reflected in the sale prices. New projects in the CBD commanded an average sales price of Bt248,267 per square metre, while the area around the CBD was priced at approximately Bt131,521 per square metre, and new projects in the suburbs was at Bt79,871 per square metre, increasing from 2016 by 8.6 per cent, 1.2 per cent and 6.5 per cent respectively, the research said.

For the first quarter of this year, there were 12,563 new condominiums entering the market; new units enjoyed sales of about 55 per cent.

Over a half of them were launched in March 2018. The average selling price per square metre in the CBD and surrounding areas clearly contracted from Q1 of last year.

This is because projects launched this quarter are located in less prominent areas, with lower grade specifications.

However, the average sales price of a new unit in the suburbs grew to a record high at Bt110,353 per square metre in the first quarter of this year, up 61 per cent compared to the same period of last year and up 38 per cent compared to the entire 2017.

This was due to the scarcity of land in the city, coupled with land prices that are steadily rising. Many operators are also increasingly turning their attention towards the periphery. In this quarter, one project had an offering price of more than Bt110,000 per square metre.

As there were 6 projects launched in the suburbs, the average selling price per square metre in this area was pushed higher compared to past years.

This year, the market outlook of the suburban areas and around the CBD is that both locales have opportunities for growth; this is in terms of product, price and consumer response, especially for projects near the mass transit train lines or no more than 1 kilometre from the lines. Such areas should continue to receive heightened attention from large and mid scale property developers.

From Knight Frank Thailand Research, it was found that there are several projects from leading developers that will be gradually launched in the CBD in the remaining quarters of 2018. It is worth watching the new projects’ pricing, seeing whether the average prices per square metre of condominiums in the CBD would adjust lower or higher than in 2017, the research said.

The real estate firm won 11 awards in the five-star category in the annual industry event. The global real estate consultancy said it won the five-star ratings in the best property consultancy category for Thailand, China, India, Hong Kong, Australia, Malaysia, Singapore, Indonesia and South Korea.

JLL was also recognised as the five-star award winner for the best real estate agency in Malaysia and best property consultancy website in Australia and received 16 other awards across the region.

Suphin Mechuchep, managing director of JLL in Thailand, said: “We are delighted to be presented with a five-star award in the category of the best property consultancy in Thailand. The award in this category is very meaningful to us as it recognises the best consultancy firm with full real estate services from research, sales and leasing through to property and facilities management and project development, in both residential and commercial sectors.”

Now in its 26th year, the International Property Awards celebrate the highest levels of achievement by companies operating in all sectors of the property industry.

The event brings together the top players in real estate, architecture and interior design from over 25 countries and covers both commercial and residential categories.

WHA Group is a leader in Thailand’s fully-integrated logistics and industrial facilities solutions. The latest approval builds on a related okay last November for the Hemaraj Eastern Seaboard Industrial Estate 4 (HESIE 4).

The release said that the nine Hemaraj industrial estates would play an instrumental role in the development of the EEC project’s 10 targeted S-Curve industries, in particular aviation and logistics, next-generation automotive, automation and robotics, smart electronics, biofuels and biochemicals, and digital.

“Since the EEC initiative was launched by the government, WHA Group has always given its full support, so we are delighted that our 9 industrial estates are now officially part of it,” said Jareeporn Jarukornsakul, WHA chairman and group CEO. “It will reinforce our continued commitment to play an active role in the development of the 10 targeted industries for the benefit of all stakeholders and the country.”

David Nardone, group executive, industrial and international for WHA Industrial Development said: “This will be an excellent opportunity to encourage a skilled workforce for higher-wage jobs. The openings in the 10 target industries will boost productivity and make [Thailand’s] industrial environment more global.”

The nine approved Hemaraj industrial estates approval cover a total of 34,434 rai (5,509 hectares) in the EEC.

The Hemaraj Industrial Estates that received EEC approval are:

· Hemaraj Chonburi Industrial Estate (HCIE)

· Hemaraj Chonburi Industrial Estate 2 (HCIE 2)

· Eastern Seaboard Industrial Estate (Rayong) (ESIE)

· Hemaraj Eastern Seaboard Industrial Estate (HESIE)

· Hemaraj Eastern Seaboard Industrial Estate 2 (HESIE 2)

· Hemaraj Eastern Seaboard Industrial Estate 4 (HESIE 4) – approved in November 2017

· Hemaraj Eastern Industrial Estate (Map Ta Phut) (HEIE)

· Hemaraj Eastern Seaboard Industrial Estate 3 (HESIE 3)

· Hemaraj Rayong 36 Industrial Estate

“The greatest happiness from K-Home Loan” campaign will offer a special mortgage rate of 0.75 per cent during the first year along with a “low installment plan” of Bt1,000 per month and free collateral valuation for K-Home Loan customers.

To be eligible, customers must purchase detached homes that are ready to be moved in under the Centro, The City, Mind and The Palazzo brands from AP (Thailand).

Appications can be submitted from today, and mortages must be registered by June 30.

The company also reported strong quarterly presales of Bt6.68 billion, 51 per cent above presales in the same quarter of 2017.

The company maintains the annual transfer target for the year unchanged at Bt38 billion for 2018, which represents growth of 152 per cent year on year and keeps it on target to meet its “four times bigger in four years” target during which it expects to increase transfers from Bt15.1 billion in 2017 to Bt70 billion in 2021.

First quarter transfers were Bt3.84 billion including transfers from a joint-venture project. The company reported total revenues of Bt2.82 billion, an increase of 22 per cent from the same quarter a year earlier driven by revenue from sales of real estate Bt1.85 billion, up 17 per cent from the same period last year. The company reported net profit of Bt145 million for the quarter up 3 per cent on the same period a year earlier. The company’s net margin was 5 per cent for the quarter.

During the first quarter the company launched two new condominium projects, with a total development value of Bt4.32 billion. Its comprised the Bt2.56 billion Ideo Sathorn Wongwain Yai condominium project near the Wongwain Yai BTS station and the Bt1.76 billion Unio Sukhumvit 72 Phase 2 near the Bearing BTS station.

Including sales from existing projects the company generated total presales for the quarter of Bt6.68 billion, an increase of 51 per cent from the same quarter a year earlier. Presales guidance for the year maintains unchanged at Bt35.1 billion. The company ended the quarter with a large backlog of Bt53.6 billion due to transfer over the next three years, an increase of 26 per cent from the same quarter a year earlier.

Chanond Ruangkritya, CEO of Ananda, said: “We’re delighted to have exceeded our quarterly transfer target including our Venio Sukhumvit 10 condominium project finishing and transferring ahead of schedule in the first quarter. This is an exciting period for Ananda as we plan to achieve its targeted 152 per cent growth in transfers in 2018 to Bt38 billion.

“We have a backlog to be transferred in 2018 of Bt27.6 billion, including Ananda and Mitsui’s share of joint ventures which represents 81 per cent of the next nine months of 2018 transfer target. We have nine new condominium buildings finishing construction and beginning to transfer in 2018 in addition to the eight condominiums finished in 2017.”

Chanond continued: “We’re delighted to have exceeded our quarterly presales target in the quarter and we still have six planned condominium projects to be launched this year.

“We continue our relentless focus on customer needs, providing convenience through the location next to the mass transit lines and continuously introducing new technologies to improve the quality of urban life while ensuring that nature is integrated into the projects while maintaining competitive pricing,” he said.

The company has recently partnered with Ascott, a leading serviced-apartment operator and announced the development of apartments in four prime locations in Bangkok with a combined project value of Bt10 billion, including Rama 9, Sathorn, Thonglor and Sukhumvit Soi 8. The portfolio will begin contributing revenue in the first quarter of 2020.

“Our cash flow remains strong and we have maintained a large cash balance with over Bt5.2 billion in cash at the end of the quarter,” Chanond said.

“In the first quarter of 2018, we issued two bonds with a combined value of Bt3.5 billion, to be used for repaying existing bonds as well as funding the growth and working capital for the business. Our financial discipline has been recognised by the market as in February 2018, we issued our latest bond.”