This forms part of the company’s drive to achieve full-year presales of Bt45 billion, some 16 per cent higher than the 2017 level.

Sansiri recorded presales of Bt38.6 billion last year, which was 24 per cent higher than what it achieved in 2016, Uthai said.

Prominent locations of super prime and prime residential projects include low to mid Sukhumvit from Asoke to Thonglor, as well as Ploenchit, Chidlom, Sala Daeng, Ratchadamri, Langsuan, Wireless and Sathon Roads, said Frank Khan, executive director and head of residential, Knight Frank Thailand, on Monday.

These areas will remain main development areas for prime and super prime supply because of their convenience and amenities. In terms of unit sizes this year, the upcoming trend seems to be two bedrooms and three bedrooms with a selling price of Bt300,000 per square metre or above, Khan said.

The elevated price reflects the limited supply of land in the CBD and central Sukhumvit areas, he said.

“It is interesting to note that branded super-prime and prime residences utilise very high-end and valued architects, interior designers and branded furniture as well as facilities designers,” he added.

It said the tower at Bitec in Bangkok’s Bang Na district had attracted tenants from various industries, including Siam Commercial Bank, Regus (Thailand), Origin Property, All Inspire Development and KYB Asian Pacific Corp.

“As a pioneer developer of various projects in the Sukhumvit-Bang Na area, I am very pleased that Bhiraj Tower at Bitec has received impressive response,” said Bhiraj Management managing director Pitiphatr Buri.

“I strongly believe that the Sukhumvit-Bang Na area has the potential to become the new commercial hub, as we can see from the rising demand in the area.”

Bhiraj Tower has 29 floors and 32,000 square metres of rentable office space.

They include a luxury residential project on Soi Ruamrudee to be marketed as Leroy Ruamrudee. Three projects are under the ‘Walden brand, in the Sukhumvit-Thonglor area. The fifth project is in North Pattaya.

The launches are part of a drive by the company to achieve presales of Bt3 billion this year, up 20 per cent from last year. Up to 30 per cent of total sales will come from foreign buyers when the company plans to roadshow its products in an international campaign, he said.

Company director Kessara Thanyalakpark said that Sena would focus on energy-saving residential developments to drive its presale revenue to Bt10.3 billion this year, or up 66 per cent on last year, and total revenue up to Bt5.2 billion by the end of this year.

The company has budgeted Bt1 billion to acquire new land for developing residential projects this year and nex, she said.

Nowadays, visitors and investors are becoming more familiar with other non-prime locations in Bangkok through information from social media and digital communications.

New condominium property prices in downtown Bangkok have increased to an average of over Bt260,000 per square metre, with starting prices of over Bt10 million. The high Central Business District (CBD) prices combined with marketing efforts of non-prime locations by Thai developers, over the last two years, has increased awareness and interest from overseas investors in non-CBD Bangkok locations who are keen to invest in the fringe of the downtown areas or in midtown locations, especially along the extended mass transit lines where prices are more affordable than downtown areas.

The popular prices for these locations range between Bt3 to 10 million per unit.

Even though Chinese buyers are one of the fastest-growing groups of overseas buyers for real estate, CBRE believes that Hong Kong investors remain the most active in Thai property market. Chinese buyers have been constrained by increasingly strict capital controls and Chinese government policies aimed at restricting purchases of overseas property by their nationals.

A new Chinese regulation requires that banks report any transfer over US$29,000 and prohibits people from “lending” their quotas to other individuals, making it more challenging for a person to transfer money over their allowed annual quota. Additionally, the Chinese government has also banned transferring funds overseas for purchasing bonds, “insurance” products, and real estate; which has made it more difficult for mainland Chinese buyers to invest foreign property markets.

CBRE pioneered marketing of Thai properties overseas in the 1990s such as Laguna Phuket and SV City to purchasers in Hong Kong and Singapore. During the 2010s, Hong Kong investors focused on Phuket properties and super luxury and branded properties in Bangkok such as 185 Rajadamri, and Four Seasons Private Residences Bangkok.

In 2015, the mid to lower end condominium market slowed down resulting in Thai developers looking to overseas buyers.

THE LINE Jatujak-Mochit was the first notable non-CBD Bangkok project to be marketed in Hong Kong. More projects have since been |exhibited in Hong Kong during 2015-2017.

According to our counterparts at CBRE Hong Kong, Hong Kong buyers’ investments in the overseas property market totalled $6.6 billion in the first half of 2017 alone. Investment locations included the UK and Australia in the early stages, Japan started 2-3 years ago and Thailand in recent years. The total transaction value of Thai properties is expected to reach HK$3 billion (approximately Bt12.3 billion) in 2018.

Records indicate that approximately 85 projects by 35 developers from Thailand were marketed to Hong Kong buyers last year. Ananda Development and Sansiri were among the most active in marketing to Hong Kong and most major condominium developers were active in marketing at least 2-4 projects.

The influx of foreign developments, especially off-plan, into Hong Kong, has been so significant that the Hong Kong Estate Agents Authority will issue new regulations set to take effect in April of 2018 to govern agents selling properties located outside of Hong Kong to regulate agents and protect buyers.

This year, developers are bullish about the prospects for the real estate industry in Thailand and are planning many new launches as well and new phases in current projects.

This increase in supply will mean that developers will be targeting foreign purchasers for projects in good locations with high yield potential. CBRE expects Hong Kong to remain a strong investment buyer market for Thai properties in 2018 for both the luxury and mid-market segments.

Note: By Aliwassa Pathnadabutr, Managing Director of CBRE Thailand

Sincere Holdings gets exclusivity rights from Onyx to open Shama serviced apartments, including those bearing the Shama Luxe and Shama Hub sub-brand names, in Shanghai, Shenzhen, Guangzhou, Beijing, Chengdu, Chongqing, Hangzhou, Nanjing, Suzhou, Tianjin, Wuxi and Xiamen.

The first two projects will be the Shama Hongqiao Shanghai and Shama Changfeng Shanghai, both slated to open this year.

“China is one of the world’s largest economies and a key market of growth for Onyx,” said Douglas Martell, the group’s president and chief executive.

“We are thrilled to partner with Sincere Holdings Group, a highly respected market leader, to expedite our expansion across China. This partnership brings together joint expertise from leaders in two different industries and will accelerate the growth of our Shama brand. It is a major milestone in our journey towards becoming the best medium-sized hospitality player in the Asia-Pacific region.”

Sincere Yuanchuang Real Estate Group executive vice president Jerry Zhang also welcomed the partnership.

“Working with a partner of the scale and expertise of Onyx will help drive the growth of a new business segment for Sincere. Sincere and Onyx share a common vision in addressing the quality accommodation needs of discerning professionals and leisure travellers. We look forward to capitalising on our unique strength in real estate development and Onyx’s expertise in hospitality management, and to reshape the serviced apartments market in China.”

Shama currently has 18 serviced apartments across the Asia-Pacific region, including 11 in the pipeline in Australia and Malaysia. Shama was named “Best Serviced Apartment Operator of Asia” for the fifth time at last year’s AHF Asia Hotel Awards.

Based in Bangkok, Onyx has 44 operating properties under three brands in eight countries. In the development pipeline are more than 20 properties in Australia, Malaysia and Laos.

The target is to have 99 hotels open by 2024.