Sena Development Plc, a company listed under SET, remains positive regarding the demand for housing projects in Bangkok thus their plan to develop four additional condominiums in the area with a total worth of 2.14 billion baht before the end of 2016.
According to Kessara Thanyalakpark, the deputy chief executive of the company, there are a number of property developers that are still going about their plans to launch their projects for the second half of this year. This is in spite of the not so good economy of the country which resulted to a reduction in home ownership within the metropolitan city. The percentage now stands at an estimate of 60 to 70 per cent.
Ms. Kessara also added that despite the high competition within the market, the developers are still pushing forward with their plan to launch new projects. This is because of the number of migrants in the city that are still not registered and are looking for housing units either for rent or sale.
Condominiums are also now considered a great investment because of the lower interest rates when it comes to deposit payments as well as the changing pattern of the stock market.
People looking to buy their own home will now face a stricter approval method when it comes to their mortgage, according to Ms. Kessara. She also revealed that clients under Sena are already facing rejections from bank and the rate for the first six months of the year is at 20 to 30 per cent.
Sena is planning to launch for more condominiums. The first project in the area of Bang Kradi will have a total of 348 units and will be worth 210 million baht. The second project in Sukhumvit Soi 50 will have 578 units amounting to 1.13 billion baht. The third and fourth projects located at Rama II Road and Bang Na Area will have 322 and 42 units with a respective with of 540 million baht and 160 million baht. The project will continue because the company recognizes that many are still looking for condos for sale in Bangkok.