Single houses and townhouses are available in central Bangkok, but as second-hand units and priced at 10 million to 200 million baht amid high prices for land and condos.
For many years, land in central Bangkok was viable for new development of high-end condominiums, office buildings and hotels but not for single houses and townhouses, as land prices soared.
Single houses and townhouses have been pushed to the Bangkok outskirts, where land prices remain low.
Some 100 single houses and townhouses as well as a vacant plot for a new project are now on offer by property agent Harrison Co.
Chief executive Alan Lin introduced the supply at the CBD Land & House fair, running until Sept 1 at Siam Paragon. Many units are cheaper than new condos in the same location.
For example, a townhouse on Sukhumvit Soi 34 on a 30-sq-wah plot with a usable area of 200 sq m is priced at 27 million baht or 135,000 baht a sq m, while a new condo unit nearby is offered at 160,000 baht a sq m.
If homebuyers have a choice, they will opt for a single house or townhouse that comes with land, said Mr Lin.
Central Bangkok land prices, which soared 30-40% in the past five years, are so high that a new single house or townhouse is not viable to build or buy.
Most of the 100 units offered by Harrison Co, worth a combined 5 billion baht, are between Sukhumvit Soi 24 and the Ekamai area.
These are second-hand units whose owners want to sell and relocate. Some were inherited from family. Others are old, historic mansions with interesting stories behind them.
Also available are a few units newly built to sell as single houses. One is a four-storey single house with a lift and a usable area of 1,000 sq m on a 216-sq-wah plot on Sukhumvit Soi 21.
Its investor owner is selling it for 200 million baht.
Harrison expects sales of 2 billion baht from single houses and townhouses in central Bangkok by year-end.
Year to date, the firm has recorded sales of 8 billion baht. Half came from new and resale condos and half from land plots.
Harrison aims for full-year sales of 10 billion baht, up from 8 billion last year.
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter