The Riverside/ Rama III Area Had The Lowest Supply, With About 5% Or 508 Units

Category: Finance, Real Estate.

The total supply of apartments in the downtown area was 10, 182 units in the 2nd quarter of 2007, which was an increase of 6% year- on- year but a slight fall of 6% quarter- on- quarter. Two new grade A apartment projects were completed in this quarter, both adding 90 units in Sukhumvit area.

The slight drop on a quarterly basis was because five apartments were removed from our stock as they were no longer used as apartments. This area remains the most popular area, 194 units or, where about 7 70% of the downtown apartment supply is located. The number of expatriates in Bangkok was 70, 757 in the 2nd quarter of 2007, an increase 7% from the previous quarter. The Riverside/ Rama III area had the lowest supply, with about 5% or 508 units. The Japanese still made up the largest share, with about 26% of the total number of expatriates in Bangkok. The average occupancy rate for the apartment market increased from 87% in the previous quarter to 82% in this quarter, an increase of 3% quarter- on- quarter.

This was followed by Indian, British and American, Chinese expatriates, with 11% , 9% , 8% and 7% , respectively. Occupancy rates improved, due to supply increasing only slightly while take- up continued to increased at a faster rate in the 2nd quarter of 200The average occupancy rate of grade A apartments was 97% , an increase of 5% year- on- year, while that of grade B apartments decreased by about 4% year- on- year, this indicates that grade A apartments are still in demand. The achieved rents per square meter for grade A apartments in Silom/ Sathorn, Sukhumvit and Riverside, Central Lumpini/ Rama III were THB 388, 414 and 386 and 337, respectively. Asking rents and achieved rents for both grade A and B apartment in all areas increased on a quarterly basis except grade A apartments in the Sukhumvit area. Newly opened grade A apartments will continue to enjoy high occupancy rates and rents could also increase for these new units. There were two newly completed apartments in this quarter: G.

Supply. Of these, 662 units or 65% of the future supply are planned to be completed this year. Height on Sukhumvit 22, comprising 56 units ranging from 3 to 4 bedroom units and Bangkok View Tower on Sukhumvit 31, comprising 34 units ranging from 3+ 1 bedroom units to penthouse units. 13 new apartments with at least 1, 108 units will be added to the market within the next two years. In the condominium sector, 2 projects with 362 units were completed in this quarter. The competition in the rental market is anticipated to intensify, due to the continued growth in the number of condominium units that will soon finish being decorated. However, these will not compete in the rental market until the 3rd quarter of 2007 or later. Demand.

Occupancy rates improved, due to supply increasing only slightly while take- up continued to increase at a faster rate in this quarter. The occupancy rate increased from 89% in the 1st quarter of 2007 to 82% in the 2nd quarter of 200There were 9, 086 occupied units from the total of 10, an increase of, 182 units 8% year- on- year and 1% quarter- on- quarter. The average occupancy of grade A apartment was 97% in the 2nd quarter of 2007, indicating an increase of 5% year- on- year, while that of grade B apartments was at 88% , a fall 4% year- on- year. There is demand for brand new units that meet expatriate requirements, in both the apartment and condominium sector. The Sukhumvit area achieved the highest rate, with about 94% . Sukhumvit is still the most popular area due to its convenience and range of facilities. The achieved rent for grade A condominium units remained stable, in the range of THB 500- 600 per square meter.

Overall, condominium units being let out by individual landlords are able to achieve higher rates per square meter as they are relatively small compared to apartment units. Prospects. Some 662 new apartment units are expected to be added in the downtown area within this year, raising the total supply to 10, 844 units. Although the total supply will increase significantly this year, the expatriate apartment market is expected to be healthy especially if the economy improves and foreign investment increases. There will also be competition from new condominiums which will gain some share in the expatriate residential market. In the next two years 19, 600 condominium units will be completed and up to 50% of these new condominiums will be available for rent.

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