Limited new supply was added in Q3 2011 but a large surge is expected in the next quarter. Occupancy rates increased slightly while overall rental rates dropped slightly. Over 800 new units are scheduled to be completed in Q4 2011, with the majority located along Sukhumvit Road. The number of expatriates in Bangkok increased modestly compared to the previous quarter. Rental rates remained stable compared to last quarter with Central CBD commanding the highest rates.
The serviced apartment sector continued to show further signs of recovery from the lows of Q2 2010. Overall rental rates and occupancy were up q/q.
It appears that the lingering effects of the April/May events of 2010 which directly impacted areas seems to be dissipating rapidly with Central Lumpini and Central CBD recording very positive figures for Q1 2011.
However this is no time for complacency as the sector faces another significant infusion of supply over the course of the year that will put pressure on the gains made over the past six months.
The earthquake and tsunami in Japan may have a small short term negative influence, however in the longer term expected increased Japanese investment into Thailand will also positively affect the serviced apartment sector.
2010 was a difficult year for the hotel industry in Bangkok and 2011 promises more of the same for the Upper and Luxury segment. Find out more in this report.
• Demand for residential units in both the primary and secondary markets remained subdued in last quarter.
• Pressures of increasing unsold inventory and a liquidity crunch resulted in fewer project launches.
• Going forward end users and buyers will continue to be cautious due to the current uncertain economic and political conditions; coupled with high residential prices.
• The current oversupply in the market will get mitigated in the coming quarters, as very limited new projects are being launched.
The serviced apartment sector continued to show further signs of recovery from the lows of Q2 2010. Overall rental rates and occupancy were up q/q.
It appears that the lingering effects of the April/May events of 2010 which directly impacted areas seems to be dissipating rapidly with Central Lumpini and Central CBD recording very positive figures for Q1 2011.
However this is no time for complacency as the sector faces another significant infusion of supply over the course of the year that will put pressure on the gains made over the past six months.
The earthquake and tsunami in Japan may have a small short term negative influence, however in the longer term expected increased Japanese investment into Thailand will also positively affect the serviced apartment sector.
2010 was a difficult year for the hotel industry in Bangkok and 2011 promises more of the same for the Upper and Luxury segment. Find out more in this report.
• Demand for residential units in both the primary and secondary markets remained subdued in last quarter.
• Pressures of increasing unsold inventory and a liquidity crunch resulted in fewer project launches.
• Going forward end users and buyers will continue to be cautious due to the current uncertain economic and political conditions; coupled with high residential prices.
• The current oversupply in the market will get mitigated in the coming quarters, as very limited new projects are being launched.
Highlights:
The metrics for the office market in Q2 2011 remained almost the same as for Q1 2011
A more positive trajectory for the office market could be in store for the future if the political situation is perceived as being more stable.
Around 100,000 sq m of office space is set to hit the CBD market in H2 2011.
Initial strains expected from new supply in 2011 but a limited amount in the next few years will lead to hardening of occupancy and rental rates.
The ASEAN Economic Area comes closer to fruition in 2015 and the service sector can benefit from this.
Greek fiscal problems and contagion from other European countries remain a concern going forward.
Bangkok contains the most office supply for any city in the ASEAN area.
New launches in Q1 2011 fell to a more sustainable level following the frenetic previous six months. Concerns of an overheating property market have been allayed as a result. The condominium market has begun the process of consolidation.
Within urban Bangkok, the Northern and Southern fringes led the way in new launches with around 15% each for the total of the whole of Bangkok. The Suburban area accounted for around 56% of the total.
Around 3,500 units were supplied in Q1 2011, a slight decrease q/q. For the past two years, quarterly additions to new supply have been remarkably stable.
The earthquake in Chiang Mai in March 2011 caused many potential buyers to pay attention to the resilience of buildings to damage from such events. More may be required to address these concerns although Bangkok is far from areas prone to serious seismic activity.
Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1 2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010.
The trend is still for hotels, especially in Luxury segment, to drive rates down in order to compete and this looks set to continue. A "risk discount" seems to be being applied in the case of hotels in areas deemed prone to further political strife.
Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the Bangkok tourism industry especially during the low season. However traditional tourist markets, the mainstay of the Upper/Luxury segment (ULS), have begun to return to the city. The effect of the reduction in long term bookings after events last April and May appears to be abating.
Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued strong growth in tourism can mitigate this situation. There will be no respite for the industry for some time to come.
Supply growth slowing q/q for Q1 2011 with just around 14,180 sq m being completed, all being community malls.
Rentals rates escalated q/q by around 4% and take up increased by approximately 1% for the same period. Consumer confidence and spending over the past year are positively affecting the retail sector as a whole.
The trend is not only the development of new retail centres but the renovation of older buildings with outdated retail designs and mix. This flight to the top can only be of benefit to customers and the sector as a whole.
Lower grade apartments offer strong potential
Summary
• Midtown continues to dominate serviced apartment market
• Wide variations in Grade B pricing and quality
• Emergence of aparthotels beginning in Yangon
• One-bedroom units command significantly higher rental rates per square metre
Highlights:
The metrics for the office market in Q2 2011 remained almost the same as for Q1 2011
A more positive trajectory for the office market could be in store for the future if the political situation is perceived as being more stable.
Around 100,000 sq m of office space is set to hit the CBD market in H2 2011.
Initial strains expected from new supply in 2011 but a limited amount in the next few years will lead to hardening of occupancy and rental rates.
The ASEAN Economic Area comes closer to fruition in 2015 and the service sector can benefit from this.
Greek fiscal problems and contagion from other European countries remain a concern going forward.
Bangkok contains the most office supply for any city in the ASEAN area.
New launches in Q1 2011 fell to a more sustainable level following the frenetic previous six months. Concerns of an overheating property market have been allayed as a result. The condominium market has begun the process of consolidation.
Within urban Bangkok, the Northern and Southern fringes led the way in new launches with around 15% each for the total of the whole of Bangkok. The Suburban area accounted for around 56% of the total.
Around 3,500 units were supplied in Q1 2011, a slight decrease q/q. For the past two years, quarterly additions to new supply have been remarkably stable.
The earthquake in Chiang Mai in March 2011 caused many potential buyers to pay attention to the resilience of buildings to damage from such events. More may be required to address these concerns although Bangkok is far from areas prone to serious seismic activity.
Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1 2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010.
The trend is still for hotels, especially in Luxury segment, to drive rates down in order to compete and this looks set to continue. A "risk discount" seems to be being applied in the case of hotels in areas deemed prone to further political strife.
Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the Bangkok tourism industry especially during the low season. However traditional tourist markets, the mainstay of the Upper/Luxury segment (ULS), have begun to return to the city. The effect of the reduction in long term bookings after events last April and May appears to be abating.
Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued strong growth in tourism can mitigate this situation. There will be no respite for the industry for some time to come.
Supply growth slowing q/q for Q1 2011 with just around 14,180 sq m being completed, all being community malls.
Rentals rates escalated q/q by around 4% and take up increased by approximately 1% for the same period. Consumer confidence and spending over the past year are positively affecting the retail sector as a whole.
The trend is not only the development of new retail centres but the renovation of older buildings with outdated retail designs and mix. This flight to the top can only be of benefit to customers and the sector as a whole.
Lower grade apartments offer strong potential
Summary
• Midtown continues to dominate serviced apartment market
• Wide variations in Grade B pricing and quality
• Emergence of aparthotels beginning in Yangon
• One-bedroom units command significantly higher rental rates per square metre
HIGHLIGHTS
• Due to the pessimistic economic outlook, sales volumes have come down in India’s major residential markets.
• Developers were willing to negotiate on prices and offered various incentives in primary market.
• In the secondary market prices were well below that of the primary market.
• We anticipate that the residential sector will witness lower demand until at least the national elections.
• For those looking at a longer term investment, this is a good time to buy as property today is available at discounts, and with prospects of a stable government the demand is likely to rebound.
Factors influencing the rise of house price in klang valleyeSAT Journals
Abstract
There is an increase of house price radically in Klang Valley that affect to Malaysian house buyer. House price is the value to be paid for the dealing of buying a residential property. House price rises continuously respecting few factors and had impacting house buyer in decision to buy their house. This study becomes necessary since there is less research that gives information in the factors influencing the rise of house price. The factors are found out through detailed literature reviews and information from pilot study. Pilot study is conducted through interviewing representative from National House Buyer Association, pioneer in solving house related problem, to provide legal suggestion and etc. The data is collected via questionnaire survey form distributed to respondents in sample area. The sample area is Klang Valley region, 10 municipal districts including Kuala Lumpur, the Capital City. In result and analysis stages, the factors had to be refined by analyzing the data using statistical tests. Every single factors are calculated its average index respect to few level of influence under respondents’ opinion. The index will then treated as influencing level of the factors. Based on the study, fluctuation in housing market, increasing in construction cost, population growth and increasing demand are factors which give major influence to rise of house price. The study also identified housing criteria to be considered during setup of house selling price and also preference among house buyer nowadays. This study also identified cost contributors in construction being foresees as control measure concerned in respect to respondents point of view.
Keywords: House price, affordable, and construction cost
IJRET : International Journal of Research in Engineering and Technology is an international peer reviewed, online journal published by eSAT Publishing House for the enhancement of research in various disciplines of Engineering and Technology. The aim and scope of the journal is to provide an academic medium and an important reference for the advancement and dissemination of research results that support high-level learning, teaching and research in the fields of Engineering and Technology. We bring together Scientists, Academician, Field Engineers, Scholars and Students of related fields of Engineering and Technology.
Similar to Bangkok Serviced Apartment Market Report Q3 2011 w (20)
Just over 4,700 units were supplied in Pattaya for 2010 representing a nearly 12 % increase from
2009. This was the greatest addition to supply since 1997.
New launches for 2010 amounted to just over 3,420 units. With take up and prices remaining
stable it would appear that future growth in condominium developments is running in tandem with
the growing popularity of the city as a residential resort area.
Pratumnak will be the new darling of the city as developers focus on the natural attraction of
Pratumnak hill with its position overlooking the city and access to Cosy Beach. Over 650 units
were launched in this area in the second half of 2010.
Many local developers are now firmly established in the city along with involvement from a number
of listed developers. Pattaya city is appearing on the radar screen for other Bangkok based
developers as the city turns into a world class destination and future commercial centre.
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Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
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Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
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Bangkok Serviced Apartment Market Report Q3 2011 w
1. Q3 2011 | SERVICED APARTMENT
THAILAND
BANGKOK SERVICED APARTMENT
MARKET
Bangkok Serviced Apartment Market
EXECUTIVE SUMMARY
Limited new supply added in Q3 but a surge expected for next quarter.
Small drop in overall rental rates but occupancy up.
MARKET INDICATORS
Q2 2011 / Q3 2011
NEW SUPPLY
RENTALS
HISTORICAL SUPPLY
OCCUPANCY
HISTORICAL SUPPLY BY YEAR
Source: Colliers International Thailand Research
Approximately 200 units have been completed and are in operation already out of the nearly 1,000
units that are scheduled to be completed in 2011. Sukhumvit road still is the most popular location
for serviced apartments, due to more than 70% of total units that are scheduled to be completed
in Q4 2011 will be located along this road. Total supply of serviced apartment units as of the end
of 2011 is expected to be approximately 17,860.
www.colliers.co.th
2. BANGKOK SERVICED APARTMENT MARKET REPORT | Q3 2011
SUPPLY BY LOCATION, Q3 2011
Source: Colliers International Thailand Research
large Japanese community there. Early Sukhumvit is the king of grade B
apartments, as it is a more unpretentious, relaxed location, which also
many large embassies and is therefore seen as being the most prestigious explains the location of more Upper Scale rather than Luxury hotels. The
location to live in and as such contains more grade A units. Late ‘Other’ areas contain more grade C products, due to their distance from
Sukhumvit also contains more grade A units, due to the existence of a the centre.
number of luxury branded apartments in Thong Lor Road, catering to the
CUMULATIVE FUTURE SUPPLY IN Q4 2011- 2012, BY LOCATION
Source: Colliers International Thailand Research
More than 800 units are scheduled to be completed in Q4 2011. popularity of this road as a residential destination but also that the
Sukhumvit road will host the vast majority of new supply this year. More relative price of land is lower than the more central locations and it is
than 75% of the new units that are scheduled to be completed in 2011 also convenient for the BTS line. The addition of new retail centres such
are located on Sukhumvit road and nearly 80 units are also scheduled to as Terminal 21 will add to the appeal of this road to tourists and
be completed in 2012 in Sukhumvit. The main driver is not only the expatriates alike.
COLLIERS INTERNATIONAL | P. 2
3. BANGKOK SERVICED APARTMENT MARKET REPORT | Q3 2011
HISTORICAL OCCUPANCY RATE BY GRADE, 2009 – 1011 BY QUARTER
OCCUPANCY RATE FOR BANGKOK SERVICED APARTMENTS ON BOTH EXTENDED STAY AND CORPORATE HOUSING SUB-SETS
Source: Colliers International Thailand Research
An average occupancy rates in Q32011 increased from the previous However last year was a troubled one for the sector due to the political
quarter and compares favourably with the same quarter last year. upheavals.
OCCUPANCY RATES BY LOCATION, 2010 – 2011 BY QUARTER
Source: Colliers International Thailand Research
The occupancy rate in every location increased from the previous approximately 9 – 11% which was due to a reduction in rental rates.
quarter, especially in Central CBD and Central Lumpini which increased
COLLIERS INTERNATIONAL | P. 3
4. BANGKOK SERVICED APARTMENT MARKET REPORT | Q3 2011
DEMAND DRIVERS
NUMBER OF EXPATRIATES IN BANGKOK, Q3 2011
The Ministry of Labor and Colliers International Thailand Research
Remark: Above information does not include Lao, Burmese and Cambodian citizens
The number of expatriates in Bangkok still continues its upward trend total number of expatriates in Bangkok in Q3 2011 shows a modest rise
following the nadir in Q2 2010. However the number is still similar to q/q.
2009 and below 2008 prior to the Global Financial Crisis (GFC). The
RENTAL RATE
RENTAL RATE FOR ONE BEDROOM UNITS BY LOCATION, 2010–2011 BY QUARTER
Source: Colliers International Thailand Research
Rental rates in Q3 2011 are still similar to the previous quarter, only 5% although Central CBD still commands the highest rental rates.
Central CBD and Early Sukhumvit area decreased with a rate of around
COLLIERS INTERNATIONAL | P. 4
5. BANGKOK SERVICED APARTMENT MARKET REPORT | Q3 2011
AVERAGE RENTAL RATE 2010–2011 BY GRADE AND QUARTER
Source: Colliers International Thailand Research
Average rental rate of Grade A serviced apartment dropped around Central CBD and Early Sukhumvit area. Rental rates of grade A serviced
2.24%, due to a decrease of the rental rate of serviced apartments in apartment is still higher than Grade B by more than 35%.
COLLIERS INTERNATIONAL | P. 5
6. BANGKOK SERVICED APARTMENT MARKET REPORT | Q3 2011
FORECAST
The growth in occupancy was partially fuelled by a small fall in rental
likely to lead to a weakening of the sector after bouncing back strongly
after Q2 2011. Although the political situation has stabilized in the short
COLLIERS INTERNATIONAL | P. 6
8. BANGKOK SERVICED APARTMENT MARKET REPORT | Q3 2011
GRADING
No recognized standard for rating serviced apartments exists in Thailand GRADE B
Usually located in the centre but also in less prime locations. Furnished
on various criteria, of which a summary is given below.
of services similar to an Upper or Mid Scale hotel. Managed by a lower-
GRADE A end international or domestic operator.
Located in prime locations and luxury residential areas. Furnished to an
GRADE C
similar to a Luxury or Upper Scale hotel. Managed by a top international Located in secondary location and furnished to a comfortable, but not
branded operator or comparable local brand. luxurious, standard. Fewer provisions of facilities and amenities, similar
to that of a Mid-scale or Economy hotel.
ZONING
This is the section of Sukhumvit Road between Soi 37 and Soi 77 to the
north and Soi 24 and Soi 50 to the south.
concentration:
This is the area that stretches along the bank of the Chao Phraya River
This is the area that encompasses Silom, Sathorn, Surawong, Si Phraya
on Charoenkrung Road. Narathiwas Ratchanakarin Road and Rama III
and Rama 4 Road, as well as other sois in between, such as Soi
Road are located in this area.
Saladaeng, Soi Convent, Soi Pipat.
Most of the remaining Grade B & C serviced apartments are scattered
across the city, including Phayathai, Phetchaburi, Ratchadapisek,
Ploenchit, Langsuan, Phayathai and Phetchaburi Roads, as well as other
Mitmaitri, Srinakarin Bangna and Ramkhamhaeng Road.
sois in between, such as Soi Langsuan and Soi Ruamrudee.
This is the section of Sukhumvit Road between Soi 1 and Soi 35 to the
north and Soi 2 and Soi 24 to the south.
COLLIERS INTERNATIONAL | P. 8
9. BANGKOK SERVICED APARTMENT MARKET REPORT | Q3 2011
COLLIERS INTERNATIONAL THAILAND
MANAGEMENT TEAM
on 6 continents
ADVISORY SERVICES | HOSPITALITY A leader in real estate consultancy worldwide
Jean Marc Garret | Director
PROJECT SALES & MARKETING 2nd largest property manager
Monchai Orawongpaisan | Senior Manager 979 million square feet under management
Over 12,500 professionals
RESIDENTIAL SALES & LEASING
Napaswan Chotephard | Manager
OFFICE & INDUSTRIAL SERVICES COLLIERS INTERNATIONAL THAILAND:
Narumon Rodsiravoraphat | Senior Manager
17/F Ploenchit Center,
RETAIL SERVICES 2 Sukhumvit Road, Klongtoey,
Bangkok 10110 Thailand
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Thailand Thailand
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