Condominium market recovered ?
The condominium market appears to be recovering, as all
major developers reported stronger Q1/09 presales after a
dismal Q4/08.
Developers are also enjoying lower construction and material
costs alongside a selection of reasonably priced, quality land
plots in 2009, but banks remain cautious in releasing new loans
for condominium projects.
Condominium development indicators for Q1/09 reveal:
ë Presales more than doubled those in Q4/08, signalling the
market has already bottomed out
ë Construction costs by gross floor area (GFA) have fallen
more than 10% since Q3/08
ë The construction material price index (CMPI) dropped 24%
from its July 2008 peak
ë However, the drawdown on new loans tumbled 36.5% to
THB1.8 billion from last yearûs THB2.9 billion
Stock Exchange of Thailand-listed condominium developers ›
Raimon Land, Noble Group, Preuksa, Major Development, Asian
Property, Supalai, LPN and Sansiri › reported THB8.52 billion in
condominium presales during Q1/09, a marked improvement
over Q4/08, but still 36.5% off the THB13.42 billion achieved in
Q1/08.
A drastic reduction in condominium launches is taking much of
the blame for slumping presales, and cancellations and returns
led to negative presales in Q4/08. However, most projects
launched in early 2009 are reporting good presales.
Written by Raimond Land
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