Property developer D Well Grand Asset Co plans to launch 11 high-priced single houses worth a combined 410 million baht in Ekamai to tap strong demand from existing condo owners in the area seeking bigger homes for their extended family.
Managing director Thavanan Tanesdechsundhara said there is demand for single houses in the inner city where most of the land plots had been developed for condo projects due to high land costs.
"Many condo owners who bought the unit 10 years ago are seeking a larger one since their family has grown. The second generation is still familiar with city living but wants a home with land," he said.
The company currently owns a plot on Sukhumvit Soi 65 sized 747 square wah, which is too small for condo development.
It plans to develop 11 single houses sized 36-69 sq w with a usable area of 360-440 square metres, priced from 29.8-45 million baht on the plot. All units will include an elevator and four parking lots.
Charnwit Pasuwat, director of development consultancy for residential sales at CBRE (Thailand), said demand for single houses in the inner city remains strong, replacing luxury condos which are experiencing soaring prices.
"Luxury single house supply has been very active during the past few years with many new projects launched consecutively as the purchasing power of the high-end segment remains strong," he said.
According to property consultant CBRE, the luxury single house supply with units priced from 30 million baht in inner-city locations including Sukhumvit and Sathon totalled 97 units launched since last year, with an average take-up rate of 60%.
"Single houses have a larger usable space with lower selling prices per sq m than condos," he added. "Demand in this segment is from extended families that need privacy and want to have a pet."
Established in 2010, D Well currently has two condo projects on hand -- D'Memoria on Phahon Yothin Soi 8 worth 550 million baht, now 85% sold, and D'Mura on Phahon Yothin Soi 34 worth 500 million baht, now 70% sold.
Mr Thavanan said the company, as a small-sized developer, plans to launch two new projects worth 500-600 million baht per year. It aims to have annual revenue of 600-700 million baht.
He said smaller-sized firms with less-known brands draw real buyers who prioritise location and price over brand.
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