The events in Bangkok in May 2010 have actually raised issues regarding the recuperation we were seeing in many industries of the Thai residential property market in the very first quarter of 2010.
However, it will take months to see what the impact will get on sales and letting quantities, costs as well as rental fees. We do not believe there will certainly be a sudden a remarkable down motion in costs or rental fees.
The total supply of expatriate typical apartments in downtown Bangkok increased 2.3% year on year. Occupancy was 88.2%. Leas increased in some locations such as Central Lumpini but dropped in various other areas.
Regardless of the increase in the Bangkok resort supply, Bangkok occupancy prices and also REVPAR enhanced however the Ordinary daily rate lowered in quarter 1. International Vacationer Arrivals enhanced by 27.1% on Q1 2010. Undoubtedly Q2 numbers will be extremely poor as well as it stays to be seen the length of time it will consider company and also traveler arrivals to recover.
Most of new condominium launches in the first quarter were mostly tiny one bedroom devices.
The workplace market continued to be weak. There was no rise in supply. Take up expanded by 17,481 square metres. Grade A CBD leas fell by 3.8% year on year.
Retail Occupancy increased to 93.4%. Leas stayed at comparable degrees. A variety of shopping center were closed in Central Bangkok for much of April as well as May.
882 Rai (349 acres) of SILPs were marketed on commercial parks and also estates in Q1 2010. This was a rise 891% y-o-y.
There was 175% increase in townhouse completions on quarter on quarter but programmer developed solitary removed home conclusions dropped by 74% quarter on quarter.
Condominium
The existing supply in midtown Bangkok got to 67,176 units, up from 65,067 units in Q1 2010. This was a rise of 3.2% Q-o-Q as well as 15.8% Y-o-Y. There were 2,109 systems completed in this quarter. An additional 5,220 devices are set up to be completed by the end of 2010 which will increase the overall midtown condominium supply dramatically to 72,396 devices, or by 11.3 % Y-o-Y.
In Q1 2010, the typical asking price for an off-plan estate condominium system (premium and also above) in downtown Bangkok was 156,460 THB/m2 an increase of 19.2% Q-o-Q or 3.0 Y-o-Y.
The complete number of units occupied by proprietors or lessees reduced from 74.2 in Q4 2009 to 74.0% in this quarter.
