Some 1,000 luxury condos and houses in prime locations in the capital and big cities such as Chiang Mai, Hua Hin, Pattaya, Krabi and Phuket were advertised at the Bangkok Post Luxury Living fair. Sukhumvit, Lang Suan and Sathon areas remain the most popular locations for high-end condo buyers and foreigners. Pawat Laopaisarntaksin

Inner Bangkok's luxury residential market will remain robust, says consultant Nexus Property Marketing Co.

Nine new projects worth a combined 15 billion baht are planned for launch next year on the back of strong demand in the upper-end segment, which is less affected by the economic slowdown.

Managing director Nalinrat Chareonsuphong said the main factor driving this segment was high land costs at prime locations in central Bangkok.

"The Sukhumvit, Lang Suan and Sathon areas will remain the most popular locations for high-end condo buyers and foreigners," she said.

"Upcoming areas for new high-priced, low-rise (single house and townhouse) projects will be the lower part of Phahon Yothin Road, Soi Ari and Rama IX Road."

Of the nine new projects planned for next year, four are super-luxury condo projects worth a combined 10 billion baht.

Two of these will be located on Sukhumvit Soi 38, opposite Soi Thong Lor, being built by Land and Houses Plc and Sansiri Plc.

Another one will be built on Chidlom Road by SC Asset Corporation and the fourth on Lang Suan Road by Siam Sindhorn Co, the property arm of the Crown Property Bureau.

Mrs Nalinrat said the average selling price of new luxury condos to be launched next year would rise by 11.1% to 320,000 baht a square metre due largely to high land and construction costs.

Meanwhile, the average selling price of newly launched Bangkok condos in 2016 will be 122,100 baht per sq m, up from 111,000 baht this year, 104,000 baht in 2013 and 99,600 baht in 2012.

Five new luxury residential projects to be launched next year will be low-rises (single house and townhouse) worth a combined 5 billion baht.

Three of these will be located on Rama IX Road, which is close to Sukhumvit Road but with lower land prices.

"Many low-rise projects have been launched in the Sukhumvit area this year as this type of supply has been limited," Mrs Nalinrat said. "But land prices around Sukhumvit have soared to more than 500,000 baht per sq wah, which is not viable for low-rise development."

On Rama IX Road, land goes for 300,000 baht per sq w on average, attracting low-rise developers such as Charn Issara Development, which is planning a project near the KPN Tower.

One luxury project will be built on Rama IX Road by AQ Estate Plc and the other on Soi Soonvijai by Seacon Home Co. A project on Soi Ari by Major Development Plc has 10 houses on a one-rai site.

Nexus research shows 4,045 luxury residential units have been launched since 2011 with an average sales rate of 53%. A total of 2,653 or 65.6% were condos sized larger than 70 sq m and priced at 230,000 baht per sq m or over 16 million baht apiece. The sales rate was 57%.

Of the rest, outer-city low-rise units priced at 30 million baht or more totalled 1,263 units, accounting for 31%, with a sales rate of 43%. Inner city low-rise units numbered 129 with 60% sold.

From 2011-13, fewer than 500 luxury residential units were launched each year. But this year, 2,500 units worth a combined 20 billion baht have been launched in 21 projects -- nine condos with 1,800 units and 12 low-rise projects with 700 units.