An artist's rendition of Good Day Sukhumvit 93, a low-rise condo with prices from 69,000 baht per square metre.

SET-listed developer AP Thailand has launched a new condo brand for the lower-priced segment, featuring fully-furnished units aimed at capturing both real demand and investors seeking rental opportunities, despite a slowdown in this market.

Niyamaporn Tohsanguanpun, senior vice-president of sales and marketing development of the condo business group, said the Good Day brand is for low-rise buildings situated in areas with more affordable land prices, typically in thoroughfares described in Thai as being a soi.

"Locations for the new brand will be on sois where land costs are lower than on main roads, aiming to keep unit prices below 75,000 baht per square metre or less than 2 million baht per unit," she said.

The units will come fully furnished to cater to real demand, allowing buyers to use mortgage loans without additional expenses for furniture. This setup appeals to investment buyers who can rent out the units as soon as the project is completed, said Ms Niyamaporn.

She said the Good Day brand will replace the Aspire brand, which saw its unit prices increase from 75,000 baht per sq m a decade ago to over 110,000 baht today, largely due to rising land costs.

"The lower-priced market is challenging due to high mortgage rejection rates, with the overall market seeing rejections of 50-60%. However, our rejection rate is only 10-15%, as we pre-screen customers before they book a unit," said Ms Niyamaporn.

Good Day's first project will be launched on Sukhumvit Soi 93 in the Bang Chak area, offering 604 units sized between 26-35 sq m, priced at 69,000 baht per sq m, or starting at 1.6 million baht per unit.

Set to launch on Nov 23, the project has a sales value of 1.1 billion baht and will be located on a four-rai site, featuring three eight-storey towers.

AP aims to sell 40% of the units by the end of the year, with 20% coming from investment buyers.

AP also reported a consolidated revenue of 13.6 billion baht for the third quarter of 2024, reflecting an 18% increase from the previous quarter. The company also posted a net profit of 1.45 billion baht, marking a 14% rise.