Entry of top-tier Porsche project supercharges the expanding brandscape as Thai developers look outward to foreign buyers as global migration doubles down
BANGKOK Thailand’s real estate developers are expanding beyond familiar hotel brands into the realms of iconic automotive, fashion, and wellness labels, as they seek identities that resonate with luxury property buyers. Listed property group Ananda made global headlines with their ultra-luxury offering, Porsche Design Tower Bangkok, with eye-catching prices reaching USD 33,000 per square meter (THB 1 million psm). The absolute unit pricing of this offering ranges from USD 15 to USD 40 million (THB 49 million to THB 1.3 billion), marking a new high in the market.
Porsche Design Tower Bangkok, an upcoming ultra-luxury skyscraper, is set to grace the heart of the city
Thailand is now the leader in Asia for branded real estate, with THB 106 billion in properties for sale or under development, according to a newly released report by hospitality consulting group C9 Hotelworks, titled Thailand Branded Residences Market Review 2024.
The Power Behind the Brand
Explaining the appeal of branded real estate, Ananda's CEO, Chanond Ruangkritya, stated: “Thais understand how brands can drive premium pricing. We chose Porsche, a brand that ignites passion among our high-net-worth buyers, to differentiate ourselves in a competitive marketplace. For us, it's about pushing prices and standing out from the crowd.”
C9’s research highlights that in 2020, Aman Nai Lert Bangkok set a new standard for ultra-luxury branded residences, establishing itself as the premier product in the market. The project was able to double median market prices at the time, attracting a solid base of foreign buyers.
Explosive Growth in the Sector
Since then, Thailand’s branded residences market has surged. According to Bill Barnett, Managing Director of C9 Hotelworks, the country now boasts 46 branded real estate projects, comprising 10,081 units. “Of these, 67% are located in resort destinations, with Phuket leading the way at 41%, while 33% are in Bangkok. The median price in Bangkok is THB 279,600 psm, significantly higher than in resort areas, reflecting the capital’s land premium,” Barnett commented.
Changing Tides: Targeting Overseas Buyers
As the branded real estate landscape evolves, more developers are seeking the right mix of brand and product to attract buyers, particularly in Bangkok. With tightening credit conditions for domestic buyers, a sluggish economy, and an oversupply of completed units from large real estate groups, developers are increasingly targeting overseas buyers.
Aerial view of the luxury green-inspired Gardens of Eden project in Phuket (Left), designed by award-winning architect Martin Palleros (right)
This shift is fueling the need for differentiation beyond hotel-branded properties. “Today, we are seeing an expanded brandscape across Thailand’s real estate market. New entries include the luxury lifestyle community Tri Vananda in Phuket, which has partnered with global wellness brand La Prairie, and Gardens of Eden, an integrated project that features award-winning architect Martin Palleros, all in an effort to gain a competitive edge and elevate pricing,” Barnett explained.
Looking Ahead: Continued Growth in Branded Real Estate
In the coming years, Thailand’s popularity among wealthy property investors and those seeking full-time or second homes is expected to grow. Attractive advantages, such as foreign ownership allowances in condominiums, a wide array of long-term visas, and the continued global migration of high-net-worth individuals, provide a strong foundation for future growth.
As more global players enter the arena, the battle of the brands in Thailand's real estate sector is expected to intensify.
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