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| Condos near mass transit still in demand |
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| Tuesday, 17 July 2007 | |
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Condos near mass transit still in demand He said the current supply has not reached crisis point despite the launch of a large number of condominiums near mass transit over the past few months. However, he believes developers should be more careful about launching new projects in the same areas in 2008. ''If new launches are in new locations, there would not be a worry but if they are in locations with a lot of supply, there would be a risk of oversupply,'' he said yesterday. REIC conducted a survey of condominiums within a two-kilometre radius of mass-transit stations in the second quarter of this year, following up on one it conducted in the first quarter of 2006. As of the end of second quarter, the number of new condominiums near mass transit totalled 95 projects, up by 44% from 53 projects in the first quarter of 2006. The number of condominium units totalled 36,801 units, up 53%. Out of the total, 13,360 units remained unsold, representing 36%. Classified by mass transit route, new condo supplies located on BTS lines totalled 66 projects with 26,167 units. Unsold units totalled 9,227 or 35%. On the MRT route, there were 29 projects with 16,037 units. The takeup rate was 6,501 units and remaining units totalled 4,133, or 39%. ''If the remaining units are higher than half of the units available, one should be cautious. These remaining units are expected to be absorbed within the second half of this year,'' Mr Samma said. He said a new trend in the next few years would be to replace rental apartments with low-priced condominiums near mass transit. REIC found the occupancy of rental units was 90% as of first half of the year but said this could decrease in the future. Single houses might be replaced by mid- to high-priced condominiums while townhouses would be replaced by mid-to low-price condominiums. ''In the past, people moved from a boxy room to a house but now they are likely to move from a house to a condominium as it is more convenient to travel,'' he said. In the past, he added, condo supply was more limited so people chose a townhouse instead. During the second quarter of 2006 to May 2007, there were 432 new residential projects with 85,324 units opened for sale in Bangkok. Fifty-three percent were condominiums, 19% single houses, 18% townhouses, 8% duplexes and 2% were shophouses.            |
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