BANGKOK, July 19, 2018 /PRNewswire/ -- Bangkok's property market is growing in 2018. Firms see Bangkok as a geostrategic base allowing them to manage costs. Property buyers see excellent relative value in Thailand property. As a result, prices continue to rise.
Developers are competing for prime sites, driving prices to record levels. There is massive interest from overseas; Hong Kong investors pushed out of the territory are looking overseas.
Mr. Visit Malaisirirat, CEO of Magnolia Quality Development Corporation Limited (MQDC), said: "Thailand finished last year with 3.9% year-on-year GDP growth. The tourism sector (up to 20% of GDP) saw a record 35.4 million arrivals in 2017, with further gains predicted." This is a great backdrop for investing. The greatest ROI can be found at the top-tier, where key factors are location and build quality. "CBD land prices will increase in prime locations near mass transit. The scarcity of these sites will drive prices up."
MQDC is one of Thailand's most trusted developers. Its first super-luxury condominium, Magnolias Ratchadamri Boulevard (MRB), is an exquisite mixed-use development featuring the Waldorf Astoria Bangkok, the super-luxury brand's first hotel in Southeast Asia.
Located in Ratchaprasong, MRB offers access to malls, attractions, hotels, and a lifestyles. Also central location for business, socializing, networking, and connectivity, with immediate access to the BTS Skytrain. The sense of luxury is complete as residents share their deluxe development with the Waldorf Astoria Bangkok. MRB residence owners will be treated with exclusive privileges at Waldorf Astoria Bangkok facilities, following the hotel's launch in August.
The 60-story, 242-meter-high property stands out in the metropolis as a city landmark. MRB is expected to fulfil demand for luxury lifestyle developments with its unique, value-added proposition.
"We've already sold 80% of the total 316 units. Our clients are 50% Thai and 50% foreign (mainly Hong Kong). MRB's 1-bedroom residences are its best-selling unit because of accessible pricing. Factors for our sales growth is thank to the property's location in one of Thailand's top destinations (Ratchaprasong/CBD) and its mixed-use proposition. Hong Kong client interest is still increasing, which demonstrates MRB is leading the top-tier," said Mr. Visit Malaisirirat.
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