Magnolia Quality Development Corporation Limited (MQDC), Thailand’s leading top-tier luxury property developer, has provided its insights and forecast on the Thai high-end property market. The company believes that the luxury residential market will see a revival in the second half of 2016 after a temporary slowdown in the first six months. The decrease of buying in the first quarter was caused by many simultaneous luxurious condominium launches of major developers in the later part of last year, with a boom period now imminent in the next six months. Additionally, MQDC has revealed the progress of its own projects; Magnolias Ratchadamri Boulevard is ready to transfer ownership to all clients by the end of this year; The Residences at Mandarin Oriental, Bangkok has now hit more than 40% of sales with the price at 350,000B/sq.m. The company plans to boost this performance further through marketing campaigns and roadshows abroad.
Ms. Peachpattha Pakakan, Assistant Vice President of Marketing and Sales Projects, Magnolia Quality Development Corporation Limited, says, “As the price of land lots in downtown Bangkok has been increasing year by year, we are convinced that investors are still looking for an opportunity to invest their money in high-end properties in the city. Entering the second quarter, sales are obviously improved as we see buyers take shorter cooling-off periods in buying luxurious residences. Thusly, more developers prepare to launch new projects in the latter half of the year, and this is a new challenge for project owners in responding to customer’s needs to gain more share in the high-end property market.”
Magnolia Quality Development Corporation Limited invests and develops real estate projects on an international level to build joint venture projects and develop international real estate projects with domestic and international partners and investors. MQDC’s current projects include: Magnolias Ratchadamri Boulevard, The ICONSIAM, Magnolias Waterfront Residences at ICONSIAM, and The Residences at Mandarin Oriental, Bangkok.
“After our great success from the launches of three high-end projects, we are now keeping an eye on the direction of a new boom of high-scale condominium launches that is expected to happen in the latter quarters of 2016. The direction now is for Magnolia to develop new projects that are truly unique and responsive to customer’s lifestyle demands. We fully expect Magnolia to be at the very top of the market in terms of capital gains returns for owners, and satisfying residents with premium lifestyles in a great location.”
At present, Magnolia has three luxury projects which are under construction. The first is the mixed-use Magnolias Ratchadamri Boulevard which offers luxurious residential units conjoint to Waldorf Astoria Bangkok, a prestigious hotel of the Hilton chain located on the lower levels. Now Magnolias Ratchadamri Boulevard has reached 80% sales completion with the price at 230,000-270,000 B/sq.m., and expectation to reach sales of 90% by the end of this year. The residences will be ready for transferring of ownership to clients very soon.
The next is Magnolias Waterfront Residences at ICONSIAM with a price of 250,000 B/sq.m., for which sales are already closed. The property recently received a BCI Asia Top 10 Developers 2016 Award for its luxury riverside architecture and sustainability in regional awards that recognize developers building high quality sustainable projects in South-east Asia.
The third project is The Residences at Mandarin Oriental, Bangkok. The property has the price of 350,000B/sq.m., and now has reached more than 40% of sales. Both Magnolias Waterfront Residences at ICONSIAM and The Residences at Mandarin Oriental, Bangkok are harmonized to a stunning riverside area within ICONSIAM, Thailand’s new national landmark and mixed use luxury retail development.
Magnolia will conduct several marketing promotions to attract more high-end investors both local and foreign, including international road shows abroad to present the uniqueness of each project. The road shows will mainly focus on Hong Kong, whilst activities for The Residences at Mandarin Oriental, Bangkok will include Taiwanese and British markets. The company expects 70% of customers to buy for habitation and 30% for investment. Magnolia is confident this strategy will produce strong feedback results from customers and investors in the region.