Ultra-luxury houses popping up in Bangkok to meet foreign investors’ demands

For most Thais, an ultra-luxury residence like this can only be a distant dream, but the developer believes at least 11 wealthy Thais or foreign investors will go for it.

Altitude Development’s ultra-luxury housing project in Phra Nakhon district’s Klong San area comprises just 11 detached houses, each going for 515 million baht. The value of the 5-rai project stands at 2.74 trillion baht.

This project is one of several luxury housing estates that have recently popped up in the capital to meet the demands of foreign investors.

However, many wonder whether foreigners can actually purchase a house with land in Thailand.

The Interior Ministry’s move to amend its regulations on foreigners purchasing land created a public uproar last year.

Actually, four groups of foreigners are allowed to buy no more than 1 rai of land in Thailand since 2002.

However, the land can only be bought for residential purposes and the foreign purchaser must invest at least 40 million baht in the country for at least five years to be eligible.

The four groups allowed to purchase land are the very wealthy, retirees, those seeking to work from home in Thailand and specialists.

Last year, the Interior Ministry wanted to amend the regulation and shorten the period of investment from five to three years. However, the idea was dropped after there was a hue and cry in social media.

Another developer that wants to cash in on foreign investment in Bangkok is Property Perfect Plc.

Wongsakorn Prasitvipat, Property Perfect’s managing director, said his company expects the demand for luxury houses in Bangkok to rise, as Thailand is a business hub for many foreign companies.

He said many wealthy businessmen want a large house near Suvarnabhumi International Airport, adding that foreigners have snapped up 40% of luxury houses built by his company.

Of the foreign buyers, 30% are from China and 10% from other countries.

Some Chinese businessmen have even paid up to 160 million baht to buy a house by the lake in the Kingkaew area near the airport. He said lakeside houses start at 100 million baht, while those away from the lake start at 30 million baht.

His company is also launching a new 700-rai project under the Masterpiece brand, with units going for between 30 million and 80 million baht.

Sansiri Plc has also confirmed its luxury housing project trend, saying its 6-billion-baht Narasiri Krungthep Kreetha project was sold out in a month.

It said its single-detached houses priced at 50 million baht were snapped up faster than anything else in the project.

Sansiri is set to launch three more luxury housing projects with prices ranging from 35 million to 115 million this year, deputy managing director Anat Kittikulmethi said. The projects are BuGaan Pattanakarn, BuGaan Phra Ram 9 and BuGaan Krungthe-Kreetha.

Land & Houses has also jumped on the bandwagon by launching luxury projects in Krungthep Kreetha and Pinklao areas with units costing 100 million baht. Its Nirvana Collection Krungthep Kreetha has units ranging from 80 million to 150 million baht.

Proud Real Estate Plc has also launched its Vi Ari project with just six houses on Soi Aree 3 in Saphan Khwai area with units starting at 83 million baht.