Silom-Sathorn Bt1,150Sqm - Sukhumvit Bt1,031Sqm (Rent/month)

MILLIARD BOUTIQUE APARTMENTS is one of the 17 projects coming up on the stretch from Sukhumvit Sois 59 to Soi 61.

MARKET WATCH

CONDOS FOR RENT GROWING AT HEALTHY RATE

Developers target expatriates with the launch of residential projects in the rental segment

residential projects targeted at expats have continued to attract demand, which is apparent from the many new single-detachedhouse projects being developed especially for renting out.

Many developers are also launching projects and packages in this segment.

Developers of many luxury condominiums in Bangkok’s central business district area are also allocating some units to be rented out. The stretch from Sukhumvit Sois 59 to 61 has as many as 17 projects coming up.

Milliard Boutique Apartments is the latest of these. Launched early this year, the building is located at the end of Sukhumvit Soi 61. It has the distinction of being certified by the Bangkok Metropolitan Administration as an example of a clean and beautiful environment maintained well by residents.

Parnelly Property Management managing director Suwat Sasitorntada said the project, which occupies 548 square metres, was originally constructed as a five-storey building with 10 units. But as the market situation changed, the company thought of adding more value to the property and demolished its original construction. Over two years, a new eight-storey building with 47 units – consisting of one- and twobedroom units – was built instead. All units are fully furnished, and various facilities are available in the serviced apartments.

Rents here range from Bt37,000 to Bt88,000 a month. Twelve-month leases are available.

Most customers are expat, and most of those are Japanese.

Despite the uniqueness of the units, Suwat said the project faced stiff competition from other properties in the area.

One of many such projects is Shanti Sadan Tower, a 22-storey building with 72 units. Monthly rent for a 180-square-metre, two-bedroom apartment is Bt50,000, while the rent for a 300-square-metre, three-bedroom apartment is between Bt70,000 and Bt75,000 a month. Sixty per cent of the tenants are Japanese.

In the same area, Mukdha Living Place is an eight-storey building accommodating 19 units. Rents range from Bt45,000 to Bt55,000. Twenty per cent of the tenants are Japanese.

Property developers foresee a bright future for this area. A recent survey by Plus Property confirmed this belief when it reported that another 2,960 units would be ready this year.

Forty-two per cent of the rooms, or 6,187 units, will be located in the Sukhumvit Road area, followed by the Silom-Sathorn and PloenchitChidlom areas with 16 per cent, or 2,266 units.

Units on Rama III Road are expected to grow 36 per cent, while the ones in Phya Thai district will grow 3 per cent.

Average monthly rent for gradeA properties is Bt1,156 per square metre, up Bt81 per square metre from 2006. Phloenchit-Chidlom remains the most expensive area, with rents as high as Bt1,287 a square metre.

Average monthly rent in the Silom-Sathorn area is Bt1,150 per square metre, while on Sukhumvit Road the average rent is Bt1,031 a square metre.

The Nation