Asia Branded Residences Market Review 2026
Thonglor, Bangkok Serviced Apartment Market Review 2018
July 2018
Category: Serviced Apartment
Overview
For at least a decade, Thonglor has been known to be Bangkok’s trendiest neighborhood. However, what really makes the area unique is the perfect combination of urban peace and chic nightlife, which is not commonly found in Sathorn or Asoke.
EXPATRIATES BANGKOK FROM 2009-2017
Thonglor today though is an expat-oriented district in contrast with the past when it was Japanese-centric. Thus, the demand of serviced apartments has been driven by expatriates, the majority of which are Asian. Japanese residents once accounted for 90% of the market while their share today has reduced to 65% according to our market research. Many serviced apartments, therefore, have adjusted their business model and designs to short/leisure-stay transient focused guests versus the traditional Japanese long-stay business client.
Two notable projects in the pipeline to keep an eye on are Ascott Thonglor and Staybridge Suites. With a total of 753 units entering the market, competition is ramping up.
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C9 Insider opinions
1
Besides Japanese, other key long-term sources are Europe and Singapore, while short-stay guests are from South Korea and China.
2
Despite a 2.2% drop in occupancy, serviced apartment average rates bumped up 3.8% in 2017 and rose another 1.2% in Q1 2018.
3
Thonglor remains a preferable location for expatriate families with children who seek quality of life, with many renowned international schools and hospitals in the area.
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