C9 Hotelworks New Thailand Branded Residences Report Released

In 2020, Aman Nai Lert Bangkok established a new standard for ultra-luxury branded residences positioning itself as the best-in-market product at the time. Today, the Porsche Design Tower Bangkok, developed in partnership with Ananda Development, has pushed those boundaries further, surpassing THB1 million (just over USD33,000) per square meter. This landmark project not only raises the bar for pricing but also positions Bangkok as a key hub for ultra-luxury urban living, attracting UHNWIs and setting a new benchmark for exclusivity according to C9 Hotelworks newly released Thailand Branded Residences Market Review 2024.

Overall, Thailand’s branded residences market now consists of 46 projects, totaling 10,081 units valued at USD5.7 billion. Of this, 67% of the units are located in resort destinations led by Phuket (41%), while 33% are concentrated in Bangkok. The median price in Bangkok stands at THB279,600 per square meter, significantly higher than the THB163,677 seen in resort areas, reflecting Bangkok’s premium status in the market.

With rising land costs in top-tier destinations like Bangkok and Phuket, developers and brands are increasingly eyeing expansion into second and third-tier locations such as Khao Yai and Rayong, where more affordable opportunities are emerging. Notable developments include the Kempinski Residences Khao Yai and Amatara Residences Rayong.

One critical issue facing branded residences in Thailand is greater clarity on how you can, and may not be able to obtain a hotel license for properties offering hotel-type rental management. While this pertains to both urban and resort developments, the most contentious area in the marketplace today is condominiums that wish to obtain a hotel license. There are inconsistencies in local jurisdiction interpretations of the law on converting residential properties to commercial use and this has created uncertainties in the property sector that need to be remedied.

To download C9 Hotelworks Branded Residences Market Review 2024 CLICK.