Urban living has been getting more and more popular among the young, successful, and rising generations of adults around the world. They want to live in city centres where everything they need is within easy reach.
They also want the convenience of having good restaurants, bars, coffee shops, tea houses, upscale shopping malls, hospitals, and schools for their kids to be within walking distance from their homes. The popularity of city life has created a new trend in housing developments for an urban villa in the heart of city, where available land plots for new developments are limited. In some cases they are unable to meet the requirements of high-end homebuyers, who need homes with utmost privacy and all-inclusive functions in prime locations which allow them to appreciate urban life.
In the world’s major cities like Singapore, one of the most luxurious residential developments – “The Ladyhill”, has 55 freehold units on seven blocks of four-storey buildings, located in the heart of the city, just a few steps to Orchard Road.
The Ladyhill Singapore In Hong Kong, one of the most expensive real estate markets in the world, the priciest residential project on Victoria Peak (a.k.a. ‘The Peak’) is super-luxury housing project with only 22 Italian-style houses. It is situated on Severn Road, a winding street of mansions that is one of the priciest addresses on the planet.
The urban villa development, which is a popular concept in international markets, has been brought to Bangkok at prime residential locations where land available for new property developments is very scarce and most residential developments are condominiums. According to CBRE Thailand, prices of prime land in the central business district of Bangkok have shown no signs of easing
and are continuing to rise. While there are only a handful of prime transactions in a given year, scarcity is the key factor that keeps pushing prices up. As land prices will continue to increase, new condo prices will keep rising as well. During 2010-2016, asking price of new condo supply increased 10.9% per year on average.
The highest average condo price per sq metre was in central Lumpini, at 250,363 THB, followed by Sukhumvit at 239,946 THB, and Silom-Sathorn at 220,395 THB. Average prices overall were 247,613 THB. With the attractive increases in residential prices for properties in prime locations, it is a good opportunity for those looking to acquire prime property investment assets in central Bangkok, as they have very limited supply, particularly in the most sought-after locations.