New Waves and Innovations happening in Thailand Property Development
Anywhere and anytime you hear people talking about Thailand, there are few repeated words used frequently. Words such as: sunshine, white sand beaches, spices, traffic (boring), and of course the people itself. There are definitely more adjectives positive or negative about Thailand.
Nevertheless words that were mentioned above are commonly used to talk about Thailand, from Asia to North America. Don’t get me wrong, these sayings are good for Thailand. People want to live, move to or/and for a vacation with friends and families to Thailand because of the white sand beaches, definitely of food (top 5 cuisine in the world, in my opinion) and the sunshine in December when other continents are ambushed with the cold.
Yet, there are new developments, innovations happening in Thailand to bring back investors and expats to live in Thailand. Innovators are using their creative juices to make Bangkok, Thailand greener. Developing new properties to have a sense of a community and cater to investors or potential buyers wellbeing in times of uncertainty. Lastly we can not forget about conienves and customer services in Thailand too, as Thailand was dubbed “The Land of Smiles”
People’s daily activities have changed during times of uncertainty. The past year has changed people’s daily lives and activities. Work life has changed from going to the office to getting up from bed to your study room or work place. Personal life has changed too, such as before coming home to work, to not going out 90 percent and for some leaving your work/home space to buy your essentials. It does affect your mental state and your well being, a big solution to help from much constructed research is your scenery: to go green.
Reported by Bangkok Post, Thailand compared to Singapore, Hong Kong are not known at all for public parks or spaces to see much green. Singapore and Hong Kong have laws in place while cutting down trees in the city for new constructions. According to Bangkok Metropolitan Administration, Bangkok has 6.99m2 of green space for each person. Stated by the World Health Organization, a minimum should be 9.2m squared.
Thai policies do not support green or public spaces as they do not see the value or monetary value in it. There are many groups who want to create changes in public spaces and parks. Most commonly known public park is Lumpini Park. Lumpini Park at the heart of Sathorn and Silom Roads, does generate lots of businesses and incomes and importantly it adds value in the area for new property development. Recently, a new and innovative park, named We!Park, doing an opening in August. At a place near Hua , bridge between new and old Bangkok and according to Bangkok Post, a park where communities can come and enjoy with friends and families, to release all the stress you are holding and economically to increase land values at surrounding places. Next time a new abbreviation comes into place and when you are WFH (work from home), public spaces and parks are ways to improve your mental state, generate businesses and interactions within your communities.
New Community Development
Sticking with the concept of communities and going green for your health. At Bang-Na district near the airport has developed new styles of living. Property Developers are changing Bang Na to be more of a community and family living center. Known now as the resident and golden area because of its roads connecting to the South Eastern of Thailand and new train lines reaching Bang Na to the city, property development has focused on new community style living in Bangkok. The focus will be on new families or couples wanting to live in healthy, green, community spaces.
The center will have small food stores and convenience stores to cater to the community. Leisure activities of adults and children’s will be at the center such as big parks and walkways to enhance outdoor activities and potential buyers who are cautious about health and fitness. With the disease pandemic still dispersing around Thailand, investors will put more emphasis on the community and surroundings of where they want to live. To generate buzz at Bang-Na district, Central Pattana Group (CPN) bought 30.36% shares of Siam Future Development (SF) 30.36% shares, stated on Bangkok Post. One of Thailand biggest property companies bought shares at Bang-Na biggest malls does bring lots of confidence to property developments of how highly they rate Bang-Na for a new resident, community and healthy lifestyle of new families and couples.
New is always better, but sometimes it’s best to look normal and consistent. New waves of community and resident living are new innovations on development. On the other hand, it is best to stay consistent too. As first time buyers or investors are just looking for a low budget with low risks. Low risks projects are the trends in the market where landlords are looking for cashflow. First time buyers or youths locally or internationally are looking for something smaller to settle at times of uncertainty. Especially with international investors and buyers when they can not return to the country yet, they want sometime similar or consistent to what they know without visiting the property.
With many unsold units, new developments are at a halt. Sansiri developments are targeting mini flats and lots of new marketing strategies to lure international buyers, according to South China Morning Post. To reduce high inventory storage, big promotions and discounts are marketing strategies used to reduce units. These units are consistent and normal to what buyers and investors are used to. Investments and buyers from Hong Kong are main targets. In Hong Kong where units and flats are small or mini, but expensive. Thailand mini flats such as Muve, prices are around one tenth of flats in Hong Kong reported by South China Morning Post. Almost 50% off original prices, and flats and condos where Hong Kong and Singapore investors and buyers commonly know around 21.5 square meters. As always when purchasing property, buyers fall in love when you are AT the location. But now to include impulse factors in marketing with consistent and normality, potential buyers can understand each unit without being AT the location just yet.
Conveniences and Normality, from the comfort for your home
Never to forget that South East Asia in general is known for customer services and conveniences. Especially in Thailand where conveniences and food delivery have been growing rapidly and customer services are well known around the globe. From any condo or district you are at, food delivery services are open to you 24/7. From Michelin star restaurants to your local street food vendors, you can order any food and drinks to your condominium within a 20 kilometer radius of course. As new players want to enter the food delivery market, just recently as 6 days ago, according to Bite Size News Bangkok, Shoppe is going into the food delivery market. Multinational players such as: Grab, Foodpanda, and Gojek, with local companies RobinHood (SCB bank) and now Shoppe entering the market, it gets only better for the consumer. Competitors are fighting for market share in a big space, and now food and drinks promotions are everywhere. It is not only food and drinks, but your local groceries, essentials, etc, are delivered to your doorstep or lobby by your truly 7-11 home delivery services too.
Now, and in a couple of months, words and adjectives about Thailand will change. People will get used to words such as:public parks, community living, and value to your investments. Innovations in going green helps people with stress relief and by living healthy, but with Thailand new marketing and development plans cater to normality in units, bringing potential buyers to feel they are just at home. Some times will remain the same, and your convenience will be top priority wherever you are in Thailand, for locals and for expats to relish.