Despite the condo market contraction, SET-listed developer Supalai Plc plans to continue launching new condo projects next year as it is confident about the projects’ prices and locations, its strong financial status and less competition in the market.
Managing director Tritecha Tangmatitham said the number of new condo projects being launched in Greater Bangkok next year will keep decreasing, reflecting an unfavourable market with a glut of unsold inventory.
“Many condo projects launched this year were planned last year and their developers decided to launch them because everything was completed, such as an environmental impact assessment approval,” he said.
Even though the number of new condo supply launched this year decreased, the company expects new units in 2021 will be lower as land transactions for new condo development were minimal.
“The condo market will continue slowing next year and so will condo developers,” said Mr Tritecha.