CBRE and Ananda Development are reporting an influx of customers from Myanmar into Thailand’s real estate market over the past year, leading to new international marketing plans, particularly targeting the Myanmar market.
Over the past year, Ananda Development has experienced a surge in its customer base from Myanmar, Singapore, and other foreign buyers.
These customers have been engaging in property sales agreements with property prices ranging from 5 million baht to over 100 million baht. There has been a specific interest in luxury two-bedroom condominiums, priced between 15-30 million baht, located in desirable locations like Lumpini and Sukhumvit.
For housing projects, the majority of buyers from Myanmar have expressed a preference for four-bedroom houses in Eastern Bangkok and downtown, intending these purchases for their personal residences, accounting for 91% of the purchases. This aligns with a recent report from CBRE highlighting the increased interest in Thailand and Bangkok’s luxury market.
Pornsit Sathirapanya, CEO of Ananda Development, highlighted the company’s strategic plan to tap into foreign markets, with a particular focus on the Myanmar market. He revealed that there was consistent growth in sales last year, surpassing 150 million baht, a clear indication of the purchasing potential of customers in this segment.
Recently, the company has partnered with KME Property to expand its customer base in Myanmar throughout 2023, presenting diverse real estate projects, from newly launched initiatives, and reservation of projects before or during construction, to ready-to-move-in projects. This includes two flagship condominium projects in the Sukhumvit and Phaholyothin-Saphan Kwai areas, as well as ready-to-move-in projects worth up to 34,000 million baht.
The collaboration is expected to receive a positive response, given the growing demand for housing from the burgeoning group of Myanmar investors. This will undoubtedly propel the Thai real estate business to grow even further.
Collaboration with a capable and robust business partner like KME Property, which offers premium projects along with globally standardized services, is aimed at attracting luxury customers through roadshows in Yangon and Mandalay. With this in mind, the company has set a sales target for the Myanmar market this year to exceed 300 million baht.
In the past year, Myanmar rose to rank seventh in condominium transfers in Thailand, with an average transfer value of 7.1 million baht. This comes while Thailand sees increased interest from Russian and Chinese buyers.
May, founder of May & The Lifestyle and CEO of KME Property, stated that the partnership with Ananda Development, a leader in urban residential development, would make it easier for customers to decide to buy their projects. The company’s reputation in the stock market and the feasibility of mid-range condominium projects with reasonable prices can attract a large number of target customers.
Bottom Line
Ananda Development and KME Property aim to expand their customer base in Myanmar and across the region, aiming to generate sales in the Myanmar market this year of more than 300 million baht to capitalize on increased Myanmar interest in Thailand. By combining the expertise and market insights of both partners, the collaboration can offer valuable investment opportunities and support property investment for investors most effectively. These developments mark a significant step in capturing the growth in the real estate markets of the ASEAN region, led by the continually growing demand in Myanmar.
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