Demand from Singapore could outpace China.
According to a release, Singapore is set to be the second largest foreign market for Magnolias Ratchadamri Boulevard, the best-selling and most sought-after condominium address on Bangkok's upscale Ratchadamri Road.
Singaporeans' appetite for premium overseas properties and Thailand's strong performance as a business and tourist destination are driving demand for the super luxury project.
Magnolias Ratchadamri Boulevard is a mixed-use development that includes 316 luxury residences, the Waldorf Astoria Bangkok - which will be the first Waldorf Astoria in Southeast Asia, and an exclusive shopping mall.
Since it was launched in June 2012, Magnolias Ratchadamri Boulevard has been attracting interest among Thai property buyers and investors as well as foreigners, particularly from Hong Kong, Singapore and China.
"Hong Kong is our biggest overseas market; followed by Singapore and China, each accounting for between 8-10 percent of sales. Demand from Singapore is increasing at a much faster pace than China so Singaporeans could very well become our second largest customer group, representing up to 20 percent of total foreign buyers upon sales completion," says Mr. Thanawan Chaiwatana, Managing Director of Magnolia Finest Corporation, the developer of Magnolias Ratchadamri Boulevard.
Singapore is one of the leading overseas markets to Thailand properties, according to CBRE Thailand, with Singaporeans accounting for 18 percent of total foreign buyers to Thailand properties in the first half of 2013.
Strong economic fundamentals, government policies that support foreign ownership of Thai property, the relative ease of access to financing, safe money transfer procedures, and high rental yield, all contribute in making Thailand an attractive investment option.
"Singaporeans turning overseas for property to invest in are increasingly seeing Bangkok as one of the better alternatives to traditionally popular destinations like Australia and Malaysia. Property prices are steadily going up, and the rental yield, especially for luxury properties like ours, is very good. In fact, the rental on Ratchadamri Road is the highest in Bangkok.
Singaporeans are also very much drawn to Bangkok because they love the city - the shopping, the food and the way of life," Mr Chaiwatana explains.
Designed by a team of world-renowned architects and consultants from Gensler and DI Designs/The Beaumont Partners, Magnolias Ratchadamri Boulevard is a stunning building in the heart of Bangkok's central business district, surrounded by five-star hotels and famous landmarks like the Erawan Shrine, Lumpini Park and the Royal Bangkok Sports Club.
The residential units range from 48 square meters for a one-bedroom to 250 to 260 square meters for the larger penthouses and duplex penthouses.
"More than 200 units were sold in the first 18 months. The one-bedroom units are all sold out and only four of the eight penthouses remain on the market. We are very upbeat about closing 75 percent sales by end of this year," Mr Chaiwatana shares.
Construction is in full swing and on track for completion in the fourth quarter of 2014.
More From Singapore Business Review