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Bangkok Residential Leasing - Second Quarter 2007
The total supply of apartments in the downtown area was 10,182 units in the 2nd quarter of 2007, which was an increase of 2.6% year-on-year but a slight fall of 0.6% quarter-on-quarter. The slight drop on a quarterly basis was because five apartments were removed from our stock as they were no longer used as apartments. Two new grade A apartment projects were completed in this quarter, both adding 90 units in Sukhumvit area. This area remains the most popular area, where about 7,194 units or 70% of the downtown apartment supply is located. The Riverside/Rama III area had the lowest supply, with about 5% or 508 units.The number of expatriates in Bangkok was 70,757 in the 2nd quarter of 2007, an increase 0.7% from the previous quarter. The Japanese still made up the largest share, with about 21.6% of the total number of expatriates in Bangkok. This was followed by Indian, Chinese, British and American expatriates, with 11%, 9%, 8% and 7%, respectively.The average occupancy rate for the apartment market increased from 87% in the previous quarter to 89.2% in this quarter, an increase of 2.3% quarter-on-quarter. Occupancy rates improved, due to supply increasing only slightly while take-up continued to increased at a faster rate in the 2nd quarter of 2007. The average occupancy rate of grade A apartments was 95.7%, an increase of 2.5% year-on-year, while that of grade B apartments decreased by about 1.4% year-on-year, this indicates that grade A apartments are still in demand.Asking rents and achieved rents for both grade A and B apartment in all areas increased on a quarterly basis except grade A apartments in the Sukhumvit area. The achieved rents per square meter for grade A apartments in Silom/Sathorn, Central Lumpini, Sukhumvit and Riverside/Rama III were THB 388, 414 and 386 and 337, respectively.Newly opened grade A apartments will continue to enjoy high occupancy rates and rents could also increase for these new units.SupplyThere were two newly completed apartments in this quarter: G. M. Height on Sukhumvit 22, comprising 56 units ranging from 3 to 4 bedroom units and Bangkok View Tower on Sukhumvit 31, comprising 34 units ranging from 3+1 bedroom units to penthouse units.13 new apartments with at least 1,108 units will be added to the market within the next two years. Of these, 662 units or 65% of the future supply are planned to be completed this year.In the condominium sector,
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