Condominium Alternatives In The Current Market
Everyone wants to know that when the market is slow and competitive, what other projects can people develop?
There are other development programs to take note of during a market slowdown and the products that will match real demand will continue to be sold.
There is clearly a want from people who don’t desire to reside in condominiums but would still like to live downtown. To cater to this want, some of the developers have initiated townhouse projects that have been redesigned from projects of the last decade to fit modern day lifestyle needs.
3 to 4 story townhouses that have been repositioned as “villas” recently, have become increasingly popular now as they provide an alternative choice to condo living.
For more attractive, functional and aesthetically appealing villas, the developers have now introduced more amenities like gardens or private backyards; 7 to 8 meter wide frontages compared to the 4 to 5 meter ones of previous years; private pools and elevators; a swimming pool and common garden, with high double-volume ceilings in living rooms; the ability to provide 3 to 4 car park spaces per villa; and for heavy cooking a Thai-style kitchen as well as a generously spaced western-style pantry with an island.
This type of concept can also gel well with 3-storey houses on smaller lots. The accommodation demand from low-income Bangkok city locals is high, but freehold condo prices have superseded market affordability, leading to a shift to renting from buying owing to the aforementioned mass-market demand.
Apartments that are low-cost are usually small projects situated in sub-sois (lanes) far away from the main road and are surrounded by a lack-luster environment. A residential compound that is of a low-cost and is situated on the main road would for obvious reasons be in high demand, but relatively high costs of land would render these projects unfeasible, financially speaking.
As twenty-thirty per cent of land fit for development is under the ownership of the public sector, it could possibly be the right time for such surplus plots of land to be put on the market at costs that would give way for developing low-cost housing that would result in both economic and social benefits.
This will not just stimulate entry level real estate demand, but also improve home ownership and lifestyle standards among low-income citizens.
Certain retirement homes have been constructed in the past couple of years outside Bangkok city, however majorly by small players.
With ever changing lifestyles and this trend of moving away from joint families, it is anticipated that the want for retirement homes from the aged will increase in the upcoming decade.
Demand will be more, while requirements will change for retirement homes in the city as well as a resort location. The need to integrate non-medical and medical services for such retirement homes together with facilities for wellness and health will also be there.
This type of construction should look to lend functionality for the aged, like a bedroom that’s on the ground-floor, a universal design function and wheelchair ramps right across the construction.
The real difficulty in projects like these lies in finding the correct partner or operator with the correct amount of experience to take care of them in terms of medical care and facilities and not in looking for a suitable plot to develop.
An optimum location would be a short drive away from Bangkok city with a resort like environment and retail services in close proximity.
Keyphrase – Bangkok City, Retirement homes
Keyword – Villa