Large–sized home with broad backyard may not be an only one choice for luxury home buyers as there are location and land cost to factor in. Suitable size of land and its limited availability in prime location are another significant factors which influence on project development, now shifting to emphasize more on behavior and lifestyle of residents, for a house which is not only a beginning but also a reflection of an identity and a part of lifestyle.
Potential Locations for Super–Luxury House
Mrs. Nalinrat Chareonsuphong, Managing Director of Nexus Property Marketing Company Limited, says about luxury residence market in inner city which continues growing that Bangkok luxury residence is one of the hottest markets during the past few years. From 2015 to the first quarter of 2018, a number of supply in this market launched by large and individual developers totals 42 projects with 1,554 units which reflects a consecutive demand in luxury residence market. They are in 7 key potential locations, ranked by number: (1) Sukhumvit (Phrom Phong—Ekamai), (2) Lad Prao—Kaset Nawamin, (3) Rama 9—Srinakarin—Pattanakarn, (4) Ratchapruek, (5) Sathorn—Rama 3, (6) Bang Na, and (7) Rama 2. As seen, luxury residential projects are located in the city’s prosperity areas which have different features, affecting on different home designs and features.
However, location remains the key factor for luxury residential development. With a limited number of available land and soaring land prices every year, developers are more interested in project development on smaller-sized land, yet offering a unit with function area that completely meets requirements of luxury home buyers. As land plot per unit is sized between 29—129 square wah, vertical house will be more developed in the market. Its definition is a house with a height of higher than 15 metre or four storeys and more. From 2015 to the first quarter of 2018, a number of vertical house totals 12 projects and 94 units. During 2015–2016, this kind of house is located in Sukhumvit area (Phrom Phong—Ekamai) and from 2017 to the first quarter of 2018, it expands from Sukhumvit to Lad Prao – Kaset Nawamin, Bang Na and Rama 9—Pattanakarn—Srinakarin.
There are 2 designs of luxury residence: (1) horizontal luxury house and (2) vertical luxury house. These 2 designs have their own outstanding features including exterior, land size and project location. However, size of their usable area remains similar while location (land price) is one of the key factors for design development.
Additionally, layout of function area that meets lifestyle and usable area that is sufficient for residents are an ideal home for those looking for a luxury house. They also need a house that can reflect and be in line with their own identity. These are pain points developers should analyze in order to develop a right product with outstanding features for target customers.
Home Functions Reflecting Resident’s Lifestyle
Luxury residence market is attractive for both property developers and residents due to a limited land availability as aforementioned. In the first quarter of 2018, there are 4 newly launched projects. Locations are mainly in Sukhumvit area (Phrom Phong—Ekamai), Sathorn—inner city and Lad Prao—Kaset Nawamin area during the past year. These are lifestyle locations which reflect an identity and lifestyle of those choosing to live there.
Developer’s experiences in luxury residential development have shaped development of home designs and functions which add value and attractiveness to project, for example, wine cellar room, supercar lounge, breakfast corner and larger usable spaces that are in line with lifestyle of residents to fulfil their living in their own private residence.
Additionally, that house should maximize potential in order that it will not need to be complied with regulations of high-rise building development which will limit design. According to a market data, a land plot for a unit is sized from 29 square wah with a usable area starting from 450 square meter and 4-7 storeys each which creates a vertical house. This is a new development of a current house with a different design from the past.
From the above information, a vertical house developed on a land plot in inner city stimulates developers to try to develop project that meets requirements on value for money spent for a land at high prices with the highest potential. This will create a house on a smaller-sized land plot yet offered with sufficient usable space for requirements and lifestyle of customers in luxury segment.
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