Bangkok’s prime property market is poised for change

{"text":[[{"start":8.88,"text":"Bangkok wakes to a fast and loud symphony of daily life. Commuters pack tightly on subway platforms, motorcycle drivers in bright orange vests weave between gridlocked cars, and the hiss of hot oil takes over the morning air as street vendors grill sticks of pork to feed the rushing crowds. But you’d almost never know it from Soi Langsuan, an upscale residential street in the heart of the city, where the bustle gently fades into calm."}],[{"start":35.6,"text":"At its southern end is Nimit Lumpini Park North, a residential tower that will open its doors this year after a decade in the works. Interiors can best be described as “quiet luxury”, something often rare in the region: Loro Piana textiles, Arclinea kitchens, Miele appliances, B&B Italia wardrobes and Murano glass basins. Panoramic views are of Lumpini Park and the historic Royal Bangkok Sports Club; wellness amenities are delivered by Chiva-Som, marking the brand’s first residential partnership. For American deli lovers, there’ll also be a Dean & DeLuca."}],[{"start":72.56,"text":"Nimit is among a new wave of premium residences that will launch in Bangkok in the coming years, including the Rosewood Hotel Group’s first standalone Asia-based residences and the first from the hotel brand Upper House. Nimit in particular tells a bigger story of changes in Bangkok’s prime residential market — one of shifting priorities and new buyer interest. But it hasn’t been an easy ride."}],[{"start":null,"text":""}],[{"start":95.451,"text":"Behind the landmark project is Pace Development Corp, which since 2004 has helped transform Bangkok’s skyline with ambitious architectural projects including MahaNakhon, which broke records as the tallest building in Thailand when it officially opened in December 2016, and is home to the country’s first Ritz-Carlton Residences. In the driver’s seat is founder and chief executive Sorapoj Techakraisri, known to many as Khun Ying. Where once local buyers were top of mind, Techakraisri is now scanning the global horizon."}],[{"start":127.2,"text":"Techakraisri — a cool customer dressed in cream when we meet briefly in August and then again in September and October — is something of a divisive figure; his aggressive strategies have polarised investors and industry observers. While some say he introduced international design and uncompromising standards to local projects, calling him and his company “visionary”, others including Forbes view the developer as making “risky” moves: announcing MahaNakhon during a financial crisis, forging ahead despite street protests and a military coup."}],[{"start":null,"text":""}],[{"start":159.68,"text":"Nimit, meanwhile, opens as the country faces scrutiny over its rock-bottom interest rates (its main policy interest rate is just 1 per cent), stalled growth, high household debt, high mortgage rejection rates and a rapidly ageing population. At the start of this year, the housing market above Bt10mn (around $300,000) had contracted for three quarters, according to a Savills report. Many fear Thailand is on a path to “Japanification” — a prolonged period of low inflation and low growth."}],[{"start":188.627,"text":"The launch also follows significant challenges within Pace as international acquisitions forced it to default on Bt2.6bn ($86mn at the time) worth of debt in 2019 and financially restructure."}],[{"start":null,"text":""}],[{"start":202,"text":"But it is also potentially a time of opportunity. Thailand is increasingly drawing wealthy individuals from around the world, incentivised by long-term residency programmes, an explosion of branded residences, accessible property price points — and a lifestyle that combines the buzz of city life with access to some of the world’s best beaches and wellness facilities."}],[{"start":223.76,"text":"While Bangkok is celebrated for its gilded temples and vibrant nightlife, it has transitioned from a traditional tourist stop to become one of south-east Asia’s most dynamic creative capitals, with new contemporary art institutions such as Dib Bangkok, homegrown fashion labels recognised on the world stage and an experimental music scene."}],[{"start":241.573,"text":"“For someone whose root vision is craft, I just love it,” says designer Saloni Lodha. She has lived in India, Seoul and Hong Kong, and began spending more time in Bangkok and using it as a base — for her family and her work — after the pandemic. “It appealed for many reasons,” she says. “Thai people are so welcoming. I also felt that Bangkok was very cosmopolitan. It reminded me of India 20 years ago. The openness to young creatives. What has really stood out to me is the creative community here.”"}],[{"start":270.32,"text":"While Knight Frank’s most recent Wealth Report notes that prime residential prices in Bangkok rose 6.3 per cent across 2025, they remain competitive in the region: at $1,120 per square foot, versus Singapore’s $1,850 and Hong Kong’s $3,750, data from Savills Research shows."}],[{"start":null,"text":""}],[{"start":null,"text":""}],[{"start":291.84,"text":"Major regional cities like Singapore or Hong Kong are already “very seasoned” destinations for property investment, says Luca Bernardinetti, chair and managing partner of Mahanakorn Partners Group, an advisory firm that offers property management, development and real estate brokerage services across Asia. “[They are] probably now at the apex and properties there are very expensive.”"}],[{"start":312.64,"text":"Bangkok, Bernardinetti continues, has room to grow and is still developing at a rapid clip. He spotlights particular bright spots: new prime locations have been made available for freehold purchase, increasing the investment value for developers and the appeal for international buyers. The city’s wellness reputation is also proving a valuable card. Thai real estate giants are betting that international buyers will place a premium on health."}],[{"start":337.668,"text":"Recent regulatory changes have also repositioned Bangkok condominiums in the eyes of global buyers. Historically, they favoured luxury villas or detached single-family homes in the country — often relying on workarounds to circumvent local land ownership laws. However, Thailand has been intensifying its enforcement against illegal foreign land ownership via nominee, or shell, companies. Foreign ownership of apartments is permitted, though often capped at 49 per cent of a building’s total sellable floor area."}],[{"start":null,"text":""}],[{"start":null,"text":""}],[{"start":366.317,"text":"As developers increasingly design projects to meet the criteria required for foreign purchases and the demands of buyers, Bangkok’s property landscape is poised on the cusp of change. Is it ready to rival Singapore or Hong Kong?"}],[{"start":379.45,"text":"Each time we speak, Techakraisri, a man of few words, seems relieved more than anything that the 54-storey Nimit, comprising 187 apartments, is finally complete. “In other instances when a project is finished, it’s finished. But this one has had many stages,” he says. Nevertheless, “It has come out the way that I had hoped. I don’t know if people will like it, but I am happy.”"}],[{"start":403.92,"text":"When Nimit launched in 2015, more than 70 per cent of apartments were snapped up over one weekend, according to Techakraisri. Many buyers were affluent locals who had appeared on Forbes’ list of Thailand’s 50 Richest, he says, often buying for children or as a second home."}],[{"start":421.28,"text":"But within five years, Pace was facing financial restructuring and bankruptcy issues. Techakraisri attributes the company’s financial distress to its ambitious overseas acquisitions. A life-long fan of Dean & DeLuca, he had acquired the US grocery chain for $140mn in 2014, but struggled with its expansion. The US operations suffered heavy losses and store closures, eventually forcing a Chapter 11 bankruptcy filing in 2020."}],[{"start":null,"text":""}],[{"start":null,"text":""}],[{"start":451.29,"text":"Techakraisri concedes that he was “short on experience”. “We went into F&B as a real estate company. Also, it’s US-based. With the distance and a new industry, it takes a bit of learning. For me, it’s a great brand. But the experience and execution were not there. It was an emotional decision.”"}],[{"start":470.24,"text":"Nimit suffered, facing prolonged construction delays, exacerbated by the pandemic. About 5 per cent of buyers rescinded their offers, says Techakraisri. Pace was pushed to sell off portions of the MahaNakhon Tower to King Power International Group, Thailand’s travel, retail and duty-free monopoly, for Bt14bn."}],[{"start":487.613,"text":"With capital freed up and the company taken private, Techakraisri’s focus shifted back to finishing Nimit — and pivoting to a new kind of buyer. The project rebranded — its original name, Nimit Langsuan, was discarded. “Langsuan is a street that almost every local would know. But not all international people know it. The building is next to Lumpini Park, which is more known globally,” says Techakraisri."}],[{"start":512.197,"text":"Techakraisri says he hoped to emulate a cosmopolitan feel in the vein of New York’s Upper East Side. The naming approach is becoming widespread: Belgravia Residences, for example, in central Bangkok, named after the affluent central London area."}],[{"start":null,"text":""}],[{"start":null,"text":""}],[{"start":526.53,"text":"Nimit could have become a cautionary tale, says Prapaporn Boonkajornkul, deputy head of residential at Savills Thailand, but recovered its reputation due to its combination of value, design and, in particular, location: “proximity to Lumpini Park, positioning within one of Bangkok’s most established luxury residential corridors, and the limited supply of comparable developments in the immediate area”."}],[{"start":550.766,"text":"As an expat who has lived in Bangkok for many years, “I know how rare it is to find a freehold condominium right next to Lumpini Park,” said one buyer, who preferred not to share their name. That, and “the quality of Pace’s work and attention to detail” motivated them to buy. The city’s lifestyle had been the primary draw for putting down roots, meanwhile: “It’s a great city to live in. You have excellent restaurants, hotels, healthcare, international schools and plenty of opportunities to travel around Thailand. Life here is more relaxed.”"}],[{"start":581.76,"text":"The Bangkok market is defined by a flight to quality, says Boonkajornkul, and location is key. Much of the city’s prime commercial and historical land is owned by the Crown Property Bureau (which manages the wealth, land and corporate investments of the Thai monarchy) and government agencies. These lands are generally not sold as freehold."}],[{"start":601.46,"text":"So it is unusual that Nimit is a freehold site, a scarcity along the Lumpini Park axis, a prime area for those who wish to remain close to central Bangkok but with a comfortable enough distance from the commercial hubs of Silom, Sathorn and Sukhumvit. Residences by Rosewood and Upper House, which will border the park too, are also freehold properties."}],[{"start":622.462,"text":"These sites are insulated from oversupply and localised market pressures affecting the lower and middle tiers, says Bernardinetti — such as increases in mortgage rejections triggered because of high household spending. “In terms of capital appreciation, Bangkok is probably one of the more interesting markets in south-east Asia. Luxury condos being built and the penthouses sell out within months, or in some cases weeks.”"}],[{"start":null,"text":""}],[{"start":646.88,"text":"Research by Bangkok real estate consultant CBRE reported sales of 93 per cent for completed downtown condominium developments, and 52 per cent for those in the pipeline, for the first half of 2026. The figures were 95 per cent and 85 per cent for super-prime apartments."}],[{"start":667.04,"text":"Casey Au, co-managing director of City Dynamic, a joint venture between Thailand’s City Realty and Hong Kong’s Swire Properties, compares Lumpini Park to Park Lane in London: “It’s one of the most prestigious addresses, if not the most prestigious address.”"}],[{"start":null,"text":""}],[{"start":681.128,"text":"For almost 40 years, the site of Upper House Residences has been owned by City Realty Co, the real estate arm of the Sophonpanich family — one of Thailand’s most influential “old money” dynasties, founded by Chinese immigrant Chin Sophonpanich, who established Bangkok Bank in 1944. But Chali Sophonpanich, who heads up the family’s real estate development arm, saw an opportunity to take things forward, says Au. Since previews of Upper House’s Wireless Residences (scheduled to open in 2031) and Upper House Residences began in May 2026, combined sales of almost 100 apartments reached Bt10bn ($296mn)."}],[{"start":721.411,"text":"Beyond Lumpini Park — Wireless Road, Chidlom and Langsuan — the top end of Bangkok’s property market has a few other bright spots: Thonglor, Ekkamai and Phrom Phong have increasingly become hubs for buyers keen to be near a high density of luxury malls. Riverfront strips including Charoen Krung and Charoen Nakhon have become home to those favouring branded residences."}],[{"start":null,"text":""}],[{"start":null,"text":""}],[{"start":744.038,"text":"Developers in such coveted spots have been able to drive a “substantial increase” in pricing, adds Boonkajornkul. Select residences at Nimit have increased from about Bt350,000 per sq m ($10,360) at launch to around Bt900,000 ($26,645)."}],[{"start":766,"text":"“We see Rosewood Residences as a platform for living well,” says Jenni Benzaquen, senior vice-president, residential, global, at the Rosewood Hotel Group, and “Bangkok provides an exceptional backdrop”. The brand is just one developer leaning into the country’s wellness boom — a tourism sector that generated approximately $12.4bn in 2025, according to the Thailand Board of Investment."}],[{"start":789.479,"text":"“Rich people just want to live longer,” smiles Techakraisri. “That’s how it is. Living longer starts from prevention, and today’s technology offers that. It’s a global trend, not just in Bangkok.”"}],[{"start":800.56,"text":"The rapid expansion of workout activities such as Hyrox, and longevity practices is giving the city the edge. In August 2026, over 20,000 athletes from more than 60 countries came to compete in Bangkok; the largest Hyrox race in Asia to date. Longevity clinics including Clinique La Prairie, from Switzerland, and AsandraMD, California, have launched outposts in Bangkok. Existing beauty clinics such as Cellfitt Wellness are rebranding, moving beyond surface-level aesthetic treatments (like Botox and fillers) to offer cellular-level diagnostics and preventive healthcare measures. Opposite Nimit, WellEra — an $865mn mixed-use wellness complex — is being built."}],[{"start":null,"text":""}],[{"start":844,"text":"These shifts are being reflected in Bangkok’s prime residences. Nimit’s partnership with Chiva-Som provides residents with customised wellness routines and nutrition services. Chair Krip Rojanastien says he saw an opportunity for Chiva-Som to be present in people’s everyday lives, and appreciated Nimit’s encouragement for “residents to live a balanced lifestyle”. Its location next to some of Bangkok’s largest green areas also “enabled us to offer numerous outdoor activities”, he says."}],[{"start":873.828,"text":"“Lifestyles have changed since Covid-19, and that willingness to have more space, that connection to nature and exercise and health, it’s got bigger and bigger,” says City Dynamic’s co-managing director Thomas Woolsey, of the Upper House Residences."}],[{"start":888.781,"text":"While Thailand was once marketed as “the Land of Smiles”, increasingly Woolsey has observed that “through wellness and medical tourism, the government is trying to change that narrative to be around longevity”, he says, chuckling. For wealthy property investors, “It’s now the Land of Life.”"}],[{"start":905.301,"text":"Find out about our latest stories first — follow @ft_houseandhome on Instagram"}],[{"start":913.12,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794028880_9367.mp3"}