Thai luxury properties dominate in Asia
Phuket and Bangkok among top destinations for branded residences
CREDIT TO WRITER: Kanana Katharangsiporn
Phuket and Bangkok are among the top three destinations in Asia with the highest number of branded residence units, while Thailand ranks first in terms of value, according to C9 Hotelworks, a hospitality and real estate consultancy.
Bill Barnett, managing director of Phuket-based C9, said the branded residences sector in Asia has achieved a record-breaking supply value of US$26.6 billion this year, comprising 68,001 units in total.
Thailand leads the market with a 23.3% share, followed by the Philippines (17.3%) and South Korea (11.6%), while emerging markets such as Malaysia, Vietnam and India collectively account for 24.5% of the total market share.
“The luxury and branded residence market is currently the driving force behind Thailand’s property sector,” he said. “This segment holds significant potential for continued growth in the years to come.”
In terms of the number of properties, Thailand also ranks first with 65 projects, followed by Vietnam with 59. However, in terms of the total number of units, Thailand ranks second with 16,271 units, trailing Vietnam, which leads with 17,680 units.
By destination, Phuket leads with the highest number of units, totalling 4,771 across 26 developments. It is followed by Manila, Bangkok, Kuala Lumpur and Pattaya, with Hua Hin ranking 10th.
The countries with the highest average price per square metre are Singapore at $23,026, Japan at $20,827 and the Maldives at copy1,546.
Of the total supply, resort destinations dominate in volume with 37,540 units, accounting for 55%, while urban areas contribute 30,461 units, or 45%.
However, when it comes to market value, urban condo-branded residences lead the sector, representing 56% of the total value.
“Urban destinations command significantly higher median prices per square metre compared to resort areas. For instance, urban condos in South Korea are priced at $28,713 per sq m, nearly triple the copy1,184 seen in resort condos,” Mr Barnett added.
A similar pattern is observed in Thailand, where urban condos have a median price of $8,323 per sq m, compared to $4,614 for resort condos.
Asia’s branded residences market features 12,330 units across 80 developments affiliated with luxury hotel brands, making up 31% of the total supply in the primary market.
“Before 2020, the majority of branded residences in Asia were developed alongside a hotel component, accounting for 86% of all projects. However, this trend has evolved significantly in recent years,” Mr Barnett said.
Between 2020 and 2024, the share of branded residences with a hotel component declined to 70%, while standalone branded residences and mixed-use developments surged to 30%, up from just 14% before 2020.
“In the next three to five years, the supply of branded residences in Asia is set to double, reflecting a significant growth trend,” Mr Barnett said. “This is evident from Four Seasons Hotels and Resorts’ future plans, where 65% of their upcoming projects will feature branded residences.”
Original article from The Bangkok Post here.
