Eight prominent developers have either launched or are gearing up to introduce a total of 4,600 residential units in Nonthaburi, spanning 1,300 rai, with an estimated collective sales value of 50 billion baht. This marks the first instance where these developers are co-located, aiming to steer clear of direct competition.
Property Perfect Plc took the lead by gradually acquiring land parcels in Klong Phra Udom within Nonthaburi’s Pak Kret district more than ten years ago, initiating with a landlocked piece. After securing additional plots and selling a portion to the University of the Thai Chamber of Commerce in 2009, the company invested in constructing a four-kilometer road, Hor Karn Kha Thai Road, which connects Chaiyaphruek Road in the south to Saphan Nonthaburi-Bang Bua Thong Road in the north, significantly enhancing the land’s prospects.
Wongsakorn Prasitvipat, the managing director of Property Perfect, noted that the company devoted 400 million baht towards the road and associated infrastructure, enticing other sizeable developers to invest in this area. Property Perfect itself holds the largest share of land at 600 rai along this road, presenting the opportunity for over 15 projects with a total sales value of 20.5 billion baht.
Property Perfect has already developed 530 rai for 13 projects featuring single detached houses and a market avenue. Notably, one project is a luxury single detached house co-developed with Hong Kong-based Hongkong Land.
Additional SET-listed developers, including SC Asset Corporation, Sansiri, and Pruksa Holding, have acquired land from Property Perfect in this locale. While Property Perfect’s projects focus on middle to upper-end single detached houses, SC Asset’s units are priced between 10-30 million baht, and Sansiri’s units ranging from 6-40 million baht have been fully sold.
Pruksa has launched two single detached house projects, with one already sold out and the other expected to sell out by the third quarter of the current year. Beyond these developers, others like AP Thailand Plc, Central Pattana Plc, and Proud Real Estate Plc are also active in the region.
AP is preparing to introduce twin homes priced from 6 million baht, following recent regulatory changes that allow for housing developments beyond single detached houses in Nonthaburi. Central Pattana and Proud Real Estate are each crafting distinctive projects to set themselves apart from their competitors.