Bangkok Condominium Market | 4th Quarter | 2009
Figure 22: Suspended projects by area
Nearly 69% of total suspended projects followed the economic crisis in 1997 and most of them were located in more remote locations far from BTS / MRT lines. Even some projects close to the BTS / MRT lines encountered problems and were suspended. Nearly half were located in the southern fringe area as this area had one huge project suspended from 1997 with a total of approximately 3,850 units.
Some projects have been on hold due to financial problems with banks refusing to provide loans as well as the spike in construction costs in 2006 Some projects have been on hold for other reasons such as Environment Impact Assessment (EIA) compliance.
Figure 23 : Re - launched condominium projects No.
Project Name
Developer
Location
1
Belle Avenue
Belle Development Co.,Ltd.
Ratchadapisek Road
2
Movenpick Hotel & Residence
Apex Development Plc.
Phayathai Road
3
Eight Thonglor
Pacific Star International Co.,Ltd.
Sukhumvit 55
4
The Victory Condominium
Home Quick Co.,Ltd.
Sri Ayutthaya Road
5
Quad Silom
Quad Co.,Ltd.
Narathiwas Rajanakarin Road
6
The Inspire Place ABAC Rama 9
Ascon Construction Plc.
Rama 9 Road
7
The Ninth Place
Srisukrungjinda Group Co.,Ltd.
Srinakarin Road
8
My Resort Bangkok
Equity Residential Co.,Ltd.
Petchaburi Road
Source : Colliers International Thailand Research
Some suspended projects were able to be re–launched after being taken over by different developers. These were projects in good locations with a reasonable selling price. These include Eight Thonglor which was renovated from a suspended mixed use building project in 1997. Movenpick Hotel & Residence was originally constructed to be Rajawet Hospital but is being converted into a hotel and condominium.
Colliers International
17