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Thai Luxury Homes Court Global Buyers Amid Slump
25 Feb
Summary
- Reignwood Group targets international buyers for its luxury property.
- The project aims to offset Thailand's prolonged domestic property slump.
- Approximately 30% of units are sold, with 70% to Thai buyers.
Reignwood Group is increasing efforts to attract international buyers to its luxury residential complex in Thailand, seeking to counter a protracted domestic property downturn. The company is intensifying marketing via its offices in Singapore, Beijing, Hong Kong, and London, with additional roadshows planned for hubs like Dubai.
This initiative comes as Thailand's property sector faces challenges from weak local demand, an oversupply of unsold homes, and economic uncertainty. Foreign demand has also softened due to geopolitical issues and safety concerns.
About 30% of Reignwood Park's residential units have been sold, with Thai buyers comprising roughly 70% of purchases. Reignwood aims to boost the share of overseas buyers to about 40%. Unsold homes in greater Bangkok were around 228,000 units in the first half of last year.
The 800-acre Reignwood Park, developed by the Beijing-based conglomerate, began as a private enclave in 2020 and has expanded to include an international school, sports complex, and shopping mall. Prices for detached houses range from $500,000 to $10 million.
Founded in Thailand in 1984 by Chanchai Ruayrungruang, Reignwood Group also owns international real estate projects. Chanchai introduced Red Bull to China in 1995, becoming a significant figure in beverage distribution.
