Bangkok's ever-evolving condo landscape

Bangkok’s condominium facilities have evolved to meet the changing trends and preferences. With high competition in the market, these facilities inevitably emerged as key factors in purchasing decisions. By examining these shifts, we can gain a better understanding of the relevance and impact of common area facilities in today’s market.

Figure 1: Changes in condo facilities over different time periods

Source: JLL Thailand Research

Prior to the 2000s, Bangkok saw rapid economic growth with numerous condominium projects concentrated in the CBA and its outskirts. These developments boasted spacious units, typically starting from 60 sqm. The parking-to-unit ratio often reached 100% with assigned lots in some cases, a rarity in the current market due to building regulations. Amenities such as swimming pools and fitness centres were commonly offered per market standard while additional features such as tennis courts, theatre rooms, and playgrounds were often included.

The introduction of mass transit networks in the 2000s revolutionised transportation in Bangkok. Alternative commuting options led to reduced parking-to-unit ratio, aligning with smaller unit sizes. Swimming pools and fitness centres were often placed on top of parking podiums, allowing for larger spaces. While libraries were occasionally included, they were still not prominent as residents spent weekdays outside.

The rising popularity of condominiums in the 2010s led to higher land costs and pressured developers to maximise the utilisation of common areas. The introduction of an automated parking system allowed higher development efficiency. Rooftop swimming pools with breathtaking views became common, while the fitness centre was reconfigured to cater to various workouts.

Moreover, the pandemic in early 2020, accelerated a shift in lifestyle preferences, leading to more changes in facility offerings. Remote work and online education increased demand for co-working spaces, previously found only in higher-end projects. Notably, automated parking systems, once primarily confined to CBA expanded to areas along new mass transit lines. Additionally, some condominiums introduced new facility offerings like concierge, cleaning services, and healthcare clubs, which are typically associated with branded residences. This indicates a change in what residents prioritise in their living spaces.

The current Bangkok condominium market has seen more challenges as economic headwind persists. With soaring sale prices, there is a growing preference for renting as a cost-effective option and this trend is expected to continue. Future development of condominium facilities is uncertain as financial considerations come to the forefront. For example, some developers have made the decision to forgo swimming pools and fitness centres from their projects, potentially reducing construction costs and leading to more affordable pricing. Amenity-free condominiums have been pervasive in global cities such as Tokyo, where limited land availability and high costs have led developers to focus on functional living spaces. The shift towards amenity-free developments not only aligns with the evolving buyer preferences but also benefits developers by making projects more financially viable in a challenging market.

Looking forward, as buyer preferences continue to shift and new trends emerge, there are uncertainties whether facilities will remain a key selling point in the realm of condominium living.