ALTHOUGH the market is much more cautious now than it used to be top design firms like Design Worldwide Partnership (DWP) are coping very well because they have been through much worse in the past.
This company’s group CEO Brenton Mauriello said recently that the market has not fallen over or has had a catastrophe in anyway but certainly there are tensions which are not to be unexpected and in fact are manageable.
“They are being more careful, so they are economizing, they are taking a little bit longer to make decisions, there is a little more thought that goes into everything.
“Before it was a bit blurry around the edges, they could still manage to sell and sell well but actually we are perhaps getting better product, better tailored to the market.
“So they are achieving good prices, really good prices, it’s quite amazing based on location.”
Mr Mauriello added that it is mid- to upper-residential sector which is doing very well as even though there is a lot coming on the market the pre-sale figures are excellent.
“The upper market still goes well but again with these (pre-sales figures) one needs to wait until they settle.
“I think our developers are becoming more sophisticated … they are looking at projects closer, much closer. They are much more sophisticated in their approach and therefore their design requirements.”
While raw material prices are cheaper, Mr Mauriello has observed that this is not significantly so because developers are still building and this pushes up demand. However what they are able to get for the money they pay is reasonable.
Even so, the Thai market is in a better shape than some other Asian countries such as China and Malaysia which are facing some difficulties.
“Which means we had a coup, but it’s relatively stable, it’s not great, I think people are worried about what’s next, but that hasn’t stopped them.”
This is clearly because property is always a good investment, and Mr Mauriello pointed out there is a dearth of good investment choices right now.
“People realize even more so now the value of well-located property because the advent of infrastructure and the trains and so on has changed the dynamic of the city – immeasurably.
“So we are getting clusters, we are getting outer clusters and you can see retail popping up all the way to Megabangna.
“The market is softish, not soft, there is caution, it’s not as buoyant in retail not as buoyant as it used to be.”
TOP: Mr Mauriello says while the mood in the market is cautious it has led to better products becoming available.
By Nina Suebsukcharoen