AS Bangkok's newspapers daily extol new luxury condominiums opening and adding to a severe oversupply, the Thai Government is advising developers to set their sights lower.
Sopon Pornchokechai, managing director of Real Estate Affairs, said there was no danger of an oversupply of condominiums in the lower price range.
And Mr Sopon said units priced up to 400,000 baht (HK$124,680) were in strong demand.
There are 55,540 low-priced condominiums in Bangkok, with 10,557 luxury units on the market.
Mr Sopon said developers traditionally shied away from the low-end market for fear of dealing with less affluent clients who had difficulty in dealing with financial institutions and a reluctance to bear the costs of developing infrastructure.
Mr Sopon said developers interested in tapping the lower-end market, should build further out of town where land was cheaper in order to build larger apartments and gain tax concessions.
