After Covid-19 hit the condo market, investment property developer Habitat Group decided to shift to low-rise houses focused on branded residences and vacation homes in Pattaya, aiming to increase its low-rise portfolio from 20% to 40% in a few years.
Chief executive Chanin Vanijwongse said the company spent time revising its plan as the condo market turned sluggish in 2020-21, degraded by the pandemic shortly after a slowdown in 2019.
“Two years ago we had no new project launches despite owning a lot of land banks because all of them were supposed to be for condo projects,” he said. “Before the pandemic, were aggressive with land purchases for new condo development as our condos had good sales.”
The pandemic also changed homebuyers’ behaviour, he said. More demand for private areas has made space a more important factor than location as many businesses can be done online from home.
Source: Bangkok Post
