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Sansiri Public Company Limited found a strong demand in Chiang Mai’s horizontal housing market with foreign customers from China, Hong Kong and Singapore flocking to buy second homes for holiday. Recently, foreign buyers bought more than 15 houses in two projects worth a total of 100 million baht. Setthasiri San Sai has sold more than 85 percent of the project while Burasiri San Phi Suea has sold more than 50 percent of its first phase.It was revealed that the foreign buyers were enamoured with the house designs and the environment that is surrounded by nature, fully open to fresh air. A boost exclusively for foreign buyers is the “Hug Sabai” service that offers one-year free housekeeping and gardening services – a popular incentive. It is expected that the real estate market in Chiang Mai will continue to grow with the impetus being the project to develop an airport in San Khampang and the high-speed rail project.
Sansiri Public Company Limited (SIRI), revealed that the real estate business in resort cities is likely to grow continuously especially in Chiang Mai where horizontal development projects are very popular because this holiday city can boast of several tourist attractions. Thus, the demand for housing among Thais and foreigners is high, especially among foreign buyers from China, Hong Kong and Singapore who look for second homes for use as a base for their vacation.
Lately, Sansiri enjoyed a good response from foreign buyers at two single detached house projects in Chiang Mai with more than 15 houses sold, worth a total of 100 million baht, considerably pushing up Sansiri’s total single detached house sales. The latest flurry of activities saw the 1,400-million-baht “Setthasiri San Sai” selling more than 85 percent of the project, while the 1,300-million-baht “Burasiri San Phi Suea” sold over 50 percent of its first phase.
“Chiang Mai has been attracting a lot of interest among foreign customers as it is a known holiday destination for the visitors from China, Hong Kong and Singapore. These customers, aside from wanting to own single houses, also look to put their properties on long-term rent market, especially during the New Year and the Chinese Lunar New Year that usually has a rental yield of 6 to 8 percent. The foreign buyers who chose houses in Sansiri projects mainly looked for their own residences, choosing the leasehold option that allows foreigners to take possession of the properties for 30 years.
“The main reason add*for* the foreign buyers choose single detached house in Sansiri projects in Chiang Mai was because of the familiar and respected Sansiri brand, that has been known in the market for the past 30 years both in Thailand and abroad as not only providing quality housing but also a fine lifestyle. Also well recognised among the buyers is the introduction of projects that directly respond to the tastes and preferences of the foreign customers. At ‘Setthasiri San Sai’ the customers are enthused with the distinctive Lanna designs that have been influenced by the old mansions of the old Chiang Mai nobility, mixed with the modern design elements and located on land that is close to nature. The project is enveloped by the majestic Doi Suthep and the calming flow of Mae Kao River,” Sansiri said.
Sansiri reiterated further, “‘Burasiri San Phi Suea’, on the other hand, is a project that stands of the last plot of land in the Ring Road III area that could be developed as a housing project before the new city plan was approved. The project is distinctive with its ‘resort home’ ambience that is open to fresh air. But even more special is our exclusive promotion for foreign customers called “Hug Sabai” service that provides free housekeeping and gardening free-of-charge for one whole year. This promotion gives the customers the peace of mind and confidence in Sansiri housing projects. And that’s why they decided to choose our projects.”
“As for the trend of real estate business in Chiang Mai, it is expected that the demand will continue to grow with more foreigners getting into the act. This group of customers prefer single detached houses as their second homes, or vacation homes because they have more useable space and can stay close to nature. The real estate sector in Chiang Mai will further grow because of the start of the construction of the high-speed rail system that will be completed in 2025, as well as the San Khampang Airport project to be completed in the same year. All these factors bode well for the continuous growth of the real estate market in Chiang Mai that will become more exciting and prices are certain to increase,” Sansiri concluded.