Supalai Sees Property Market Bottom, Plans Condo Expansion Nationwide

Supalai says the property market is showing signs of recovery after developers reduced new project launches, particularly condominiums. The company is preparing to increase its investment proportion in 2027 while expanding to 31–32 provinces, but emphasizes that purchasing power, household debt, and strict lending remain major challenges. Meanwhile, the fourth quarter will see the launch of 10 projects with a combined value of around 13 billion baht.

Mr. Traitecha Thammarat, Managing Director of Supalai Public Company Limited, disclosed that the company believes the real estate market has passed its lowest point, citing signals of fewer new project launches and easing competition. However, the recovery is not rapid because purchasing power, household debt, and stringent loan approvals remain key constraints. He views the next phase of recovery as driven less by a full economic rebound and more by a sharp decline in new supply, especially condominiums, after most developers delayed land purchases and new launches — giving well-prepared operators a chance to maintain sales and grow.

Accelerating condo investment and provincial expansion For the 2027 operating plan, the company intends to acquire more land for condominium development and targets more launches than this year, seeing opportunities on both the demand and supply sides, particularly in Bangkok. At the same time, it will continue expanding into provincial markets. Supalai currently operates in 30 provinces and plans to reach the 31st and possibly the 32nd province next year.

Mr. Traitecha added that site selection will prioritize market potential and existing inventory. If an area has large unsold stock, the company will not rush to launch new projects, but if demand persists and existing projects are nearly sold out, it is ready to invest further.

For Chiang Mai, Supalai is preparing new condominium developments, with some land already in the pipeline and additional parcels under negotiation. Progress is expected early next year. The company views current competition as less intense than during the market boom, when over 30 new projects launched annually, compared to only a handful per year now.

Land negotiations easier, but buying remains selective Mr. Traitecha noted that landowners are now more open to negotiations, especially plots discussed during the COVID-19 period that stalled because owners expected prices to rise. However, as the economy and sales slowed while developers cut land purchases, landowners began to see the limits of holding inventory, creating more room for deals to close.

"Currently there are more land sellers in both Bangkok and the provinces, but the company will select only locations that fit its business plan, particularly sites suited for condominiums. We do not buy simply because prices have fallen; we consider total cost, market demand, and prices consumers can accept."

Low-rise segment still challenged; condo share to stay under 40% Mr. Traitecha also said the overall low-rise housing market still faces pressure from declining purchasing power, economic uncertainty, and harder access to credit, causing consumers to take longer to decide. This forces developers to manage inventory and investment in line with actual sales.

For Supalai, condominium development currently accounts for about 30% of its portfolio. The company plans to gradually raise this share in both Bangkok and the provinces, but expects it to remain around the low-30% range and not exceed 40%, as the company still has low-rise projects in the pipeline.