THE QUESTION on everyone's lips when the market is competitive and slow is, "What else can you develop?" My answer is there are alternative development schemes to consider during a market downturn and a product that matches real demand will continue to sell.
There is clear demand from people who do not want to live in a condominium but still want to be downtown.
To fill this market gap, some developers have launched townhouse projects whose designs have been modified from projects in the past decade to meet the needs of today's lifestyles.
Three- to four-storey townhouses, which are now repositioned as "villas", are becoming increasingly popular and provide an alternative to condo living.
To make the villas more sexy,aesthetically appealing and functional, the developers have incorporated additional amenities: private backyards or gardens; wider frontages of seven to eight metres against four to five metres for past products; private elevators and private pools; a common garden and swimming pool, double-volume high ceilings in living areas; the ability to provide three to four car parking spaces per unit; and spacious Western-style pantries with an island as well as a separate Thaistyle kitchen for heavy cooking.
This concept can also apply to three-storey houses on small lots.
The demand for accommodation from low-income citizens in Bangkok is high, but the prices of freehold condos have exceeded market affordability, so this mass-market demand will shift from buying to renting.
Low-cost apartments are typically small projects located in subsois far from the main road and surrounded by a poor environment.A low-cost residential compound located on the main road would be in high demand, but high land costs would make such projects financially unfeasible.
As 20-30 per cent of land suitable for development is owned by the public sector, it may be time for these surplus land plots to be released to the market at prices that would pave the way for building low-cost housing, which would generate both social and economic benefits.
It would not only stimulate property demand at the entry level,but also enhance living standards and home ownership among lowincome earners.
Some retirement homes have been developed in the past few years outside Bangkok, but mostly by small players.
With changing lifestyles and the trend of shifting away from joint families, it is expected that demand for retirement homes from ageing parents will grow in the next decade.
Demand will be broad and the requirements will vary for retire-ment homes in a resort location and in the city. There will also be a need to integrate medical and nonmedical services for such developments as well as facilities for health and wellness.
This type of development should seek to provide functionality for the elderly, such as a ground-floor bedroom, wheelchair ramps and a universal design function across the de velopment.
The challenge for such projects is not in finding a suitable development plot, but in seeking the right operator or partner with the right experience to manage them, particularly if medical care and facilities are required.
An ideal location is a short drive away from Bangkok with a resort environment and nearby retail services.