Slight increase in number of failed projects in Bangkok

Slight increase in number of failed projects in Bangkok -, July 27, 2010
..."These developers are new and they don't have much experience in property business. Some don't even know the real demands of buyers, so they launch projects that they think will make money, but they fail in the end. For one example look at projects in the Bang Bua Thong area. If you launch a single detached house project with the price starting at THB5 million (US$155,250) while the real demand is at THB3 million (US$93,000) you will not be able to sell."
Apart from loan failure and inappropriate products, 22 per cent of suspended projects failed to pass an Environment Impact Assessment, nine per cent ceased as developers wanted to adjust the selling price or location, while 5 per cent wanted to change the entire concept of the project...

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