As the Southeast Asia region is rapidly shaking off the COVID-19 pandemic effects, there still is a lot to overcome for the region’s overall economy. In spite of that, the silver lining is too bright to overlook. This downturn can actually mean a hot buyer’s market in many sectors, including the property market, this is not an opportunity you’d want to miss. It’s time to buy and reap the dividends.
International Business Review has come up with a list of the top five luxury residential properties to keep in your to-buy list. We examined the region’s luxury residential property market and picked our top five properties.
- Phnom Penh, Cambodia
Cambodia’s economy is expected to grow healthily, with GDP growth forecasts around 5.3 percent to over 6 percent in 2024, indicating a robust performance. In addition, significant infrastructure projects are expected to boost the economy and potentially enhance property values.
Situated along the Mekong River on Koh Pich Island City in Phnom Penh, the three towers of Diamond Bay Garden stand 39 floors tall, in all their modern glass-and-metal glory. The project is located in the central business district, near significant landmarks and embassies.
Dubbed the “Pearl of Phnom Penh,” Diamond Bay Garden was developed by Overseas Cambodian Investment Company (OCIC), the largest real estate developer in Cambodia. Diamond Bay Garden is a waterfront mixed-use development offering 591 units of 59 m² to 169 m². The open-concept, flow-through contemporary floor plans come with the option to have your unit professionally decorated by an award-winning design firm with pet-friendly options. The prices at Diamond Bay Garden range from about US$120,000 for a studio to around US$400,00 for a three-bedroom, making them reasonable high-end properties in a market that show a lot of growth promise.
The project promised that it’ll “surely elevate the kind of living you truly deserve,” and it seems to be ready to deliver!
2. Ho Chi Minh City, Vietnam
The Landmark Vietnam
Located in District 1, Ho Chi Minh City’s core business quarter, and facing the majestic Saigon River, The Landmark Vietnam is one of the first projects to offer purpose-built serviced apartments in the city with excellent connectivity and convenient access to Ho Chi Minh City’s bests. The mastermind behind the development is the award Hong Kong and Shanghai Hotels (HSH) Group. The Landmark Vietnam promises “enjoy luxurious living and convenient working spaces in the heart of the city”.
The Landmark houses 65 serviced apartments and over 10,000 m2 of premium office space in 16 floors. Facilities and services include 100 percent back-up power, airport grocery delivery service, laundry service, and the Landmark Health Club with its features a well-equipped gym, a rooftop swimming pool and deck, multiple saunas, a yoga studio, squash court, and Rock Out – the city’s only rooftop rock-climbing facility.
High-end property development accounted for 90 percent of the total new supply in 2023. As of Q3 2023, the average gross rental yield in Vietnam stands at 4.04 percent.
3. Bali, Indonesia
Thanks to the economic recovery, tourists have been flocking back to Bali showing signs of a very positive outlook for Bali’s property market. The increasing demand for residential rentals make it a lucrative market for real estate investors. Specifically, high-end co-living and co-working spaces, and eco-friendly luxury properties seem to be in big demand. Bali’s property market is poised for growth in 2024 and beyond.
The Leo Villas
Located in the heart of Pererenan and Seseh in the west of the island, The Leo Villas are immersed in beauty surrounded by rice paddies, riverside jungle, trendy eateries, unique stores, cafes and wellness centres, and is close to the beach.
Developed and launched in 2021 by PT The Leo Villas, the project comprises of four villas all situated on 755 m2of land. Each villa features a private pool with poolside furniture, mid-century modern and minimalistic interior design elements, and comes fully furnished with designer and bespoke items, fully-equipped kitchens, high-end Sonos sound systems and 65” TV, and much more.
The villas are priced between US$250,000 for the one-bedroom studio and US$600,000 for the three-bedroom villa. The villas go for about US$260 to US$460 a night on Airbnb.
4. Penang, Malaysia
Penang’s residential property market was the second best-performing in Southeast Asia in 2022. The highland city is a well-known attractive tourist destination, with a booming economy, affordable costs of living, and a wealthy expat community. The outlook remains positive for 2024 and beyond, too.
Marriott Residences
Marriott Residences is situated on Gurney Drive in George Town, a sought-after seafront promenade and is part of George Town’s second Central Business District. The neighbourhood is expected to see further development with the addition of Gurney Wharf, a proposed waterfront public recreational area, slated for partial completion by Q4 of 2024.
The project was developed by BSG Property, a division of Boon Siew Group (BSG), one of the island’s more prominent names in property development since the 1950s. Marriott Residences is a mixed development which includes a 16-storey hotel with 313 rooms and a 25-storey residential tower with 302 units, making it the tallest residential tower in Penang upon completion.
Prices range from US$365,000 to US$3,862,000 with unit sizes from 79 to 644 square meters. A three-bedroom unit, with an area of 120 m2 can be rented for about US$1,750 a month. The rental yields are projected to be about 4.04 percent of gross rental yield for a two-bedroom over five years.
5. Thailand, Bangkok
The residential property market in Thailand is estimated to grow at a compound annual growth rate (CAGR) of 5.54 percent between 2023 and 2028. The country’s economy is expected to grow by 15.1 percent in the next five years, with an average GDP growth rate of 3 percent. All that, and the government’s willingness to bring in all sorts of investments, make Bangkok another must-consider location in Southeast Asia.
Sindhorn Residence
Located in the Pathum Wan neighbourhood, at the very heart of the city, Sindhorn Residence rises 35 floors among some the city’s poshest residential buildings in an area that is home to many embassies. The project was developed by the well-known Siam Sindhorn Co., Ltd. which has an extensive portfolio in developing high-quality and high-profit projects with a focus on sustainable region.
Launched in 2018, the project includes amenities like state-of-the-art security systems, a 25-meter swimming pool, a fully-equipped fitness centre, sauna and steam rooms, and landscape gardens. It’s one of Bangkok’s first residential Leadership in Energy and Environmental Design (LEED) Gold certified buildings. The tower has only 68 units, making it a low-density project that promises to increase comfort and privacy.
At a median price of about US$630,000 and rental of US$3,420 per month, the project boasts a 24.5 percent annual growth and a gross rental yield of 6.5 percent per year.
