AP Thailand Launches ‘Good Day’ Budget Condo Brand

SET-listed developer AP Thailand has introduced a new condo brand, “Good Day,” targeting lower-priced market segments and fully-furnished units designed to attract both end-users and investors seeking rental income. The launch comes despite slowing demand in Thailand’s residential market, according to Niyamaporn Tohsanguanpun, AP’s senior vice-president of sales and marketing.

The Good Day brand will focus on low-rise condo buildings in budget-friendly areas, specifically on sois (side streets) where land prices are lower compared to main roads. This allows AP to keep unit prices at or below 75,000 baht per square meter, with a starting price of 1.6 million baht per unit.

Niyamaporn explained that the fully-furnished units are tailored to real demand, enabling buyers to finance the entire purchase—including furniture—through mortgage loans, which is appealing to both first-time buyers and investors looking for ready-to-rent properties. Good Day will replace AP’s Aspire brand, which has seen a price increase from 75,000 baht per square meter a decade ago to over 110,000 baht, driven by rising land costs.

Despite high mortgage rejection rates in the lower-priced segment—often reaching 50-60%—AP’s rejection rate is notably lower at 10-15%, as the company conducts pre-screening before customers book units.

The first Good Day project, launching on November 23, will be located on Sukhumvit Soi 93 in Bangkok’s Bang Chak area. The development includes 604 units across three eight-story buildings, with unit sizes ranging from 26 to 35 square meters, and priced at 69,000 baht per square meter. With a total sales value of 1.1 billion baht, AP Thailand aims to sell 40% of the units by year-end, with 20% expected to go to investors.

AP Thailand reported solid financial growth for the third quarter of 2024, with a consolidated revenue of 13.6 billion baht, an 18% increase from the previous quarter, and a net profit of 1.45 billion baht, up 14%.