Supalai Returns to the Chiang Mai Real Estate Market After 12 Years, Launching the "Supalai Tham Chiang Mai" Project Amidst Declining Land Prices Averaging 100,000 Baht per Square Wah, Down from a Peak of 200,000-300,000 Baht.

Key summary

Tatecha Tangmatitham, Managing Director of Supalai Public Company Limited, revealed that the company has decided to redevelop projects in Chiang Mai after a 12-year hiatus, launching "Supalai Tham Chiang Mai" amidst a land market that has reached a point of equilibrium. The average land price has decreased to 100,000 Baht per square wah, down from a peak of 200,000-300,000 Baht per square wah in 2014. Currently, there are fewer than 200 units of high-rise condominiums available, and the number of new project launches has decreased to 2-3 projects per year, down from a peak of 37 projects. The company has set a sales target of 1,000 million Baht by the end of 2026, with nearly 2,000 customers registered. Tatecha stated that there is still a sufficient amount of land available for real estate development in Chiang Mai, including the Supalai Tuscany Don Kaeo-Mae Rim project and additional greenfield land acquired 3-4 years ago. The plan for Q4 2026 is to launch a total of 10 projects with a value of 13,000 million Baht, with 2 low-rise projects being postponed to 2027. It is expected that 2027 will be a year in which larger companies will dominate the market.