Luxury Property Complex in Thailand Seeks More Overseas Buyers

The Reignwood Park development in Pathum Thani, Thailand. Photographer: Valeria Mongelli/Bloomberg Photo by Valeria Mongelli /Bloomberg

Article content

(Bloomberg) — Reignwood Group is ramping up efforts to attract international buyers to its luxury residential property complex in Thailand, betting overseas demand can offset the prolonged domestic property slump.

Article content

The closely held Beijing-based conglomerate will intensify marketing through its offices in Singapore, Beijing, Hong Kong and London, with more roadshows planned in hubs including Dubai, Chief Executive Officer Woraphanit Ruayrungruang said. While most of the 50 billion baht ($1.6 billion) investment has been made, there remains some additional cash to further develop the 800-acre Reignwood Park on the outskirts of Bangkok. 

Article content

Article content

Article content

The overseas push comes as Thailand’s property sector grapples with weak local demand and rising unsold housing stock, pressured by a slowing economy, political uncertainty and tighter mortgage approvals. Foreign demand — particularly from Chinese buyers, once the largest group of overseas purchasers — has also softened amid geopolitical tensions, trade disputes, safety concerns and a deadly earthquake.

Article content

Article content

“We are beginning to look out for more overseas customers as we have confidence our facilities will attract their interest,” Woraphanit said in an interview. “The Thai property industry faces some challenges, but luxury and community-focused offerings still hold strong.”

Article content

About 30% of Reignwood Park’s residential units have been sold so far, with Thai buyers accounting for roughly 70% of purchases. Existing foreign homeowners hail from South Korea, Myanmar and China. The company aims to lift the share of overseas buyers to about 40%, Woraphanit said.

Article content

Unsold homes in greater Bangkok totaled about 228,000 units in the first half of last year — roughly 10 times the number sold and the highest level in at least eight years, according to Thai Condominium Association data. Developers including Ananda Development Pcl, Raimon Land Pcl and Origin Property Pcl have also stepped up efforts to court foreign buyers to cushion weak domestic demand.

Article content

Article content

“Reignwood is facing a very tough task for such a huge property project under the world’s volatile economic and financial environment,” said Sopon Pornchokchai, president of Agency for Real Estate Affairs Co., a property consulting company. “There is still some foreign demand for luxury properties in Thailand with the country’s well-known weather, living costs and medical care.” 

Article content

Woraphanit’s father — Chanchai Ruayrungruang — started Reignwood Park project in 2020 as a private residential enclave where he could enjoy golf with close friends during the Covid-19 pandemic. Officially opened in 2024, the project has since expanded to include an international school, a sports complex and a shopping mall. The project includes 41 residential estates and 453 detached houses which are priced from about $500,000 to $10 million.

Article content

Chanchai, also known by his Chinese name Yan Bin, founded Reignwood Group in Thailand in 1984 as a trading and tourism company. Born into a poor family in China’s eastern province of Shandong, he moved to Thailand with his family when he was young.