The Royal Residence, a 79 unit luxury housing project at Kaset-Nawamin / Ramindra Roads launched by TCC Land since 2005 has only seen sales of around 10% is now been suspended by its developer due to the sluggish market according to the Nation newspaper. 12 units have been built and TCC Capital Land will market on its own due to slow sales. This is definitely one of the more expensive housing developments in Bangkok with prices ranging from Baht40 million to Baht120 million. As such this is a very niche market and its only competitor is another nearby Ramindra project by a local Thai development named Crystal Lake which incredibly, has seen brisker sales. TCC Land's local competitor had houses selling in the Baht100 million to Baht130 million bracket with the first phase of 40 bungalows completely sold out. Now into its second phase with another 100 over units launched, the competitor's luxury house buyers apparently comprised mainly "very discreet" businessmen engaged in businesses such as gems trading and like their Russian counterparts only pay in cold hard cash! Looks like to be in the top end residential niche you would need to allow for extraordinary transactions and yes the market is just two small to accommodate even TWO players. And this time for sure, a very well funded and big time developer (with close links to the Singapore government's investment arm) has been well and truly beaten by a local player in their own game. Rumours had it that TCC Land is looking at increasing its smaller lot sizes to larger land sizes similar to those offered by Crystal Lake for its remaining houses.
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