Things are looking up for the branded homes market segment in Asia as more major players continue to come in and give their stamp of affirmation – that indeed growth in the luxury property sector is happening in the region. The latest data indicates China and Thailand are two of the world’s biggest markets when it comes to branded residences.
Only the United States eclipsed the two countries, which according to Property Report currently occupies spots two and three in the listing of global locations where branded residential projects are ongoing. China has seven per cent of schemes that are underway while Thailand sees six per cent of the same projects within its confines.
In terms of urban-based projects for the same property category, it appears that Thailand enjoys some form of an edge over China. The same report stated that in Bangkok, there are at least 15 branded residences now on construction phase, and the numbers notably equalling that of the same level presently recorded in Dubai.
In line with the growth figures that the regional markets generate, big-name brands are inevitably taking notice and intend to take part in the action.
Hotel & Non-hotel Home Labels
The branded homes being built in Asia are drawing buyers mainly on the account of familiar named attached to the projects, like that of Marriott International that has a considerable presence around the region.
However, non-hotel brands have also come in to compete and among the most spirited newcomer is YOO Worldwide, which will soon operate in the region with an HQ in Bangkok. The UK-based design house is well aware that branded residences are poised to explode in Asia, and the company has no plans of being left behind.
YOO is set to open its first residential branch in Phuket in 2020 – a project that saw the British firm working with ONYX Hospitality, which holds office also in Bangkok.
“We are not entirely new to the region, but we are looking to shake things up a bit and grow through our new presence in the region,” the company said in a statement.
YOO further stated that the Asian property market is well-positioned for expansion, declaring: “We really feel the market is ready for our unique brand of design … We see huge opportunities for growth in Asia.”