The Most In-Demand Condo Facility is Co-Working Space

Date of article: Q3 2018

If location is the most important factor property buyers and renters consider when looking for a new home, facilities is the second thing people look for. This has forced developers to get creative in order to surpass rivals since buyers are now expecting more than a swimming pool and fitness centre. A few years ago, many firms building condominiums opted for exotic infinity-edge swimming pools. However, these have become standard in most new developments and no longer excite potential residents. A slate of new condos are now being built with automated parking systems. This trend started with The Ritz-Carlton Residences in Bangkok and has since spread to other condominiums, but not all residents are thrilled with this facility. “Most people have had a negative reaction to automated carparking, either because they are not familiar with the system or they have limited information on how it operates,” Aliwassa Pathnadabutr, CBRE Thailand managing director, explained to the Bangkok Post. “Some are worried about waiting times and many do not like it as they believe it presents certain inconveniences when compared with conventional parking.” Condo co-working space is hot Much like the rest of Asia, co-working space fever is alive and well in Bangkok. Local companies like Hubba have built up large client bases with international firms such as Spaces also getting into the mix. Now, some condominium developers are looking at ways to incorporate this trend into new developments. SENA Hankyu, a joint venture between SENA Development and respected Japanese property firm Hankyu Realty, was among the first to tap into the condo co-working space movement. The firm’s Niche Pride Taopoon-Interchange has seven co-working spaces spread across 38 floors. The Line 101 from developer Sansiri is another project with a condo co-working space. Both developers are hoping this facility makes it appeal to both expats and the growing number of millennials looking for homes in the Thai capital. “Millennials were raised amid technological advances. They live dynamically and choose the types of residence that offer convenience in commuting and are situated in prime locations,” Plus Property managing director Anukul Ratpitaksanti told The Nation. “This group pays attention to a common area that answers to many facets of life, such as the co-working space orco-kitchen rooms found at some projects.” Condo co-working space is arguably a must have facility for new developments around Bangkok’s mass transit lines. And if co-working continues to grow in popularity, most new condo in Bangkok developments may soon include this facility. Older residential buildings could also look to get in on the act by converting under-utilised areas such as libraries or lounges into work areas.

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