C9 SERIES - Thonglor, Bangkok Serviced Apartment Market Review

For at least a decade, Thonglor has been known tobe Bangkok’s trendiest neighborhood. However, what really makes the area unique is the perfect combination of urban peace and chic nightlife, which is not commonly found in Sathorn or Asoke.


"Demand shifts to short-stay dueto surging leisure market and lagging number of Japanese expatriates"


Thonglor today though is an expat-oriented districtin contrast with the past when it was Japanesecentric. Thus, the demand of serviced apartmentshas been driven by expatriates, the majority ofwhich are Asian. Japanese residents once accountedfor 90% of the market while their share today hasreduced to 65% according to our market research.Many serviced apartments, therefore, have adjustedtheir business model and designs to short/leisurestay transient focused guests versus the traditionalJapanese long-stay business client.


Two notable projects in the pipeline to keep an eyeon are Ascott Thonglor and Staybridge Suites. With atotal of 753 units entering the market, competition isramping up. Moving forward, we expect a slowergrowth in supply of serviced apartments challengedby a scarcity of land and higher development costs.