When a Bangkok brokerage doubles its investment budget to buy unsold condos in bulk at steep discounts, the signal is clear: developers are sitting on inventory they need to move.
Harrison, a Thai property brokerage firm, announced it will invest 2 billion baht this year to acquire completed but unsold condominium units from developers — double last year’s budget. The firm is capitalising on what its senior vice-president Sahatchai Kwancheun calls “attractive investment opportunities amid the prolonged property market slowdown.”
The numbers tell the story. Harrison typically acquires units at discounts of 20-30% below prevailing market prices and around 15% below original launch prices. The company then resells the units at prices about 15% below developer offerings.
Why developers are selling in bulk
The pressure on developers is straightforward: cash flow. Many developers are holding large inventories of completed condominium units and are increasingly willing to offer substantial discounts on bulk purchases to accelerate sales and improve liquidity.
“Every crisis creates opportunities for property brokers like us,” Sahatchai said. “Developers are more willing to offer substantial discounts on bulk purchases as they seek to clear inventory and strengthen their cash flow.”
The business model works because Harrison initially pays only about 30% of the agreed purchase price — equivalent to a typical down payment. The company is then given 6-8 months to resell the units before completing the purchase. If successful, Harrison can generate a profit margin of about 15%, translating into a return on equity of roughly 50%.
The risk is clear: if the units do not sell within the agreed timeframe, Harrison must complete the purchase of the remaining inventory.
Scale of the inventory issue
Harrison has invested about 1 billion baht annually in such acquisitions since 2020, with a combined 5-6 billion baht across 10 projects. This year’s doubled budget reflects increased developer willingness to dispose of entire blocks of completed but unsold units.
In the first half of 2025, Harrison completed two bulk-purchase deals with a combined value of 1 billion baht. One transaction involved a 600-million-baht acquisition of 74 units at Park 24 Phrom Phong, a 1,880-unit residential project on Sukhumvit Sois 22 and 24. The agreement gives Harrison up to a year to resell the units — longer than the usual 6-8 month period.
The company is negotiating two more bulk-purchase deals involving projects in the Huai Khwang and Rama IX areas, with a combined investment of about 1 billion baht. Sahatchai expects both transactions to conclude in the second half of the year, again seeking longer selling periods before taking full ownership.
What this means for Phuket property
The Bangkok condo market operates differently from Phuket’s villa-dominated luxury segment, but the underlying pressure — completed inventory meeting weak purchasing power — is worth watching across Thai property markets.
Phuket developers face their own inventory questions, particularly in the mid-market condo segment built for Thai buyers and long-stay renters. The difference is that Phuket’s foreign buyer segment has remained more resilient, supported by visa changes, remote work demand and tourists converting visits into property purchases.
Still, when Bangkok developers are offering 20-30% discounts to clear inventory, the signal matters. It suggests developers across Thailand are prioritising cash flow over holding prices, especially in completed projects where carrying costs mount.
For Phuket buyers, the question is whether similar opportunities exist in the island’s condo market. The answer depends on location, developer strength and whether the project was built for Thai buyers, foreign buyers or rental investors. Projects targeting domestic buyers may face similar pressure to those in Bangkok. Projects built for foreign buyers or rental yield may be less affected, depending on tourism demand and long-stay trends.
The wider market context
Harrison’s investment strategy is a bet that weak purchasing power is temporary and that discounted units can find buyers when priced 15% below developer offerings. The company targets buyers who want to enter the market but have been priced out at full launch prices.
The strategy also reflects a longer-term view: that completed inventory in good locations will eventually clear, and that the economic slowdown is creating buying opportunities for those with capital and patience.
Whether this applies to Phuket depends on whether the island’s property demand is driven more by domestic economic conditions or by foreign buyer and tourism resilience. Recent data on visa extensions, tourist arrivals and foreign property ownership suggest Phuket may be less exposed to domestic purchasing power weakness than Bangkok.
But the inventory pressure Harrison is capitalising on in Bangkok is a reminder that completed units cost money to hold, and that developers facing cash flow pressure will eventually discount to clear stock.
Frequently Asked Questions
What discounts are Thai developers offering on unsold condos?
Harrison is acquiring completed condominium units at discounts of 20-30% below prevailing market prices and around 15% below original launch prices. The brokerage then resells the units at prices about 15% below current developer offerings, suggesting developers are prioritising cash flow over holding original pricing.
Why are Bangkok developers willing to sell inventory in bulk at steep discounts?
Developers are holding large inventories of completed units and need to improve cash flow. The prolonged property market slowdown and weak purchasing power have made it harder to sell units individually at launch prices. Bulk sales allow developers to clear inventory faster, even at reduced margins, improving liquidity.
Does this inventory pressure affect Phuket property?
Phuket’s market operates differently, with a stronger foreign buyer segment and villa-focused luxury market. However, Phuket condos targeting Thai buyers or long-stay renters may face similar inventory pressures. Projects built for foreign buyers or tourism-driven rental demand may be less affected, depending on visa trends, tourist arrivals and long-stay demand.
What does Harrison’s doubled investment budget signal about the Thai property market?
Harrison doubled its annual investment budget from 1 billion baht to 2 billion baht this year because more developers are seeking to dispose of entire blocks of completed but unsold units. The increase suggests inventory pressure is growing and that developers are increasingly willing to offer bulk discounts to accelerate sales.
Could similar discounts appear in Phuket’s condo market?
It depends on project type, location and buyer profile. Phuket condos built for domestic buyers may face similar pressure to Bangkok projects. Units targeting foreign buyers, rental investors or beachfront locations may hold pricing better if tourism demand and visa-driven long-stay interest remain strong. The key is whether the project relies on domestic purchasing power or foreign demand.
Sources
- Bangkok Post — Harrison ramps up condo purchases to B2bn this year — link
