Thailand Property firm Siamese Asset Co Ltd plans to announce two new condominium projects worth Bt3.6 billion in 2014, following successful sales in three condominium projects of between 30 and 70%, launched in September 2013.

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Despite an economic slowdown in the second half of this year, Thailand residential property market continues to show strong growth. Srettha Thavisin, the Sansiri president said this week.

"We do not need the government to launch any stimulus measures to boost the property market at this time," he said.

Demand for low-rise homes and townhouses shows signs of cooling this quarter due to concerns about flooding.Because severe flooding occurred during the 2011 monsoon season in Thailand.

According to Real Estate Information Center (REIC) director-general Samma Kitsin says, Thailand property market has continued to grow at 5% this year thanks to strong demand for condominiums in the vicinity of the mass transit system.

Phitsanulok province's ideal position as transportation link attract leading property firms into this area, with Phitsanulok relishing the prospect of becoming a regional logistics hub after the government's Bt2-trillion infrastructure mega-project gets under way, the plans for the area present an opportunity for property firms to expand their investment in the lower-northern province.

According to a survey, a number of listed property firms are planning to launch residential projects - both for condominiums and detached housing - in Phitsanulok this year and next.

According to Knight Frank Thailand, suburbs have contributed greatly to the growth of Bangkok's condominium market, accounting for some 70% of launches, or 22,465 units, in the first half of 2013.

This growth was most pronounced close to the extensions of mass transit lines.

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