Developer moves to cut condo inventory

SET-listed developer Siamese Asset has launched an investment programme for its condo inventory to attract investors, amid growing difficulty for homebuyers securing mortgage loans and a slowdown in the corporate bond market.

- KANANA KATHARANGSIPORN

Kajonsit Singsansern, the company’s chief executive, said residential sales have become increasingly difficult as more prospective buyers fail to secure home loans, with the latest mortgage rejection rate rising to around 50%.

“The issue of mortgage rejections will likely remain the key challenge next year and potentially worsen, as GDP growth in 2026 is expected to fall below 2%, lower than this year,” he said.

He added that unsold units and incomplete transfers are pushing up marketing expenses, while returned inventory carries ongoing costs, such as property tax and common area fees.