Amid concerning economic headlines from Nikkei Asia reporting that Thailand’s real estate sector is experiencing its most severe downturn since 1997—with more than 400,000 units accumulated for resale—many developers have begun doubting real purchasing power and are choosing to delay new project launches.
However, amid this market quietude, an opposing phenomenon emerges on Sukhumvit Road as SC Asset boldly launches “STILL Sukhumvit 20,” an ultra-luxury condominium valued at 6 billion baht, featuring the highest average price per square meter in a decade for the company (since 28 Chidlom and Saladaeng One). What explains Sukhumvit’s status as an immortal location, where the term “market dead” simply does not apply?
At the core of this project is the acquisition of approximately 3 rai of land, originally an "old Sukhumvit-style house" imbued with charm and heritage, situated on a truly prime “egg yolk” location directly fronting Sukhumvit Road, just 200 meters from the EM District.
With land prices soaring to 2.8–3 million baht per square wah, owning a large freehold parcel on a main road is no longer simply a matter of having money—it's about rarity. Transforming this multi-billion-baht old house site into vertical residences is not merely about construction but preserving the "status" of one of Bangkok’s most valuable land holdings.
Another question is why SC dares to launch a project when others retreat. The answer lies in their perception of a game-changing shift in target customers under the concept of "Understated Residence," meaning luxury without ostentation.
Natthapong Kunakornwong, the company’s CEO, notes that in today’s turbulent and unpredictable world, the upper-class millionaires no longer seek flashy extravagance but rather "peacefulness (Soulful Living)" and "tasteful (Quiet Luxury)." STILL Sukhumvit 20 is therefore designed to meet the needs of clients with secure social status who do not wish to show off but value privacy (with only 124 units and private lifts in every residence), parking at 175%, and 24-hour branded residence-level services.
A striking figure is that although the project has just launched, it has already achieved 60% sales, including a 250 million baht penthouse reservation. This confirms that high-end purchasing power remains real but buyers select only the "right" product in the "true" location.
This success further reinforces the brand confidence CEO Natthapong mentions regarding SC’s leadership as the "top developer of homes and condos priced above 30 million baht," maintaining a 25% market share consistently, with a total market value exceeding 60 billion baht over the past three years.
Kanokorn Limkamnerd, head of the high-rise property development and foreign customer group, adds that despite the overall real estate market appearing weak with high loan rejection rates, SC’s portfolio remains robust. In 2026, SC plans to launch three new condominium projects (both new and existing brands) in the luxury and super-luxury segments.
Interestingly, SC expects more new units entering the market this year compared to last year due to a release of pent-up demand, which should improve market sentiment. The company’s clear competitive strategy includes:
Sukhumvit continues to offer an average rental yield of 5.3%, serving as a hub for over 10 international schools and world-class lifestyle centers, making it the top choice for both Thai and foreign investors.
The phenomenon of STILL Sukhumvit 20 illustrates that amid a so-called "dead market," the real estate sector is undergoing a "selection process" of genuine players. Meanwhile, Sukhumvit endures as a "dynamic economic center," adapting through developers who understand that modern luxury is about conveying the value of heritage into sustainable lifestyles, making Sukhumvit an asset that never depreciates.
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