Singaporeans are set to become the second largest foreign market for luxury property in Bangkok, especially with the opening of the new Magnolias Ratchadamri Boulevard condominium in the city's upscale district. 

According to CBRE Thailand, Singaporeans account for 18 per cent of total foreign buyers to Thailand properties in the first half of 2013. The report notes several reasons for this, including strong economic fundamentals, government policies that support foreign ownership of Thai property, ease of access to financing, safe money transfer procedures and high rental yield. 

"Hong Kong is our biggest overseas market, followed by Singapore and China. Demand from Singapore is increasing at a much faster pace than China so Singaporeans could very well become our second largest customer group, representing up to 20 per cent of total foreign buyers upon sales completion," said Thanawan Chaiwatana, managing director of Magnolia Finest Corporation, the developer of the Magnolias Ratchadamri Boulevard.

The property is a mixed-use development that has 316 luxury residences, the Waldorf Astoria Bangkok (the first in South East Asia) and an exclusive shopping mall. It was launched in June 2012. Construction is expected to be completed by the fourth quarter of 2014.