Supalai returns to Chiang Mai condo market with THB 2.55bn high-rise project after 12-year hiatus

SET-listed developer Supalai is re-entering Chiang Mai's condo market with a THB 2.55 billion high-rise project near Central Festival Chiang Mai, marking its first such development in 12 years. The move reflects a bet on recovering demand and shifting buyer preferences in the northern Thai city.

SET-listed developer Supalai is returning to Chiang Mai's condominium market after a 12-year hiatus, launching a 2.55-billion-baht high-rise project near Central Festival Chiang Mai. The company is betting on recovering demand and changing buyer preferences in the northern Thai city, according to a report by Bangkok Post Property on 28 Oct 2026.

The project represents Supalai's first foray into Chiang Mai's condo segment since 2014, when the developer last completed a residential tower in the city. The decision to return comes amid signs of a market revival, with developers eyeing renewed interest from both local buyers and investors in the province's urban core.

Supalai, listed on the Stock Exchange of Thailand, has not disclosed the exact unit count or the tower's height at this stage. The project is situated in a mixed-use catchment area anchored by the Central Festival Chiang Mai shopping complex, one of the largest retail destinations in the region.

Chiang Mai's condominium market has faced headwinds in recent years, including oversupply concerns and a slowdown in foreign buying. However, Supalai's move suggests growing confidence that demand is stabilising, particularly for well-located high-rise developments that cater to evolving lifestyle preferences among younger professionals and retirees.

The 2.55-billion-baht investment underscores the developer's long-term bet on Chiang Mai's residential recovery. Analysts will watch for further details on pricing, unit mix and launch timeline, which have yet to be announced.