Due to be completed in 2016, there are three new Bangkok luxury condominium projects being developed by three listed companies, Quality Houses, Sansiri and Pace Development, that are worth more than Bt25 billion with prices ranging between Bt250,000-400,000 per square metre. The project prices are very high due to strong demand for luxury condos and also due to limited prime land being available for new developments.
Quality Houses president and CEO said his company had decided to buy 3 rai of land at Soi Nana for Bt2.4 billion early this year because they regarded demand for luxury condominiums would be high at this location, given there is a limited supply and less availability to purchase and develop freehold land. It was the highest price paid for a land deal conducted in Bangkok this year.
It even topped the price paid for land at Wireless and Ploenchit roads by Sansiri when it agreed to a deal worth more than Bt1.5 billion to purchase it at Bt1.5 million per square wah. Quality Houses plans to develop a 40-storey luxury condominium project containing 300 units on the site, with every unit having over 100sqm of space with a starting price of Bt25 million per unit.
With construction already under way, the luxury condominium project on Wireless and Ploenchit roads developed by Sansiri, will have a fashion design theme using a top-class designs for all of the interior materials in all parts of the development with luxury fashion brands imported from Italy. The project is planned for completion in 2016.
This follows on from another exclusive condominium development in 2010 and located on Wireless Road with convenient access to Ploenchit BTS. This was also decorated in a modern style and features exclusive facilities such as rooftop swimming pool. The starting price of the new development will be Bt400,000 per square metre. Sansiri’s president said, “This project will be our masterpiece project when it is launched onto the market.”
MahaNakhon, which is PACE Development’s project, which will include a luxury condominium, hotel and retail complex, is also scheduled for completion in 2016. This project was launched in 2010 and has already sold up to 60% of its value. Over this period, prices have climbed by more than 20% with starting prices from Bt200,000 per square metre now being offered at Bt250,000.
PACE Development is one of Thailand’s leading high-end property developers, focusing on luxury residential developments that utilise world-class design and quality standards. MahaNakhon is its visionary 77-storey high-rise complex and located on a 3.6 acre site the Central Business District with a direct link to the Chongnonsi BTS. With its distinctive sculptural appearance, the condominium has been carefully carved to introduce a three-dimensional ribbon that circle the tower’s height, with an elegantly styled glass curtain wall to expose the inner life of the building.
The CEO has said, “The luxury market was impacted less by the country’s economic slowdown and political turmoil. This is proven by the fact that from 22 May 22 until 20 June, we were able to sell Bt200 million worth of units in our MahaNakhon luxury condominium to buyers from Europe and the US.” A survey by Jones Lang Lasalle also found that almost 3,500 high-end condominium units are expected to complete by the year-end, and that 80% of them have already been sold.