Bangkok’s property market picks up with super-prime development


As Bangkok’s property market gathers pace again and investor confidence returns, luxury property developer Raimon Land has announced that its super-prime development in Rajadamri Road is to open, already with 87 per cent of the freehold property sold.

The 35-storey luxury residential development is located on Rajadamri Road in a esteemed neighbourhood that overlooks Lumpini Park. It is one of the capital’s major avenues that dates back to the reign of King Chulalongkorn. Raimon Land’s latest prime real estate offering was intended to ape the upscale charm of residences of Hyde Park in London.

Raimon Land was the winner of Best Luxury Condo Development award at the Thailand Property Awards last yeat and Best Condo at the South East Asia Property Awards last year. 185 Rajadamri was built on the site of the former Cambodian Embassy after it was acquired in 2007 and it has been said of Raimon Land that it is the first luxury property developer to have the flair to transform it into one of Bangkok’s most sought-after addresses.

Simon Derville, Raimon Land’s deputy vice president for business development, said in a statement, “In the city centre, around Lumpini Park or along the Chao Phraya river, there is still a lot of potential in the high-end luxury segment, where demand for large-size units remains strong from both local and foreign buyers.”

Due to Bangkok’s growing demand for high-end condominium apartments, median property prices in the luxury segment of the market has increased significantly over the past five years, from approximately 3,000 euros to 4,100 euros per sqm earlier this year, which represents a 37 per cent increase. For premium locations such as 185 Rajadamri, the current price is in the 6,800 euros per sqm range, but it remains much lower compared to similar dwellings in Hong Kong, Singapore or Shanghai. Luxury condominium prices in these locations are often 3-6 times those in Bangkok.

Featuring floor-to-ceiling double glazed windows, 185 Rajadamri offers single bedroom units to four-bedroom duplex units. Mr Derville said that “this is a great time to buy the best, as Bangkok’s prices in the freehold luxury segment are undervalued compared to other Asian cities. For buyers with long-term prospects, this is certainly a safe investment with a high value potential.”

The majority of the buyers are Thais but there is also a strong interest from foreign buyers, the developer said. The remaining 34 out of 260 residential units were showcased in Singapore in April 2013 and all are available for full foreign ownership.