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Trendsetting Riverside Condominium Na Reva Charoennakhon

February 13, 2020
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Trendsetting riverside condominium Na Reva Charoennakhon
Standing in a CBD-equivalent prime area with unit prices starting at B3m

Navarang Asset Company Limited is livening up the market of premium condominiums with high potential locations in the first quarter of this year by launching the Na Reva Charoennakhon project (Charoennakhon 58). The 1.3-billion-baht Thai-Malaysian partnership project underlines the potential of high-rise residential projects for truly meeting the demands of local and foreign buyers with its outstanding river views, modern unit designs, natural atmosphere, fully developed public utilities and infrastructure at Charoennakhon, comparable to the Sathon-Silom central business district (CBD) and attractive unit prices starting only at 3 million baht.

Mr. Apipu Phromyothi, Chief Executive Officer of Navarang Asset Company Limited, Mr. Jeffrey Chew, Group Chief Executive Officer of Paramount Corporation Berhad of Malaysia, and Miss Aliwassa Pathnadabutr, Managing Director of CBRE (Thailand) Company Limited in her capacity as the sales representative, held a press conference to officially introduce the Na Reva Charoennakhon project. The implementation of the project is the responsibility of Navarang Charoennakhon Company Limited, in which Navarang Asset Company Limited holds a 51% stake and Paramount Corporation Berhad has the rest 49%. This demonstrates confidence in the potential of Thailand’s property sector when it comes to high-end and high-rise residences.

Mr. Apipu says the Na Reva project targets customers with real demand and investors. The project shows off 4 great strengths. 1) The first one is its close proximity to the Sathon-Silom CBD. The project writes a new chapter of the Thon Buri side of the capital. It stands near the Chao Phraya River and such inner Bangkok areas as Sathon and Silom. It is within the vicinity of facilities which are highly useful for residents, especially the large retail complex like ICONSIAM that brings many development projects to Charoennakhon Road. There are as many as 3 bridges across the Chao Phraya River namely Memorial Bridge, Taksin Bridge and Krungthep Bridge. There are also the Gold Line and Dark Green Line that quickly and conveniently link Thon Buri and Bangkok for commuters. Besides that, waterway transport is making progress there with the construction of many new piers of passenger boats.

In addition, the new complex of the Ministry of Interior to accommodate its 5 departments and its permanent secretary’s office will move from Sanam Luang area to the Charoen Nakhon bank of the Chao Phraya River. Over 7,600 officials of the ministry will work in the zone and raise residential demand for condominiums as well as opportunities for short and long-term investment. The project is outstandingly situated on the main street, Charoennakhon, and is close to local and luxurious restaurants at the Riverside Plaza community mall that is in the same zone with Anantara Hotel and Avani+ Riverside Bangkok Hotel.

2) The project boasts its extra value of river views

3) All units were designed to match new trends. This especially refers to special 1-bedroom units of the Loft design that features “Double Space” giving the feeling of living in a spacious two-storey house because each of the special units covers at least 29.60 square meters and their ceilings are as high as 4.45 meters. This gives more usable space to buyers. Besides that, the simplex designs of 1 and 2-bedroom units give the ceiling height of as much as 2.70 meters to create a comfortable atmosphere and nearness to the natural ambience of the Chao Phraya River.

4) Attractive unit prices are obvious because the project stands in the middle of fully developed facilities and offers the living standard of riverside and CBD residences with prices starting only at 3 million baht.

As the sales representative, Miss Aliwassa Pathnadabutr, Managing Director of CBRE (Thailand) Company Limited, says the Na Reva project was developed to satisfy the present condominium demand especially of the people who work in urban areas and investors. Market saturation and unaffordable prices have happened in some areas. Charoennakhon is a location of low supply and offers conveniences for being close to a modern shopping center and giving faster access to inner city by cars and electric trains than other outer areas. The average unit price of 136,000 baht per square meter is worth investment. Land prices on Charoennakhon Road are not quite expensive compared with other outer areas such as Ratchada, Phraram 9 and Onnut. Therefore, the location is attractive to investors. Evidently the prices of condominiums launched on Charoennakhon Road in 2018 and 2019 have been rising.

The Na Reva project is a Thai-Malaysian partnership project. Paramount Corporation Berhad (Paramount) is a company listed on Bursa Malaysia with a core business in property development. The potential of the co-investor and marketing campaigns targeting Malaysian buyers are likely to expand the base of foreign customers beyond Chinese ones who had been the only potential group of foreign buyers.

Mr. Chew said Paramount chose to enter the property market in Thailand because it sees the potential in Thailand’s economic growth and Bangkok’s property market, in particular.

“There is also a strong synergy between the teams at Navarang Asset Management and Paramount, who are made up of highly qualified professionals in academic experience and work experience, from accountants, to civil engineers, and specialists in real estate development, urban design, interior design, legal, business administration and public administration professionals.

The project has all the ingredients for success – a strong professional team, unique designs and layouts, and a panoramic view of the Chao Phraya. As such, we foresee a high demand for the limited units,” said Mr. Chew.

The 1.3-billion-baht Na Reva Charoennakhon project is under the management of Navarang Charoennakhon Company Limited. It comprises one 29-storey building with 253 units. Its construction is being prepared on a plot of land about 1.5 rai on Charoennakhon 58 Road. The construction is set for completion in the fourth quarter of 2022. Room mockups will be on display and orders can be made in the presale event of the project at its sales office on February 22 and 23 or call 093-581-1999.
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