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Bangkok Luxury Condos – Demand Strong Despite Downturn

By on Sep 19, 2014 in Property News, Residential

Although the economy is expected to grow by less than 2 per cent this year, demand for luxury condominiums in Bangkok remains strong, according to property agencies CB Richard Ellis (Thailand) and the Agency for Real Estate Affairs.

Raimon Land’s 185 Rajadamri luxury condominium is fetching the highest prices of all, at Bt500,000 per square metre for penthouses and Bt349,680 per square metre for typical units. These prices have not deterred luxury-end buyers and 86 per cent of the project value of Bt9.6 billion has already been sold. The next-highest asking prices are from Pace Development for its Ritz-Carlton Residences condominium on Sathorn Road, at Bt424,000 per square metre for penthouses and Bt285,000 per square metre for typical units. The developer has sold up to 60 per cent of the project value of Bt13 billion.

The next most expensive project is Sukhothai Residences, also on Sathorn Road and developed by Grace Ivory. Offer prices are Bt421,000 per square metre for penthouses and between Bt280,000 and Bt300,000 per square metre for typical units. Up to 90 per cent of the Bt6-billion luxury project has already been snapped up.

The 185 Rajadamri project is the only freehold luxury condo available in the Rajdamri Road area, which is a challenge for buyers seeking to purchase a luxury residence. Meanwhile, it was important for Raimon Land to have used an architect from an international practice who designs each and every unit in the condominium with absolute care, keeping in mind the requirements of the residents without compromising on comfort and style. The location of the condominium is such that there is no chance of any new building coming up near this project, which ensures an unhindered view of the Bangkok skyline and good cross-ventilation, the developer said, adding that the airy ambience within each unit helps in maintaining a healthy mind and body.

Ritz-Carlton Residences, meanwhile, forms part of the MahaNakhon complex, which is a mixed-used project combining a condominium, luxury hotel and retail space. The project’s Sathorn Road location is in one of the capital’s central business districts, while the design concept is by German architect Ole Scheeren, working in collaboration with a Thai architect.

Another luxury project, Sukhothai Residences, is also located on South Sathorn Road. The project is designed by Australian architects Kerry Hill and Ed Tuttle. Hill has also worked on The Sentosa Resort and Spa in Singapore, the Amankora in Bhutan and The Chedi Chiang Mai, while Tuttle’s portfolio includes the Amanbagh in India, the Amankila in Bali and The Chedi Phuket (now The Surin Phuket).

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