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Demand for luxury condos strong despite downturn

By on Sep 12, 2014 in Property News, Residential

Location and design crucial to success of two upmarket Bangkok projects

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.

Bangkok Luxury Condos

Ritz-Carton Residences, 185 Rajadumri, Sukhothai Residences are top three luxury condominium who offer price rank between Bt300,000 and Bt400,000 per square metre.

Raimon Land’s 185 Rajadamri luxury condominium is fetching the highest prices of all, at Bt 500,000 per square metre for penthouses and Bt 349,680 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 Bt 424,000 per square metre for penthouses and Bt 285,000 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 Bt 421,000 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 main customer targets for our luxury condominium in Bangkok are both foreign and domestic buyers who need a residence in the central business district that is also designed to be the main landmark in the area,” Pace Development CEO Sorapoj Techakraisri said early this year.

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Source | The Nation 12 September 2014

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