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Ploenchit-Chidlom set to be elevated to the lap of luxury

By on Aug 07, 2015 in Property News

News-nation_7aug

The Ploenchit-Chidlom area of Bangkok is expected to take its place among the city’s most luxurious locations in 2019 after the completion of a plethora of real estate projects ranging from shopping centres to offices and hotels to condominiums.
Since 2013, a number of property firms have been developing property projects worth more than Bt70 billion along this area in the Central Lumpini area.

“We will launch our luxury condominium at a staring price of Bt500,000 per square metre on Ploenchit junction in 2016,” Srettha Thavisin, president of Sansiri.

The interior design will be done by a luxury fashion brand from New York, he said.

Noble Development’s condominium project, Noble Ploenchit, also plans to transfer units to its customers by 2017.

Meanwhile, SC Asset Corporation has bought three rai of land at Chidlom at a price of Bt1.9 million per square wah, which is highest price paid in Bangkok since Quality Houses paid Bt1.8 million per square wah for land in the Nana area of Sukhumvit Soi Na Na, according to a survey by Collier International (Thailand).

SC Asset Corporation plans to launch a luxury condominium at this location, the company’s source said.

Siam Sindhorn Co has set aside an investment budget of Bt26 billion to develop Langsuan Village, which will be completed in 2019. The project will include a condominium, service apartments, hotel and retail outlets.

Langsuan Village will have three condominium projects at the same location. The first project, Sindhorn Residence, will have 200 units at a starting price of Bt210,000 per square metre. The other two projects will be Park View Residences and Park View Ton Son. They will have a combined 490 units and be completed in 2019.

Meanwhile, this location now has both luxury retail and office buildings, including Central Embassy, which opens this year, and Park Venture by Univentures, which is green office building to be rented for Bt900 per square metre per month, according to CB Richard Ellis research. The location also has two new luxury hotels, including Central Park Hyatt, which is part of the Central Embassy project, while The Okura at Park Venture is being developed by Univentures.

The same location also has four existing luxury hotels: Swissotel Nai Lert Park, Conrad Hotel, Grand Centre Point Wireless road and Plaza Athenee Hotel.

According to CB Richard Ellis (Thailand), the Central Lumpini area, which includes the Ploenchit-Chidlom area, posted the highest achieved average rents with Grad-A apartment rents of Bt456 per square metre per month. The occupancy rate in the fourth quarter of 2014 was 96 per cent, increasing by 0.5 percentage point from quarter-to-quarter and 1.8 percentage points year-on-year.

CB Richard Ellis also said sale prices of condominiums in the area were higher than those in other locations in the Central Business District with an average of Bt191,250 per square metre, followed by Silom-Sathorn with an average price of Bt186,000 per square metre and Sukhumvit, with an average Bt175,136 per square metre.

The Central Lumpini area includes Wireless, Ploenchit, Rajadamri, Chidlom, Lang Suan, Sarisin and Ruamrudee roads, and others sois in between.

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Source: The Nation – 7 August 2015

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