Bangkok’s residential property market surged in November with Thailand’s Minor Group completing sales of 7 luxury residences within November worth Bt680 million.
Foreign buyers comprised 60 per cent of the buyers for the limited offering of 45 three- and four-bedroom residences and eight penthouses. Priced on a leasehold basis for 30 years, the units are located on the top 21 floors of the upscale mixed-use St Regis Hotel, which is scheduled to open in March next year.
While a global branding has played a key storyline, unit owners can avail a menu of hotel services and access to facilities but there is no rental pool operation so buyers are primarily end users.
Presently 26 units in the project are available for purchase in a finished hand-over condition. Six out of eight premium penthouse units have been sold. A pleasant surprise has been the strong Thai market making up 40 per cent of the market composition.
Full furniture fit-out packages priced from Bt7.5 million have received strong uptake. In line with the market positioning, important items like kitchens by worldwide brand Gaggenau and Pogen Pohl have struck a favourable note with clients as have the teakwood flooring and fully fitted bathroom specifications.
Given that all 53 residences directly overlook the Royal Bangkok Sports Club and are near luxury hotels such as the Four Seasons, Grand Hyatt Erawan and Siam Paragon, the St Regis Residences look to become the premier address in the city once fully opened.
For entrepreneur Bill Heinecke, the strategy to develop a smaller number of premium-sized residences has proved to be a winning combination along with the confidence to build out during a time of economic and political challenges and to promote and sell them now ready. Clearly the current near-complete status is fuelling demand.
source – www.nationmultimedia.com