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Condo living is about convenience and luxury, the difference between the two being a matter of degree, not kind. The point of high-density living is to be close to things whilst also being removed from them, to have accessibility moderated by exclusivity.
At a number of developments around Bangkok, that latter word is king. Some new players who specialize in luxury service are entering the top end of the residential market with developments that are raising both standards and prices. Along with premium property and services, what is also being sold here is a name, such as St Regis, Sukhothai, Banyan Tree or The Met. These brands, along with the quality and status they imply, can be very appealing to investors and would-be residents.
Perhaps the most prominent of these branded, high-end developments is The Met condominium on Sathorn Road between the Australian and Singapore embassies. Scheduled for completion by November 2009, The Met condominium promises to be “perfectly planned and executed in every last detail”. At 66 storeys with 370 units ranging from 92 square metres to a 546 square metre penthouse, the building, with an exterior one might describe as modern deco, looks set to become a monolithic statement of designer living. Like its hotel namesakes, The Met Condominium is sexy. It boasts a 50 metre pool jutting out from the building on the ninth floor, which also contains a gym, BBQs, sauna, games rooms and jacuzzis, while the 28th and 47th floors are “sky terrace” gardens, open on both sides and featuring more gyms and socializing areas.
CBRE report that The Met condominium is selling at around 140,000 baht per square metre and is currently over 70% sold. While the hotel name is an attraction to some buyers, The Met hotel will not be managing the condominium and a building manager is yet to be decided upon. “The location is the main selling point [as opposed to the brand],” say CBRE. “Also the design, which is sleek, modern and very functional and efficient. The building design maximizes cross ventilation, and every room has windows that open to let in the breeze as well as high ceilings and lots of glass to let in the light.”
Another branded development, and the recipient of good and bad press over the past few months has been Minor International’s St Regis Hotel and Residences, which is under construction on Soi Mahadlek Luang 2 off Ratchadamri Road, next door to Minor’s Four Season’s Hotel. The good press has come from the widespread reporting of Minor chairman and CEO Bill Heinecke’s announcement that the building will be “the most expensive condominium in the country”. The bad press was in the form of numerous reports and letters about disgruntled local residents opposed to the project and complaining about construction noise.
Given they are spending four billion baht on the properties, local residents’ concerns are probably not at the top of Minor’s list. That figure is the construction cost a 198-room hotel, 22 serviced apartments and 71 residential units. The 71 apartments will comprise 64 three- and four-bedroom units, three penthouses and four duplex penthouses with swimming pools. Prices will start at 30 million baht for a 250 square metre unit and will go up to 120 million baht for the 800 square metre duplex penthouses.
Unfortunately, other details on the development are not yet available. A sales representative at Minor said a soft launch for pre-listed customers will take place by the end of the year, at which time more information will be made available. Meanwhile, an official launch with all details and a mock up apartment may not happen until the end of next year. St Regis Hotel and Residences is scheduled to open in 2010.
Competing with the St Regis for the title of “most expensive condominium” will be the Sukhothai Residences, currently under construction on a seven-rai plot at the rear of the Sukhothai hotel on Sathorn Road. The sales manager at Grace Ivory Co, the HKR International subsidiary responsible for the residences, expects them to break sales records when the project is officially launched in 2008.
Sharing the grounds of the Sukhothai Hotel and designed by the same architects, Kerry Hill and Ed Tuttle, the Sukhothai Residences will be 41 storeys tall and contain 196 one- to four-bedroom units plus a number of penthouses. The size of the units will range from 100 square metres to a whopping 1,200 square metres.
While, again, details are limited, the sales manager says the Sukhothai Residences will offer “supreme quality … in terms of architecture and design, fittings and finishes as well as … a wealth of premium concierge services provided by the Sukhothai Hotel.”
Previously released information also mentioned a 24-hour concierge service and said that 60 percent of the grounds will be “gardens, pools, health clubs and tennis courts”. Referring to the direct connection the residences will have with the hotel, Benjamin Cha, director of HKR International subsidiary HKR Asia-Pacific, recently said, “We want everyone to treat the hotel as their living room.” He also revealed at the time that all units would have 3.05 metre high ceilings and floor to ceiling windows.
Two other five star hotel-related residential projects that might be adding some confusion to the “branded development” trend are the Banyan Tree Residences and the Hansar Rajdamri condominium.
Banyan Tree Residences are still available for purchase at the Banyan Tree Bangkok and Phuket, but unlike the developments outlined above, these are essentially investment properties with options for personal use. Marketed as the Banyan Tree Residences, the Banyan Tree Bangkok offered 24, two-bedroom apartments for sale with prices starting at just under 26 million Baht, while the Banyan Tree Phuket offered 22 villas, which have reportedly sold for between 73 million and 105 million baht. The properties offer a six percent guaranteed rate of return for six years, which is renewable, or owners can opt to for a share of the revenue generated by their individual property. Owners can use their property for up to 60 days a year and can participate in an exchange programme to use some of these days at other Banyan Tree resorts around the world.
The Hansar Rajdamri, meanwhile, is a top end, luxury development with a connection, literally, to a five star hotel though limited actual affiliation. The 43-story, 196 unit development on Rajdamri Road (Soi Mahatlek Luang 2) is right behind the Four Season hotel, with which it is unrelated. However, within the development and using 60 of its units will be Alila Hotels and Resorts first project in Thailand the Alila Bangkok. The five star boutique hotel will offer “a whole range of luxury services” to Hansar residents, says CBRE’s marketing material.
Through Alila, the development is also offering a rental investment plan similar to that of the Banyon Tree Residences. The plan must be committed to for at least five years and does not have an option for a set rate of return. Instead, revenue is shared with that of rooms of the same standard before being distributed. Owners are allowed to use their property for 30 days a year, which is divided into low and high season quotas. The Hansar Rajadamri is expected to be completed in September 2009.
Source : Asia Property Report (26 October 2007) |
