Areeya Property is the latest developer to enter Bangkok’s prime luxury residential market. The company will launch two condo projects next year. One will be on Ratchadamri Road and another planned for a site on Sukhumvit Soi 53. The combined value of the two projects is estimated to be more than THB11 billion.
Areeya chief executive Wisit Laohapoonrungsee said that the Ratchadamri project will be located on a five-rai site where the AUA Language Center used to be located at. The plot of land is owned by the Office of the Privy Purse.
The developer announced plans to build a 300-meter tower that may reach 70 stories and contain roughly 400 units. The development will be a mix of leasehold condominium units as well as hotel rooms. The construction on the project should be completed sometime in 2019 and will require an investment of THB5 billion. Areeya also agreed to build a new seven-story building for the AUA Language Center as part of the agreement.
The company also revealed plans for another luxury condo project to be situated on a one-rai site on Sukhumvit Soi 53. This project will be a low-rise condo and is likely have at least 100 units. The project is expected to launch in the second quarter of 2016 and has a total value of THB1 billion.
In order to raise the money needed for these two projects, Areeya sold a 50-rai plot in Kaset-Nawamin valued at THB1.3 billion to another developer. The Bangkok Post noted that the land is suitable for a luxury single house development. Areeya still retains possession of a 20-rai plot where it can develop townhouses priced around THB2-3 million per unit.
“We’ve just finished restructuring by selling a plot of land not in line with our development focus on the middle-to-lower-end segment,” Wisit added.
