Developer KPN Group has acquired a plot of land on Bangkok’s Sukhumvit 39 for its latest project, The Diplomat 39, to emphasise its focus on the super-luxury condominium sector in the Thai capital.
Kris Narongdej, Chairman of KPN Group Co, said: “After the success of The Diplomat Sathorn, the first high-end condominium project from the company, KPN Group … we are determined to develop The Diplomat 39 with the concept of ‘The Timeless Treasure’ to convey the image of value and pride to owners to pass to their heirs.”
Rawee Thatniyom, Chief Operation Officer, added the project aims to attract A-class customers and beyond, with the key strength being its location in the heart of Sukhumvit.”
The official launch of the project takes place today, Monday, February 9.
Aliwassa Pathnadabutr, Managing Director of CBRE Thailand, added: “In the past 10 years, the average price of new condominiums in downtown has risen more than double from THB78,000 to THB105,000 baht per sqm to as much as THB220,000 per sqm.
“Currently, the average prices of luxury and super luxury condominiums that are newly launched is between THB250,000 to THB300,000 per sqm, hence project developers need to differentiate themselves through details of design, materials, etc. to ensure the projects are well accepted by high-end customers.
“We can see product developments that are targeting high-end customers shifting the standard of high-end condominiums to world-class standards, similar to those in Asian big cities and in Europe while there is still a big gap for improvement in the future”.
The Diplomat 39 will have 31 stories and 156 units. Construction is expected to commence in June 2015 and completion is predicted to be in June 2019.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
