By Andrew Batt:
A retired Indian property investor from Dubai has paid a record price for a condominium in Thailand – THB480 million – for a 1,500 sqm penthouse at the Ritz Carlton Residences.
The deal which was completed in January helped Pace Development, the developer of the MahaNakhon mixed-use project, achieve a record THB836 million sales in just a single week. When completed the development will be Bangkok’s tallest building.
Sorapoj Techakraisri, Chief Executive Officer of Pace Development, said, “It has been a very strong start to the year and we are seeing a surge in interest in super luxury property in Bangkok. In three days, we sold seven residences at around THB36 million each at a road show in Hong Kong.
He said the factors helping sales at The Ritz-Carlton Residences were a resurgence of confidence in the future of Thailand, combined with conviction in the quality that his company can deliver after the company’s success in providing zero-defect units at its fully-sold out Saladaeng Residences.
Sorapoj revealed that more than 2,500 sqm of residences were sold in January. In Thailand, the residences sold were two penthouses as well as three-bedroom and two-bedroom residences, while those sold in Hong Kong were mostly two-bedroom residences valued at around THB36 million each.
Pace plans to increases its prices by 5 percent on March 1, and is also planning road shows in the Middle East during the first half of this year.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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