The Residences at Mandarin Oriental Bangkok set a new Bangkok property market price record as its penthouses were sold for THB 620,000 per sq. metre, the highest price ever recorded in the city, local media reports. The complex is the 1st Mandarin Oriental-branded housing development in Southeast Asia and comes at a time when Bangkok is seeing rising demand for luxury properties.
The average price at the entire project is THB 380,000 per sq. metre. This is also a record high for the Chao Phraya riverside. The Residences at Mandarin Oriental Bangkok has been in high demand with both Thai and foreign buyers looking to acquire units at the project. Investors from London and Hong Kong have been particularly keen to buy the luxurious apartments at the development that is currently being built.
“Construction is 28 per cent complete, so we are pleased with that. Sales have reached 60 per cent with the current average price of THB 380,000 per sq, metre. The highest price, which is for the project’s penthouses, rises to THB 620,000 per square metre; this is now the highest in Thailand’s property market,” says Visit Malaisirirat, Managing Director of The ICONSIAM Superlux Residence Corporation Ltd Bangkok to The Nation.
The ICONSIAM Superlux Residence is developing the project, which features 146 luxury waterfront units. The development is located along the Chao Phraya River and is near the Mandarin Oriental Hotel. Industry professionals have praised the project since it was first announced due to its riverfront location and high-quality features.
“The praise is because of the prime location, situated as it is within the area of The IconSiam, an iconic forthcoming landmark by the Chao Phraya River. There is also the extremely high standard of service and facilities on offer, provided by the legendary Mandarin Oriental brand,” says Visit.
Featured Image: www.mandarinoriental.com
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