Earlier this year, the penthouses at The Residences at The Mandarin Oriental Bangkok brought in the highest price per square metre in Bangkok’s history. The good news keeps coming for the 52-storey condo project as 70 per cent of the available units have now been sold, according to local media outlets.
The project, which is being developed by Magnolia Quality Development Corp, has 146 total units and is located in the massive ICONSIAM mixed-use development. Sales at the project started two years ago and construction of The Residences at The Mandarin Oriental Bangkok began at the end of 2016.
“Currently, construction for 20 per cent of the entire project is finished, which is in line with our schedule. The 70 per cent sales rate indicates that there is demand in the luxury segment, although the product must live up to the extremely high expectations that such a big price tag brings,” says Visit Malaisirirat, Managing Director of The ICONSIAM Superlux Residence Corp Ltd to the Bangkok Post.
The prices of new condos in prime downtown locations continue to rise. For example, prices at The Residences at The Mandarin Oriental Bangkok have jumped by 30 per cent since sales started in 2015. Despite the rising prices, the Mandarin Oriental has helped keep demand high with customers confident the project will offer high-quality service, project construction, and design in line with the Mandarin Oriental brand.
“The Residences at Mandarin Oriental, Bangkok is being promoted among both high-income Thai and foreign investors. So far, the sales prospects are not bad as we have received continuous interest from both local and international investors since the project was launched. This indicates that the luxury residential market will continue to be a good investment this year, as demand for quality projects remains strong, with supply still being limited,” says Aliwassa Pathnadabutr, Managing Director of CBRE Thailand.
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
