Banyan Tree Residences Riverside, a luxury condo project, is going to be launched by Nirvana Daii Plc in Thailand this week after a successful sales event in Hong Kong and a soft launch in the Thai capital, according to media reports. The developer believes that it can sell out 50% of the project before the end of this year.
“With a limited supply of luxury condos on the bank of the Chao Phraya River, we expect to have half of total units sold before year-end,” says Nirvana Daii Chief Executive Sornsak Somwattan to the Nation.
The project is valued at THB6.5 billion and 36 of the 133 units have already been sold. The rest of the luxury condo will be put up for sale this week with prices ranging from THB22 million to TB300 million. Banyan Tree Residences Riverside is located on a land plot that is by the Chao Phraya River in the Khlong San area and will stand 45 storeys.
International hotel chain Banyan Tree has agreed to manage the building for 10 years. The location of the development by the Chao Phraya River is in a good location with the average sales rate in this area being 75.7 per cent which is one of the best performances in Bangkok, according to research from CBRE Thailand.
“Due to limited supply, riverside condos are popular among investment buyers as there is an opportunity to gain from a rise in unit prices,” says CBRE Managing Director Aliwassa Pathnadabutr.
At the moment there are only 3 condo projects with 634 units by the Chao Phraya River. The lack of developments here is due to a scarcity of land plots available. Riverside condo supply launched each year is minimal and comprises less than 15 per cent of the total supply launched in Bangkok, according to CBRE.
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