Developer Lucky Living Properties Co has announced that it will launch a new condo development in the Asoke area of Bangkok, reports local media. The company will build Celes Asoke on a plot of land it has purchased on Asoke Montri Road. Lucky Living has partnered with Crescent Investment of Singapore for the project.
“Our condominium development will focus only on the luxury segment in locations near a BTS station, but units will have competitive prices as investment buyers are also one of our target groups,” says Sukhmeet Bajaj, Managing Director of Lucky Living Properties, to the Bangkok Post.
Celes Asoke, is worth THB3.6 billion and will be close to the Sukhumvit MRT station. It will get a bonus construction area for being so close to a mass transit station. The building will stand 40-storeys tall and contain a total of 217 units. Only half of the project’s units will be offered for sale initially as the developer wants to see what kind of feedback it receives.
“Demand from foreign buyers is strong, but we don’t need to sell the units overseas because foreigners know Asoke very well,” says Bajaj.
Lucky Living will partner with Crescent Investment, a Singapore-based fund, for the condo. This will be the partner’s 4th joint venture project in Bangkok. The two companies have worked together on Liv@49 in Sukhumvit Soi 49, Liv@5 in Sukhumvit Soi 5, and Liv@Nimman in Chiang Mai.
The Asoke development will be 1 of 3 new condo projects in the luxury segment set to be launched in the 4th quarter, according to CBRE Thailand. This segment is still seeing healthy presales that are not available in other segments of the property market this year. The success of luxury projects depends heavily on location with prime areas selling well, but other locations not having as much success.
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