Published on December 05, 2005

Krungthep Land, Fraser Group build on Rama III Road

Called the most expensive luxury project on Rama III Road, The Pano seeks to tap buyers who are seeking a central city location without the noise, pollution and traffic jams that have made Sathorn and Sukhumvit grotesque symbols of urban squalor.

Built on what was formerly the Bua Restaurant – a site which commands more than 8 rai of freehold land – The Pano will have access to a riverfront that is more 230 metres wide, probably the largest available in the area.

The residential condominium tower, which will soar 55 storeys, is the result of a joint venture between Singapore’s Fraser Property Group and local builder Krungthep Land.

After establishing Riverside Home Development, the partners launched the spectacular property with a Bt100-million site office that houses three show units.

The showroom is the best in town, said Thongchai Kunakornporamut, CEO of Krungthep Land and chairman of Riverside Home.

“The name Pano comes from the word panorama. Eighty per cent of the apartments will have spectacular views,” he said.

The Pano will contain 397 units, with a limited number of low-rise homes by the waterfront.

The structure will be part of an overall 24-rai parcel being developed by Riverside Home Development. Phase Two will include another tower next to The Pano, but with a lower height.

Prices of The Pano start from Bt74,000 per square metre, and include air-conditioners and kitchen sets. The smallest one-bedroom apartments cover 58 square metres, while the two-bedroom units start at 102 square metres. The three-bedroom units range from 239 to 342 square metres.

The project will provide parking for more than 710 cars.

Krungthep Land holds 51 per cent of the venture, while the Singapore partner holds the rest.

Thongchai said Sukhumvit was popular with expatriate buyers because of the shopping and entertainment scene was nearby.

But the recent encroachment by vendors who have hijacked footpaths to set up dirty food stalls have made the stretch one of the most disgraceful exploitations of public property in a crowded city centre.

Rama III Road remains unspoilt by the Chinatown-style hawkers for the moment. Traffic flow is therefore relatively smooth. The recent new flyovers have also helped speed up the flow of commuters in an otherwise constantly chronically congested city.

Riverside Home also plans to build a five-star hotel, a shopping mall and serviced apartments on the remaining land.

Thongchai, a veteran developer whose career spans from Property Perfect to Golden Land, said the project was just the first of many being discussed with Fraser.

Itthi C Tan

The Nation

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