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Published on July 13, 2007

Amid the many condominiums being offered in Bangkok's high-competition Sukhumvit area, Aguston Sukhumvit 22, comprising two towers on a 1,300-square-metre site, could be a wise investment choice, says Major Development managing director Suriya Poolvoralak.

Developers of condominiums in the prime location are counting on the convenience value of proximity to mass transit systems. However, Suriya stresses that they will also generate good revenue from renting, and because of the recent trend towards a city condominium lifestyle, they are also easier to resell than town houses or commercial buildings.

Located in the middle of Sukhumvit 22, the Bt2-billion Aguston project will offer 21,151 square metres of residential space designed according to an "exotic Spanish contemporary living" concept, focusing on contemporary classical design with a Spanish look.

Suriya says the project will have a 24-storey Tower A and a 35-storey Tower B, together containing 269 units in five types: one-bedroom units of 50-55 square metres; two-bedroom units of 80-90 square metres; three-bedroom units of 100-135 square metres; three-bedroom units of 150-155 square metres; and penthouses from 140-263 square metres.

Surrounding the two buildings will be luxurious courtyards landscaped in what is called "sophisticated Moorish style". The entrance to the buildings will feature a unique Spanish decoration with fine curves and colourful tiles.

Each of the units will be finished to the luxury standards of a six-star boutique hotel and each will offer panoramic views. The units will be separated by detached walls to prevent noise interference and to provide good ventilation. They will have corner windows and terraces.

Dining rooms will feature high ceilings, all kitchens will be equipped with electric ceramic stoves and cooker hoods and bathrooms will have Kohler sanitaryware and Grohe equipment.

Suriya says the Aguston will have a fitness centre with modern imported equipment, private bowling lanes, a golf room containing virtual golf simulations and a putting green, high-speed wireless Internet, a library, meeting rooms, an ozone-system swimming pool, a children's swimming pool, saunas, a children's lawn, 24-hour security backed up by modern equipment and a valet parking service.

Selling at Bt100,000 a square metre, The Aguston targets executive-level customers and business owners with deep pockets.

Buyers are expected to pay 35 per cent of the price as a down-payment. Fifteen per cent is required on signing the contract and the rest can be paid in instalments over 18-24 months.

Selling high-priced condo units in Bangkok's highest-competition location is not easy. Aguston's two major competitors are Millennium Residence@Sukhumvit and another project by TCC Capital Land. Nevertheless, the company has already sold half of its units despite having increased their prices on two occasions, by a total of 20 per cent.

About half of the customers are foreigners who saw the project during Major Development's road shows in Dubai, Hong Kong and Shanghai.

Late buyers will face the need to pay 10 per cent more, because there's one more price hike in store.

Suriya says there is still room in Bangkok's high-end condominium market. He is confident that Aguston's position as a premium condominium is known widely enough and the project has the strength to attract its targeted customers. Still, the company will have to work hard to cement their confidence.

Major Development has conducted many road shows, especially in Hong Kong, because its executives believe that the condominium's reputation in Hong Kong will significantly enhance Aguston's credibility as a gathering place for global investors.

The project is expected to be finished in the third quarter of 2009. 

Property Reporter

The Nation