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Published on March 28, 2008

Group director Anand Singjirakul said yesterday that two of the projects would be serviced apartments: The Alcove Residence Thonglor 23 and The Alcove Thonglor 5. Two other projects are condominiums - The Alcove Sukhumvit 49 and The Alcove Thonglor 10 - while the fifth is a hotel called The Best Western Alcove Hiptique Sukhumvit 13.

The Alcove Sukhumvit 49 is under construction, with completion expected this year - thus earning a tax incentive, he said.

The Alcove brand is focusing only on the Sukhumvit and Thonglor areas, as they are well known by foreigners who come to do business in Thailand. The locations feature shopping centres, restaurants and entertainment zones.

Condominiums in these areas are very popular, with prices at about Bt98,000 per square metre. Prices may increase from last year by at least 10 per cent because of rising labour and oil costs.

The average price of The Alcove Sukhumvit 49 and Thonglor 10 is Bt95,000 per square metre. They are designed under the concept that a condominium is an optimisation of smart space and worth every square metre.

Both projects have been 80 per cent booked and their combined value is Bt1 billion, Anand said.

The is potential for continuous growth for serviced apartments in the Sukhumvit and Thonglor areas, because the number of foreigners coming to work in the Kingdom is growing every year.

The Alcove's investment in its new hotel is valued at more than Bt300 million. There is considered to be high potential for growth as 12 million tourists visit Bangkok yearly.

The group has appointed The Best Western Group to be in charge of the marketing of the hotel under the name Best Western Alcove Hiptique, which is on Sukhumvit 13. This is a medium-size boutique hotel with a variety of rooms and rates running from Bt1,500 to Bt3,000 per night.

The Alcove group comprises four companies: Manas Property Development, responsible for serviced apartment projects, Samirano Property and Samirano (Thonglor 10) for condominium projects, and AAJ Property for hotel projects.

The Nation