MJAi's Royce rolls in high-end buyers

The Sukhumvit 31 condominium project has prices starting at Bt150,000 a square metre, a record for the posh area. Half of the 160 freehold units have already been booked.

Developed by MJAI Develo-pment, a joint venture between Major Development and AIG Global Real Estate Investment, Royce signals more upscale real-estate ventures from the group may be a distinct possibility.

Royce is a two-tower project on a 3-rai, 306-square wah plot. One of the towers will rise 39 floors while the other will be 25 storeys. The sample units are expected to be completed by August.

Construction will begin next month and the towers are expected to be ready by 2011.

Royce's take-up rates have "beaten expectations", Major Develop-ment managing director Dr Suriya Poolvoralaks said.

The high-end residential sector has so far appeared immune to short-term shocks arising out of the worrisome inflationary trend and high oil prices coupled with political infighting.

"Even in a tough, competitive market, we have managed to obtain bookings from both foreign and local clients," he said.

"For a project like this, it's important to draw a core group of high-end buyers. Once they go for it, the likelihood of their friends buying will greatly improve," he said.

To lure this group, the developer is offering facilities such as an English-style garden, a clubhouse and private lifts. The project also offers a 50-metre pool.

Major Development was formed after the 1997 financial crash. It took advantage of the opportunities that sprang up in the following years when failed properties were forced to sell at low prices. Since then, it has carved a niche for itself by employing original concepts and focusing on quality projects, Suriya said.

The company's first project, Hampton on Soi Thonglor, marked a revival in the high-end condominium sector in 2002. In many ways, Royce is based on Hampton's success, offering fairly large units, with nothing under 100 square metres.

"In this part of the town, prices are not as important as having units that meet the requirements of the high-end market. Small units simply cannot work in this segment.

"Having seen what the crash did to the market, we know what to avoid," Suriya said.

      At a glance

n Royce Private Residences' take-up rates have "beaten expectations", Major Develop-ment managing director Dr Suriya Poolvoralaks said.

n The high-end residential sector has so far appeared immune to short-term shocks arising out of the inflationary trend and high oil prices.