Asian Property's upscale condo with a difference on Sukhumvit

Asian Property Development hopes to cash in on the limited availability of upscale condominiums on Bangkok's Sukhumvit strip by introducing its first top-end tower, Galerie Rue de 39, worth Bt3.3 billion.

"We decided to launch a luxury condominium on Sukhumvit Road when we saw the demand in the market and short supply," Vittakarn Chandavimol, chief marketing officer, said yesterday.

The project features only 88 units priced from Bt250,000-Bt300,000 per square metre. The sizes of the units start at 99 square metres and go to 300sqm.

The Galerie Rue de 39 is differentiated from other luxury properties by the use of paintings and sculptures from well-known artists as the main design theme in the building. This is aimed at creating project value in the long term.

The project will display two sculptures from local artists Khien Yinsiri and Pigak Sanga and 23 works from 10 other leading local artists. Their combined value is nearly Bt20 million.

Construction will commence in May with completion in 2015.

The project targets both local and foreign buyers. Roadshows are planned in April for Singapore, Hong Kong and mainland China.

Developing luxury condos is one of two new businesses of the company. The other is developing residences upcountry, which will start next month with Aspire in Udon Thani. The project offers 550 units worth a total of Bt1 billion.

In Bangkok, the company's latest luxury detached-housing estate worth Bt1.5 billion called Soul Ekamai-Ladprao will hit the market next month.

"We have new products designed to serve customer needs, which are changing. Products have to be different to serve their demands," Vittakarn said.

With the roll-out of six projects worth Bt9.4 billion this quarter, Asian Property targets presales at Bt6 billion this quarter and Bt23 billion to Bt25 billion for the full year.

As of Monday, its presales had reached Bt2 billion.