THE RESIDENCES at Mandarin Oriental Bangkok has broken records in the Bangkok property market, with prices of Bt620,000 per square metre for the penthouses the highest fetched in the city. The average price of Bt380,000 per square metre at the project is a record for the Chao Phraya riverside.
The project has been recognised for some time as one of the most sought-after properties for Thai and foreign buyers, particularly in the property investment markets of London and Hong Kong.
The development was launched with claims of offering the highest standards in service, project quality and construction materials and design, incorporating “high-rise building technology with the aesthetics of riverside living”.
The project was developed by The ICONSIAM Superlux Residence Co Ltd and is the first Mandarin Oriental-branded housing development in Southeast Asia. The project - on the Chao Phraya River near the Mandarin Oriental Hotel - consists of 146 luxury waterfront units ranging from 130 square metres to 230 square metres; the penthouses are 380 square metres to 710 square metres.
Visit Malaisirirat, managing director of The ICONSIAM Superlux Residence Corporation Ltd Bangkok, said that from the start, The Residences has been praised by industry professionals.
“Construction is 28 per cent complete, so we are pleased with that. Sales have reached 60 per cent with the current average price of Bt380,000 per square metre,” Visit said. “The highest price, which is for the project’s penthouses, rises to Bt620,000 per square metre; this is now the highest in Thailand’s property market.”
Visit said the high value was due to rising demand for luxury properties and that “ownership of the largest and most exclusive units are highly coveted”.
“It is also because of the prime location, situated as it is within the area of The IconSiam, an iconic forthcoming landmark by the Chao Phraya River,” the executive said. “There is also the extremely high standard of service and facilities on offer, provided by the legendary Mandarin Oriental brand.”