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Saturday, March 24, 2007

Most Expensive Condo in Bangkok

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Most Expensive Condo in Bangkok


A 266-square-metre unit in the Baan Ratchadamri Condominium has been sold for 43 million baht, or 161,654 baht per square metre, setting a record for residential condominium prices in Bangkok.
Most Expensive Condo in Bangkok
“It’s the highest price per square metre paid for any completed condominium unit in Bangkok that we know of,” James Pichon, executive director of the property consultancy CB Richard Eills (Thailand) Co, said after the sale closed yesterday.

“Despite the large number of new grade A condominium projects recently announced, we continue to see strong demand for the best quality buildings in the right locations,” he said.

According to Mr. Pichon, the location of Bann Ratchadamri, an exclusive 34-unit residence on Ratchdamri Road, gave it a unique advantage.

As well as being located in the heart of Bangkok at Ratchdamri and Sarasin roads, every unit has a view of Lumpini Park of The Royal Bangkok Sports Club.

The location, where there is a very limited supply of freehold sites remaining for development, combined with the fact that there were so few units, were positive factors, he said.

Baan Ratchdamri management said the transaction prices of individual units has increased from around 30 million baht two years ago, while high-floor units were now commanding rents of between 180,000 and 200,000 baht per month.

Baan Ratchdamri was developed by SET-listed Sansiri Plc. and was completed in early 2005 with 34 units each of 266 sq. m.