Intercontinental Residence, a joint venture (JV) project involving companies with over 10 years of experience in property development, was officially launched yesterday at a gala ceremony in Bangkok.
Located on Bangkok’s Soi Sukhumvit 13, the condo project comprises 145 units in an eight-storey building. Sizes of the units range from 27 sq m to 120 sq m, and prices start at THB96,000 (US$3,000) psm.
“Intercontinental Residence is different from other projects. It focuses on the luxury of hotels and the easy-going atmosphere of five-star resorts right in the heart of Bangkok with all the amenities offered,” said Jittanan Phuttitraisin, Managing Director of Intercontinental Residence Co, Ltd.
Patima Jeerapaet, Managing Director of Colliers International Thailand, the sole marketing agent for the development, said the condo “is a quality project located in a prime location close to schools, hotels, hospitals and department stores. It is also not far from Bangkok’s mass transit network and the Airport Link.”
Meanwhile, the condo market in Thailand’s inner city remains healthy despite the expected oversupply, according to the Bangkok Post.
During a six-month period, around 5,295 condo units were launched in inner-city locations, including Central Lumpinim, Silom-Sathorn and the riverside. Around 2,493 units (approximately 47 percent) were acquired.
Including the newly launched condo units carried from H2 2010, the take-up rate in the condo market jumped 53 percent in H1 2011, said Simon Derville, Deputy Vice-President for Business Development at Raimon Land.
“The factors pushing resale prices were the developer’s reputation, project quality when it was finished and less competitive locations,” he said.
Among the completed condo units sold in the first half were Noble Remix and Sansiri on Sukhumvit Soi 39.
In addition, over 36,000 condo units are expected to be completed by end-2011, the highest number since the 1997 Asian Financial Crisis. In Bangkok, the total supply of condo units has already hit nearly 304,000 units.
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