The most expensive projects Bangkok are still a relative steal for cashed-up Hong Kongers.
Opulent, branded residential properties in Bangkok continue to capture the Hong Kong market, seeking relief from the Chinese SAR’s high-density, exorbitant investment offerings.
The Four Seasons Private Residences Bangkok achieved sales of THB530 million (USD16 million) during a two-day exhibition at the Four Seasons Hotel Hong Kong, reported Country Group Development, the Thai-listed company behind the project. Part of the sprawling THB32-billion (USD960 million) mixed-use scheme Chao Phraya Estate.
The robust take-up appears increasingly par for the course in the Thai capital. Earlier this year, a Hong Kong buyer snapped up the priciest penthouse atop the swanky 98 Wireless vertical development in Central Lumpini; penthouses in the 77-unit tower go for as much as USD18.8 million.
The Central Lumpini area posted the highest growth in average selling prices in the second half of last year, reaching as much as THB750,000 per square metre, Knight Frank Thailand noted. Yet somehow Bangkok feels like a bargain to property hunters from Hong Kong.
Super-luxury condos in Bangkok can reach USD17,000 per square metre in the city.“USD18,000 per square metre gets you nothing in Hong Kong,” Andrew Gulbrandson, head of research at Jones Lang LaSalle Thailand, told the Financial Times.
The first roadshow in Hong Kong for the Four Seasons Private Residences brought in a record THB700 million in sales for Country Group. “Considering this was our fourth exhibition, clients’ enthusiasm, and interest from Hong Kong buyers remained significant, thanks in part to the recognition and confidence in the Four Seasons brand, but also due to our proven track record as a developer,” said Country Group CEO Ben Taechaubol.
Affiliations with brands have emboldened Thailand developers to justify premium price points. Units at the Ritz-Carlton Residences, for example, ask for anywhere between THB45 million and THB300 million. Spectacular views are guaranteed though — the 209 units are lodged between the 57th and 73rd floors of the MahaNakhon, the country’s tallest skyscraper.
Demand for property investments in Southeast Asia in general is at an all-time high.
