“Luxury” is a fluid and flexible expression in the jargon of residential property marketing.
The word is often loosely used by Developers and Property Agents, to describe anything from a humble third floor studio to a stunning penthouse overlooking the Chao Phraya River. Like a condiment, “Luxury” is peppered and sprinkled as a prefix to upsell the features of Bangkok Condos with expressions such as “luxury pool, luxury lobby and Luxurious Interiors” used and over-used!
Interestingly, Bangkok has in recent years experienced a new phenomenon that has totally redefined the local property market. Shifting market expectations and convention, this paradigm shift has taken the form of what has been dubbed “Super Luxury Condos”.
These Condos take indulgence and extravagance to a whole new level; offering living experiences comparable to the ultra-chic apartments of New York and London. However what sets these Projects apart is their jaw-dropping price tags. To put things in perspective, the newest “Super-Luxury Project” 98 Wireless by Sansiri, is reporting average prices of 550,000 THB Per/Sqm with units ranging from 70 MTHB to a massive 650 MTHB according to The Nation Newspaper.
So what is a Super Luxury Condo?
With Bangkok’s multitude and ever growing list of Condominiums, it is firstly important to understand what warrants the title of Super Luxury Project in the Capital.
In an attempt to categorize Bangkok’s long list of condos, CBRE a prominent Bangkok Property Consultancy has decided to create a Condo Classification. Rather than, categorize on the basis of subjective factors such as style, design or quality of amenities it very simply categorized projects based on price ranges at launch.
They are as follows:
• Super Luxury: Above THB 250,000/m²
• Luxury: THB 170,000-249,999/m²
• High End: THB 120,000-169,999/m²
• Upper-Mid-range: THB 90,000-119,999/m²
• Mid-range: THB 70,000-89,999/m²
• Entry Level: Below THB 70,000/m²
Source: CBRE
Why the shift towards “Super Luxury”?
It does not take a financial expert to understand the motivations behind Super Luxury Projects; very simply they are extremely profitable for the Developer, provided there is take-up for the new development.
However this sudden shift toward these extravagant Projects can be attributed to a fundamental economic factor “supply of land”. Bangkok’s Central Business District and its prime-locations (Usually in and around BTS Stations), are becoming extremely scarce and the remaining available developable land-plots are being sold at steep prices.
The combination of steep land prices and the restrictive land plots acquired, mean that developers have two options either sell dense luxury condominiums with several units per floor or more exclusive (More Expensive) units. Given the two choices developers tend to prefer the latter.
On top of this, despite the steep prices of “above 250,000 THB Per/Sqm”, take-up for these well-located projects has generally been positive. These condos have attracted a mix of both local buyers and international buyers from neighboring countries such as Hong Kong, Singapore, Taiwan and even China. The success of these projects has gradually emboldened Developers to shift their new-launches toward this highly lucrative segment.
Let’s explore some of the Capital’s top Super Luxury Projects…
98 Wireless
98 Wireless Photo Courtesy of Sansiri (www.sansiri.com)
Located on prestigious Wireless Road, this 25-Storey Project is Sansiri’s flagship development. Built, designed and styled in a Classic European Beau Art theme this Condominium Project takes luxury to the next level!
The living experience is minutely planned and conceptualized; with famous New York Interior Designer Anne Carson designing the interiors, Ralph Lauren furnishing the common areas and T.R.O.P. Terrain + Open Space styling the outdoor spaces. On top of this, 98 Wireless is also developed using the best quality materials such as solid white-oak herringbone floors and Italian Statuario Marble.
The Super Luxury Project will also offer an impressive array of exclusive services, such as a Bentley Limousine Service and a dedicated Butler for every 2 Floors. This indulgent level of luxury means that individual Units will come at a jaw-dropping average price tag of 550,000 THB Per/ Sqm.
The Residences Mandarin Oriental Bangkok
This Mandarin Oriental branded residence is developed by The ICONSIAM Superlux Residence Co Ltd. It will be the first branded development by the Hospitality Group in South East Asia.
The Residences Mandarin Oriental Bangkok
The 146 Unit Super Luxury Development, will offer unobstructed views over the majestic Chao Phraya River and its surroundings. The individual units will offer a minimum ceiling height of 3.5 Meters and will be decorated to the highest specification. Obviously the development will offer residents a range of ultra-luxury amenities such as The Oriental Salon, a Lotus Business Suite and an infinity pool equipped with Jacuzzis. Residents of this iconic residence will also have access to a 24-hr dedicated concierge service.
According to The Nation Newspaper “The Residences” average Unit price is a breathtaking 380,000 THB Per/Sqm.
The Diplomat 39
The Diplomat 39 Photo Courtesy of KPN (www.kpnland.com)
Located on Sukhumvit 39 in the heart of chic Phrom Phong, The Diplomat 39 is a development by KPN Group Corporation. This ultra-luxury project will be designed with a Palladian-inspired architectural style and aim to offer a sophisticated, elegant and comfortable living experience. Expected to complete in December 2019, the Condo will be 31-Storey high and will consist of approx. 156 Units.
According to its Official Website, units in the development range between 15 Million Baht- 185 Million Baht. The development is one of the most expensive in the Capital, with average prices of units being offered at 411,111 THB Per/Sqm.
