GOLDEN ERA KICKS OFF IN THONGLOR Luxury rental segment shows healthy growth with demand from foreigners
Several property developers are spending almost Bt10 billion to develop luxury serviced apartments in Sukhumvit Soi 55 (Soi Thonglor), marking a golden era for Sukhumvit Road’s high-end market.
Research conducted by Colliers International Thailand shows that three new serviced-apartment projects worth almost Bt3 billion will be launched next year in Soi Thonglor. They include 148 units at Eight Thonglor by Pacific Star, 268 units at Somerset Sukhumvit Thonglor and Oakwood Residence Thonglor.
Meanwhile, a Nation survey showed more serviced apartments were under construction and scheduled for completion this year and next.
These include The Alcove Thonglor 5 worth Bt350 million, developed by the Alcove Group and a new building worth up to Bt1 billion developed by Tan Passakornatee, founder of the Oishi Group, owner of the country’s leading brand of greentea beverages.
Alcove Group director Anand Singjirakul said serviced apartments on Sukhumvit Road, especially in the Thonglor area, had great potential for appreciation, due to high demand from foreigners.
The group has already been very successful with its first project, The Alcove Residence Thonglor 23, he said. Driven by this success, the group has kick-started a new Bt350-million serviced- apartment project called The Alcove Thonglor 5, with 46 units.
The project will be completed this year and target foreign nationals, especially Japanese businessmen.
The Alcove Thonglor 5 has 36 units covering 51-67 square metres for rental fees of Bt65,000 to Bt75,000 a month. Ten units covering 80 square metres each have a rental fee of Bt90,000 a month.
Singaporean-based Pacific Star International (Thailand) has introduced its second residential project in Soi Thonglor Soi 8, called Eight Thonglor Residences, a mixed-use building worth Bt4 billion. Condominiums start at Bt100,000 per square metre. Rents for a serviced apartment range from Bt1.5 million to Bt3.5 million a month. The project is under development and will be completed by mid-year.
Apart from serviced-apartment projects that are still under construction, the Nation survey found many condominium and serviced-apartment projects available for rent.
Centre Point Thonglor, a servicedapartment project with 156 units on 12 floors, has been available since 2005 on an annual, monthly or daily rental basis.
A studio apartment covering 38 square metres is available for Bt51,000 a month; a one-bedroom apartment covering 68 square metres costs Bt74,000 a month; a one-bedroom apartment covering 80 square metres goes for Bt82,000 a month; a one-bedroom apartment covering 87 square metres is Bt85,000 a month; a two-bedroom apartment covering 131 square metres is available for Bt115,000 a month; and a two-bedroom executive suite covering 142 square metres costs Bt120,000 a month.
Most condominiums and serviced apartments in Soi Thonglor are available for more than Bt10,000 a month, with only a few available for less.
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