Fragrant Property leads the way for Thailand’s sustainable developments
By Feily Sofian
/ Fragrant Property, The Edge Property |
Circle Living Prototype, Fragrant Property’s condo project in central Bangkok, has been named Thailand’s first “energy-saving condo” by the Ministry of Energy, according to a statement by the company. The project, which incorporates solar panels, a wastewater recycling system and other green features, will serve as a model for the company’s future developments.
Fragrant Property is committed to developing more residences under its “Eco-Innovative Living” concept, which encompasses three elements: Wellness — a design towards promoting good health; Quality of Living — technology and choice materials that enhance living quality, convenience, comfort and environmental-friendliness; and Efficiency — employing innovations to save energy and enhance convenience and comfort.
Circle Living Prototype is situated on New Petchburi Road in Makkasan and has 477 units on 52 floors. The project offers five unit types: 1-, 2- and 3-bedroom, penthouse and villa, with prices starting at 150,000 baht psm ($550 psf). Construction has been completed and around 65% of the project has found buyers.
Circle Living Prototype is situated on New Petchburi Road in Makkasan
Photo by Fragrant Property
James Duan, CEO of Fragrant Property, is optimistic about the outlook for Bangkok’s condo market. “The luxury and super-luxury real estate segments are poised to benefit from the growth in purchasing power. At the same time, the supply of properties in the downtown area and the CBD is limited due to the high cost of development and land prices. Projects close and connected to transportation lines will continue to receive a good response,” Duan says.
Says Lee Nai Jia, DTZ’s regional head of research, “Phetchaburi Road has often been seen as the boundary for Bangkok’s CBD, and new developments such as Circle Living Prototype could redefine the boundary beyond this road.” According to DTZ’s 2Q2015 Property Times, high-end properties with superior specifications in Bangkok’s CBD areas continued to be well-received. The average take-up rate of new units stood at 60% in 2Q2015. Separately, the average unit selling price reached THB197, 100 psm in 2Q2015, up 1.7% q-o-q.
James Pitchon, head of research at CBRE Thailand, says: “Despite the weak economy, record prices of over THB300, 000 psm have been achieved by eight condo projects in downtown Bangkok. Separately, resale prices of condos in the best downtown locations continued to trend up. For example, prices of resale units in The Park Chidlom, completed in 2007, and Athenee Residence, completed in 2008, have increased to more than THB200, 000 psm.” Developers are also still buying land plots in prime downtown locations at record prices. Listed developer SC Asset spent more than THB475, 000 psm for a land plot on Soi Childlom in Central Lumpini, the highest price achieved in the area, adds Pichton.
However, the road ahead is not without challenges, especially in the aftermath of the renminbi devaluation and recent bomb blast. DTZ’s Lee expects a general slowing of the residential market as both national and foreign buyers react to the bombing incident. Ultimately, the outlook for the Bangkok condo market would hinge on the performance of the Thai economy, says CBRE’s Pitchon. “More than 80% of Bangkok condo buyers are Thais who have not been affected by the renminbi or baht devaluation,” he explains.
Fragrant Property's CEO Mr James Duan is optimistic on Bangkok's luxury and super-luxury real estate segments on the back of stronger purchasing power
Photo by Fragrant Property
This article appeared in The Edge Property Pullout of Issue 693 (September 7) of The Edge Singapore.
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