AP (Thailand) Public Co., Ltd., the leader in the development of residential properties and innovations, today, expressed confidence that the real estate market in the second quarter will grow continuously, particularly considering purchasing power for high-end residences. The firm is geared up for more history with its first foray into the prestige -luxury condo segment and a great comeback in eight years of the company’s legendary condo brand ‘The Address’ in ‘The Address Siam-Ratchathewi’. Valued at more than Bht 8,800 million, the new condo development is created with an understanding of life lived extraordinarily complete with quality in every component to offer perfect living aesthetics in the only project built on a precious site in the Siam-Ratchathewi area. Coming under the concept Living the Prestige, Crafted for Elites, it is designed for quality of life at the prestige-lux level. With starting prices approximately at Bht 200,000/sq. m., The Address Siam-Ratchathewi will be officially launched on 8-9 June at the project’s Sales Pavilion.
Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation, AP (Thailand) Public Co., Ltd., said, “The real estate market in the second quarter is likely to grow continuously. There is still demand for high-end products in particular. Under our long-term growth strategy, in the second quarter we will go out and make more history for upmarket condominiums. We will get to the next level of project development to meet demand in the Prestige-Lux segment with the return of The Address brand. This follows the continued popularity of our Vittorio condominium in the Ultra – Lux segment. Vittorio is the only ready-to-live-in project at the price level of Bht 350,000/sq.m. on Sukhumvit 39 to be able to close all sales and we expect to complete all ownership transfers within the end of this year as has been planned. The return of The Address will also serve to continue the success of products under the legendary brand. We have had nine successful projects which are still talked about until today. All of them are touted for their ‘value’ with refinement in the design which uniquely and beautifully combines western and eastern high art into the upscale lifestyle of urban residents for projects built in the best desirable ‘locations’ homebuyers are proud to own, which offers the best ‘investment’ for the average price of the nine projects grows at a rate of 40%. They are good assets to pass on from one generation to another.”
“For over eight years that we have searched for a city-centre tract of land, one with great value and great investment. And we have accumulated experiences in understanding customers to be able to design and create every element to offer extraordinary living experiences complete with quality so we can deliver perfect aesthetics of living on every square inch. The final result is The Address Siam-Ratchathewi which will set a new benchmark for upscale condominiums,” Mr. Vittakarn added.
The Address Siam-Ratchathewi is created with great attention reflected in the little details to achieve excellence in every angle. It draws inspiration from the classic French palace architecture in perfect combination with the unique beauty of Thailand’s fine arts. Every detail is taken care of to maximize living aesthetics through the following three strengths (1) Sophistication Design – It is AP’s creative intent to design the project’s interior and exterior for each residence to have a protruding cantilever so as to expand the beautiful view at the heart of the Ratchathewi location. It also increases the special aesthetics of living in a high-rise building with added spaciousness and luxury inside each room. Common areas are meticulously designed so that indoor and outdoor areas can be used gracefully while allowing all residents to enjoy the living aesthetics that is not limited to the eye for they can also hear the sound nature such as flowing water and blowing wind on the trees in the botanic garden where there are flowers oozing pleasant scents familiar to Thais like jasmine and bergamot (2) Best Quality & Finest Materials – The materials used in the project are selected from the best suppliers and sources from around the world. They reflect a refinement in living a life. For example, white limestone marble of premium grade from Portugal is used to benefit from its special property when sunlight falls on it at different times. The limestone is used to decorate the front façade of the building. The project offers signature furniture made-to-order with peacock prints to reflect grace and class. Kinesis exercise equipment from the brand Technogym of Italy allow users to work out every part of the body via free movement as they want. And furnishing fabrics from the world renowned-brand to reflect the unique luxury for the common areas. (3) Precious Location – The Address is in a city-centre valued location that offers great investment. It is situated in the best location in Siam-Ratchathewi area, only 150 metres away from the Ratchathewi BTS Station and not too far from the Phaya Thai airport link close to major business centres at the heart of Bangkok’s shopping, lifestyle and educational areas.
“For the upscale condominium market in locations adjacent to Siam-Victory Monument rapid transit lines five years back, we found that a total of 13 projects have been launched, seven of which are luxury projects (Bht150,000-1900,000/sq.m.) and their average sales are at 55%, five are super luxury projects (Bht 200,000-300,000/sq.m.). This segment has the best feedback with average sales at 89%. And there is one ultra-luxury project whose sales average 56%. To tap into the demand in the super-luxury segment which is likely to grow continuously, AP intends to make more history by elevating our development to differentiate project creation. We will tap into the Prestige-Lux group which is a sub-segment of Super-Lux, because for existing super-luxury condominiums, good location may not be sufficient anymore. This is because the key thing sought by customers is aesthetics in living a life where every detail of needs must be met. A project in this segment must be extraordinary in every dimension, be it meticulous design, quality materials selection and the best location in one area. Given the strengths of The Address Siam-Ratchathewi – the excellent location that is desirable and rare, the design of every square metre to support every detail of extraordinary lifestyle making one proud to own in addition to the ability to manage the price package in response to the real demand in the Siam-Ratchathewi area where you can create great value from living in and investing, we believe it will make a difference and receive good feedback,” Mr. Vittakarn concluded.
The Address Siam-Ratchathewi is a joint venture project between AP and Mitsubishi Estate Residence (a company in the Mitsubishi Estate Group – MECG). Located on an area of 3-1-55 rai, it offers great quality in terms of location, design of urban lifestyle, outstanding building architecture that clearly defines those who live in it. Valued at Bht 8,800 million, the project consists of 880 residential units on 50 floors. Residences on each floor are positioned wisely to not block the views in individual residences. There are five types of residence to choose from to match individual lifestyles: 1) 1-bedroom residence with 31-35 square metres 2) 1-bedroom residence (duplex) with 50 square metres 3) 2-bedroom residence with 51-68 square metres 4) 2-bedroom residence (duplex) with 65 square metres 5) 3-bedroom residence with 85 square metres.
In summary, AP Thailand will in 2019 launch 39 new projects worth Bht 56,800 million in total. These are divided into five condominium projects worth Bht 22,400 million and 34 low-rise projects worth Bht 34,400 million. Eight projects worth Bht 13,220 have been launched in the first quarter of 2019 and 13 new projects worth Bht 19,720 will be launched in the second quarter. These include 9 townhome projects worth Bht 8,560 million, 3 single detached home projects worth Bht 2,360 million, and 1 condominium project (The Adress Siam-Ratchathewi) worth Bht 8,800 million. In the second half of the year, the company will launch 18 projects worth Bht 23,860 million.
As for its first quarter presales (31 March 2019), AP had satisfactory presales at Bht 12,585 million, of which condominium presales account for Bht 6,365 million and low-rise presales account for Bht 6,220 million. As a result, the company has reached 30% of projected presales for 2019 (projected at Bht 41,800 million). The company had a backlog worth over Bht 58,960 million, of which low-rise developments account for Bht 11,140 million, all are expected to be realized within this year, and condominiums, including joint ventures, account for Bht 47,820 million, divided into AP condo projects worth Bht 6,530 million, of which Bht 3,395 will be realized this year, and joint –venture condo projects worth Bht 41,290 million, of which Bht 7,750 million will be realized this year with the remainder to be incrementally realized until 2023.