Minor Sells 7 St Regis Luxury Residences In November
Bangkok's residential property market surged in November with Thailand's Minor Group completing sales of 7 luxury Residences within November for a total value of THB680 million.
With a limited offering of 45 three and four bedroom Residences and 8 Penthouses foreign buyers accounted for 60 percent of buyers. Selling and priced on a leasehold basis for 30 years the units are located on the top 21 floors of the upscale mixed use St.Regis hotel which is scheduled to open in March of next year.
While branding to a global name has played a key storyline, unit owners can avail of a menu of hotel services and access to facilities but there is not a rental pool operation so buyers are primarily end users.
Presently 26 units in the project are available to purchase in a finished handover condition. Six out of eight premium penthouse units have been sold. A pleasant surprise has been a strong Thai market making up 40% of the market composition.
Full furniture fit out packages priced from THB7.5 million baht have received strong take up. In line with the market positioning important items like kitchens by worldwide brand Gaggenau and Pogen Pohl have struck a favorable note with clients as have the teakwood flooring and fully fitted bathroom specification.
Given that all 53 Residences directly overlook the Royal Bangkok Sports Club and are nearby to luxury hotels such as the Four Seasons, Grand Hyatt Erawan and Siam Paragon the St. Regis Residences look to become the premier addresses in the city once fully opened.
For entrepreneur Bill Heinecke the strategy to develop a smaller number of premium sized Residences has proven to be a winning combination along with the confidence to build out during a time of economic and political challenges and to promote and sell them now ready. Clearly the current near complete status is fueling demand.