Developer looks to expatriates for new project off Wireless Rd
Bangkok Prime Estate Group plans to target expatriates for its Bt300-million apartment project on Ruamrudee Soi 2 off Wireless Road.
Managing director Tanavat Vashrangsi said yesterday that the company decided to develop the first expat apartment building on Ruamrudee Soi 2 after noticing rising demand for residences and the area’s potential as new business centre in Bangkok.
The project called Prime@2 is set at the most tranquil and convenient location, with proximity to the Skytrain, office buildings, supermarkets, many restaurants and various shopping centres.
The eight-storey building occupying 220 square wah (880 square metres) of land will offer 59 units with one or two bedrooms for rent.
The company’s market research confirmed demand and showed that the rental apartment market is healthy, particularly for the highest quality buildings. This has meant that new projects could find tenants and not many vacant apartments are available. The average occupancy rate is presently 91 per cent.
There is good potential in the market for a good apartment project in a good location. The apartment segment has been the most stable of all property sectors, with occupancy rates of 87-93 per cent since 2000.
The research studies found 11,899 apartments at the end of the second quarter, of which 60 per cent or 7,139 were in the Sukhumvit area, followed by Silom/Sathorn at 18 per cent and Central Lumpini at 16 per cent. Three-bedroom apartments represented 43 per cent of the total units, while two-bedroom apartments were 30 per cent and one-bedrooms were 12 per cent.
Prime@2 is a renovation of an old building whose design and function wer out of date. The one-bedrooms were spacious, the smallest being 84 square metres, while the two-bedrooms started at 90sqm.
The company has applied the research results to develop apartments that are differentiated from competitors.
Unlike other apartments that cater to foreign families, Prime@2 is aimed at singles and couples with long stays in the heart of the city.
Bangkok Prime Estate has configured its pioneer project to serve single residents. One-bedrooms covering 30, 35, 40, 46 and 50 square metres are available for rent starting at Bt18,000 per month, while one+one-bedrooms and two-bedrooms covering 50-60sqm are available from Bt40,000 per month.
After this pioneer project, |there will be more in the pipeline, Tanavat said.
