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Property developer Magnolia exploring China, India markets

Aug 14. 2019
Thippaporn Ahriyavraromp
Thippaporn Ahriyavraromp
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By Somluck Srimalee
The Nation

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Magnolia Quality Development Corporation (MQDC) Ltd is looking at the possibility of expanding its investments in the property sector in China and India, as it see business potential in both countries.

The company’s chairman of the executive committee, Thippaporn Ahriyavraromp, told The Nation after the opening ceremony of Residences Mandarin Oriental, Bangkok on Wednesday,

“We have our business to develop residential property in China; we are looking at investments to develop commercial buildings and business in China as soon as possible,” she said.

She added that the company also is studying expanding investments in India where it sees tremendous potential as the country has a young population. The company wants to explore residential and commercial property.

Meanwhile, luxury project Residences at Mandarin Oriental, developed by The Iconsiam Superlux Residence Co Ltd, in which MQDC is partnering Iconsiam, had its grand opening on Wednesday. The project worth Bt11 billion has been completed and will be transferred to its customers during the rest of this year.

The project has a total of 146 units of which 85 per cent have already been sold, Thippaporn said.

 

Interior design of The ICONSIAM Residence

MQDC’s president for the property and service business group, Keerin Chutumstid, said the project now has only two-bedroom duplex, and penthouse duplex units for sale.

The project was priced at Bt550,000 to Bt750,000 per square metre, a high price for a condo project in Bangkok.

Up to 30 per cent of its customers are foreign buyers while the rest are Thai buyers, Keerin said.

The Residences at Mandarin Oriental, Bangkok comprises 146 of what the company calls “the world’s most luxurious waterfront residences”, with two- or three-bedroom options ranging in size from 130sqm to 230sqm, and penthouses ranging from 380sqm to 710sqm. Offering private lift access, 3.2-metre high ceilings and common areas that are approximately three times larger per unit than many other prestigious apartments in Bangkok, the development has set a new standard in luxury living, Keerin said. 

Among the unique benefits owners can avail of are exclusive invitation to Mandarin Oriental's Residence Elite Programme, 24-hour residence concierge service all days of the week, worldwide privileges when staying at any Mandarin Oriental hotel and VIP treatment when shopping at neighbouring Iconsiam retail outlets.

Keerin said the Iconsiam Superlux Residence Corporation Ltd and Mandarin Oriental Hotel Group have formed a partnership that has delivered an exceptional result. “Since this project began, we have strived to create residences that act as a beacon for Thailand on the global stage; a residence that showcases architectural, technological and design features of the finest quality. With exclusivity and status to rival the most sought-after developments around the globe, it is no surprise that only a limited number of residential units currently remain available to prospective purchasers.”

Externally, the 52-storey architectural façade’s graceful lines allude to the classic flourishes of Thai aesthetics, inspired by a soothing boat journey along the adjacent Chao Phraya River. Each residence enjoys uninterrupted views of the river, the city skyline and more than 1,600sqm of private gardens, making The Residences at Mandarin Oriental, Bangkok exude elegance and magnificence.

The Bt11-billion development is located in Iconsiam, the new 55-rai (20-acre), Bt54-billion riverside national landmark, which offers an unparalleled lifestyle experience with world-class dining outlets, luxury retail brands, and innovative entertainment programmes.

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