BANGKOK, June 25, 2014 /PRNewswire/ -- 185 Rajadamri, the former address of the Royal Embassy of Cambodia in Thailand, is now the name of a distinctive residential property situated in one of Bangkok's most historical and prestigious neighborhoods.
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About to be officially opened by luxury property developer Raimon Land, the 35-storey tower offers its residents a unique view of the Royal Bangkok Sports Club and Lumpini Park. For those not familiar with the "City of Angels", living here is like enjoying the view on Central Park in New York, Hyde Park in London or the Tuileries Garden in Paris.
Located along Rajadamri Road, one of the capital's major avenues that dates back to the reign of King Chulalongkorn (1868-1910), the luxury residential property symbolizes in many aspects one of the most visible changes in recent years in Bangkok -- the city's skyline.
Following in the steps of other world capitals in Europe, North America and, more recently, in Asia, Bangkok has seen dozens of residential condominiums, high-rise office buildings and commercial centers modify the city's traditional landscape. This transformation is due to the country's economic boom over the past 25 years, which in return has had a huge impact on the real estate market. Like in New York, London, Paris, Shanghai or Singapore, affluent Bangkokians prefer to live in the city center, close to their working places, or along public transportation lines.
Raimon Land was the first luxury property developer to have the flair, seven years ago, to buy the Cambodian Embassy's premises on Rajadamri Road and transform it into one of Bangkok's most sought after addresses. Johnson Tan, Raimon Land Chief Executive Officer, sees 185 Rajadamri as the capital's most exclusive address: "The premium residential sector is based on privileged yet limited locations like that of 185 Rajadamri. It has been designed as an outstanding residence of timeless legacy. Owners are not only enjoying world-class facilities and services but also the significant convenience of freehold ownership in a unique location."
Several Foreign Embassies Recently Sold Their Prime Properties
It is no surprise that foreign embassies with long-established diplomatic relations with Thailand, representing Western or neighboring countries, were located in prime locations. With property development companies hunting for the best sites in Bangkok's central business district, other foreign embassies likewise seized the opportunity to sell, attracted by capital gains and the possibility to build brand new premises or relocate to modern office buildings. Last month, a part of what was formerly the British Embassy's gardens became Central Embassy, a luxury commercial center. Not far away, the French Embassy recently sold a piece of land that housed the Alliance Française since 1912, while the current premises of the Australian Embassy are also expected to soon be on the market.
All these transactions illustrate the deep attraction for Bangkok's luxury property market. "In the city center, around Lumpini Park or along the Chao Phraya river, there is still a lot of potential in the high-end luxury segment, where demand for large-size units remains strong from both local and foreign buyers," explains Simon Dervillé, Raimon Land Deputy Vice President for Business Development.
Due to the growing demand for high-end condominium apartments, average property prices in Bangkok's luxury segment increased significantly over the past five years, from approximately EUR 3,000 per sqm in 2009 to EUR 4,100 in early 2014, representing a 37% increase. For premium locations such as 185 Rajadamri, the current price per square meter is more in the range of EUR 6,800. These figures remain much lower compared to those in Hong Kong, Singapore or Shanghai, where average luxury condominium prices can be respectively 6 times, 5 times and 3 times higher than those in Bangkok.
"This is a great time to buy the best," adds Simon Dervillé, "as Bangkok's prices in the freehold luxury segment are undervalued compared to other Asian cities. For buyers with long-term prospects, this is certainly a safe investment with a high value potential."
Although the majority of buyers are Thai nationals, there is also a strong demand from Asian and European buyers looking for premium properties, either for investment or for their own use. 185 Rajadamri is the last remaining freehold residential development along the historical Rajadamri Road. Various unit types, ranging from single-bedroom apartments to four-bedroom duplex residences, have been designed with flexibility and adaptability in mind. There are currently only 34 units out of 260 still available, at a starting price of THB 35 Million (approx. EUR 800,000). Furthermore, all 34 are available for full foreign ownership by foreign nationals.
For more information, please visit www.185rajadamri.com and www.raimonland.com.
