Issue 10 | Feature brought to you by Downtown 49
Downtown 49 sees a resurgence in interest.
Bangkok’s Sukhumvit Soi 49 has been gaining interest in recent years among both Thais and expatriates, looking for lower priced yet convenient living in Bangkok. Andrew Batt, Group Editor of Dot Property Group, talked to Khun Phankid Laohachai, the Managing Director from the Downtown 49 development, which is seeing a significant resurgence in interest.
Khun Kid: Please allow me to explain the details of the project. It covers the area of almost 2 rai, with a common area that includes a swimming pool, fitness facilities, lockers, a shower room and public garden. All these are only for residents of the 128 units. The project consists of two, eight-storey residential buildings. There are many room sizes to choose, starting from one-bedroom with space of 34 sqm up to units with 141 sqm.
The price starts from THB 111,900 per sqm but now we have a special offer for several units which will start at THB 99,000 per sqm for units with prices starting at THB 3 million. Compared with other projects in the same area, our project has better pricing.
The highlight of our duplex rooms are the ceilings are as high as up to 5 meters. You can have more space at the same price. So when you compare our project with others in Sukhumvit Soi 49, average prices are in the range of THB 160,000 per sqm while our average prices are only THB 130,000 per sqm.
AB: What company owns this project?
Khun Kid: The project has been launched by Maryland Co., Ltd, an affiliate of Orchid Group. We have more than 30 years of experience in real estate. Our key achievements include Orchid Villa on Lat Phrao Road, Ramindra Expressway and Bangna–Trat, all of which are single houses – and we have built more than 1,000 units to date.
AB: Who are your customers? What countries are they from?
Khun Kid: Our customers are both Thai and foreigners. This area is familiar for Japanese expat families because it is surrounded by Japanese Town. There are Japanese restaurants and shops, as well as the Thai-Japanese Association School on Rama 9 Road Soi 17 where Japanese is taught. The most favourite locations for Japanese in Bangkok are the odd numbered sois, such as between Soi 21 – Soi Thonglor 55.
AB: Do the Japanese tend to rent or buy?
Khun Kid: Currently Japanese people come to invest in Thailand, including the millionaires, middle classes and business professionals. The word “expat” is short for “expatriate”. It means someone who lives in a country that is not their own country. They are usually sent from headquarters back home. Serviced apartments that Japanese rent have average rentals of around THB 900 per sqm per month.
AB: What is the rental rate here?
Khun Kid: Rate ranges from THB 800 to THB 1,000 per sqm, so if you lease a unit at 700 baht per sqm the return is 7 percent per year.
AB: What facilities do you offer at the common areas?
Khun Kid: The facilities include a salt water swimming pool which is suitable for delicate skin, especially children teenage girls who can be allergic to chlorine. We also have a fitness centre at the rooftop garden and a golf putting range.
AB: What percentage of cars can be parked?
Khun Kid: For all 128 units a total of 95 cars can be parked, 34 of the parking space are fixed, so in total it’s 75 percent which is very high. We also provide two stories of underground parking which is a lot more expensive than parking above ground.
AB: What types of room do you have now?
Khun Kid: We have 25 room types ranging from one-bedroom units in four designs with areas of between 33 sqm and 46 sqm, up to three-bedroom units with 104 sqm of space. The highlights are the duplex rooms (two- and three-bedrooms) in Building A. There are only six rooms on floor 2-3/ 4-5. Our duplex rooms have five-metre high ceilings. You pay THB 10 million for 80 sqm or THB 130,000 per sqm. The two-bedroom units offer more space starting from between 100 sqm and 140 sqm.
AB: What is the difference between the left and right side?
Khun Kid: Looking from the front of the project, the left side is Building A. Building A has fewer units. It also has a rooftop garden. Building B is an L-shaped building surrounding a swimming pool and golf putting range. Each building has two elevators.
AB: I understand the project was delayed?
Khun Kid: That’s because our first contractor was behind schedule so we use a new contractor. There was a period of time when we had to wait for the transition. That’s why it is delayed from the estimated completion date in December 2013. We sent letters to our customers and only a few wanted a refund. The rest are still with us.
AB: Who is living around the project?
Khun Kid: One is a two-storey house and the other is the Embassy of Peru. They are not high buildings, so there is no issue of blocking views and wind from our project.
AB: What are the standard furniture and utilities within the rooms?
Khun Kid: We have both standard rooms and fully-furnished rooms ready to move in. Standard utilities include a built-in kitchen, bathroom with sanitary ware by Kohler and singlemold sink by Bathroom Design, air conditioners in every room by Trane and strong, fire-resistant and sound-proof Tan Brick walls. We have five fully-furnished room with utensils like dishes and forks so you can literally move in with just a handbag.
AB: Who is the architect? Who did the construction?
Khun Kid: The buildings were designed by amA Design Studio Co., Ltd and constructed by D.K.J. Construction Co., Ltd.
AB: Will the project owner take care of rooms with defects?
Khun Kid: All defects will be taken care of. We will have an appointment with the customer to check the room twice before delivery.