Following its sell-out success of The Line Chatujak-Morchit, where it closed sales of 841 units in three countries within the space of a single day, Thailand property developer Sansiri will be aiming to go one better next month with the launch of The Line Sukhumvit 71.
In what will be the second Bangkok condominium project under its joint-venture company with the BTS Group, the prolific developer will launch pre-sales of the 28-storey, 291 unit project during a global launch in Hong Kong, Singapore and, for the first time for the company, Taiwan, on August 1 and August 2. Pre-sales, which begin at THB 4 million, will start in Bangkok the following weekend.
Several Thai developers have recently showcased their Bangkok projects in Taiwan as the market for foreign property buyers widens.
The Line Sukhumvit 71 will be located 400 metres from the mass-transit network at Pra khanong BTS station, and all units will be fully-furnished. The value of the project has been appraised at THB 2 billion.
Uthai Uthaisangsuk, Senior Executive Vice President of Business Development and Project Development Division (High Rise), said: “The Sukhumvit 71 location, known as Pha Khanong, has long been a community in the heart of the city on inner Sukhumvit road, and is another prospective location that is accommodating the expansion of the core zone like Thonglor and Ekkamai that are centers of business, commerce, and entertainment.”
He added that rental rates in the area had risen 13 percent within two years, reaching THB 492 baht per sqm per month, or approximately THB 17,000 to THB 21,000 per month for one-bedroom suite. This equates to average returns of between 5 percent and 6 percent, he added.
“It’s a location that has garnered interest from both Thais and foreigners as a residential area,” he concluded.
Three different unit models will be offered with living spaces starting at 29.75 sqm, up to a two-bedroom two-bathroom unit of 62.75 sqm.
Sansiri and BTS group are preparing to launch another 25 condominiums along Bangkok’s mass transit system under the joint venture company within the next five years. Four ‘The Line’ projects are set for H2 2015; The Line Sukhumvit 71, The Line Wongsawang, The Line Phaholyothin Park and The Line Petchburi 18.
Sansiri will also launch one addition condominium in the centre of Bangkok valued at approximately THB 20 billion.
