Formerly the site of President Apartments behind Nai Lert Park, The Address Chidlom's 4.5-rai plot is packed with history and nostalgia. In a blink, the old building is gone, torn down to make way for two condominium towers built by Asian Property.

The site is tucked inside Soi Somkid, about 400 metres from Ploenchit Road, just before you reach the Soi Chidlom junction.

Here lies what remains of the Nai Lert Park neighbourhood, once filled with beautiful big trees, fine houses and the estate of late Field Marshal P Pibulsongkram.

There are a few trees left but the bulk of its old style charm is dead.

Ushering in the changing times  is The Address Childom with its 597 luxury units.

It's smallest 38-square metre studio is selling for Bt4.1 million, or roughly Bt97,000 a square metre.

The prices are slightly lower than Park Chidlom which lies directly across the narrow soi.

But the former project does not have small units.

As such The Address Chidlom is able to tap a younger, non-family market with compact but well furnished units.

Its sales office offers mock-up show rooms for viewing. The sales staff is courteous and helpful.

Hemaraj, which is building Park Childom uses very thick glass to keep out the noise and pollution.

Likewise, The Address will employ thick glass windows, but only for units facing Klong Saen Sab, where longtail taxi boats roar loudly as they ferry passengers down the canal's dark, grim waters.

Still, where there is muck, there is plenty of money.

For the moment , the Ploenchit strip, despite severe pollution and overbuilding, is considered one of the more prime districts for well-to-do folk.

Not far from The Address Chidlom is the British Embassy, which last year sold off a third of its 28-rai freehold land for an astronomical amount. Fetching Bt950,000 a square wah, the land sale sets a record for the Kingdom.

Clearly, even as the Ploenchit-Chidlom site deteriorates under the weight of daily traffic jams and countless shopping malls for the wealthy and cash-rich tourists, the demand for expensive housing has not dried up yet for this special zone.

Otherwise, how could one explain the pricing of a studio at The Address Chidlom for Bt4.1 million?

A high-end housing expert recently explained: "The price for luxury properties [such as those in Ploenchit] has nothing to do with logic. But it has everything to do with ego."

To be sure, the need for a overly large and outlandishly expensive home escapes rationality.

When selling to the privileged classes, he said, it is more important to ensure the product has expansive views and large spaces.

Rich people don't buy to invest, they buy to impress other rich friends, the expert concluded.

Having cleared that up, homebuyers seeking value would do well to decide which side of the fence they belong: with pragmatic folk or with an exceptionally vain crowd who have unlimited spending budgets.

Itthi C Tan

The Nation