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Published on December 24, 2007

"We sold one of our nine penthouses at Sukhothai Residences on Sathorn Road for Bt313,000 per square metre," Benjamine Cha, who heads HKR International's Thai projects, said in a recent interview.

"The buyer is an American investment banker who is married to a Thai lady," he said, while keeping the identity of the buyer confidential. The unit sold for about Bt136 million last week.

The Hong Kong-Thai company expects its biggest penthouse unit, which measures 1,200 square metres, to break that record next year when it is placed on the block. The 6-rai Sukhothai estate is part of a 29-rai compound that houses the Sukhothai Hotel, which HKR owns and operates.

The company recently sold 88 of its 196 units at the 41-storey tower, which is valued at Bt3 billion and is expected to be completed by 2011.

Meanwhile, Raimon Land, which earlier this year sold one of its penthouses at The River project for more than Bt220,000 a square metre, is also upbeat about property prices for upscale apartments next year.

That buyer is a gems dealer, he said, with businesses in Asia and South Africa.

The River, a 13-rai project along the Chao Phya River in Thon Buri, facing the Shangri La and Oriental hotels and flanking The Peninsula, has 432 units.

Raimon Land CEO Nigel Cornick expects the company's new inner-city condominium called "185 Rajdamri" - built on the grounds of the former Cambodian Embassy - to fetch more than 300,000 a square metre when launched next year, he said.

"I would not be surprised if our penthouses fetch Bt350,000 a square metre, he added. The company bought the 4,5-rai site earlier this year.

The price of luxury apartments began scaling new heights in 2004, when Golden Land launched its Infinity project, obtaining prices beyond the Bt120,000-per-square-metre level.

Cha said the sales at Sukhothai were nevertheless "not representative of the overall Thai property market", which has been in a slump for the past two years because of oversupply and fierce competition in the low and middle segments.

Itthi C Tan

 The Nation