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Bangkok, June 02, 2011:

Thai listed developer Noble Development has launched its latest residential Bangkok condominium development, worth almost THB14 billion (US$462.35 million), in the bustling area of Ploenchit in downtown Bangkok. The project is expected to appeal to Thai buyers looking for a home in the city or to investors.

The Noble Ploenchit project will be located close to Ploenchit BTS on a 9-rai land plot, of which six rai was acquired from Raimon Land last year for the record price of THB1.2 million (US$39,630) per square wah, and another three rai was purchased from the Juengrungruangkij family.

"The plot is one of the most prime locations in Bangkok as there are no condominiums in this area, and it neighbors areas such as Siam Square and Chidlom," said Thongchai Busarapan, Noble Development's managing director.

According to Thongchai, the project will consist of four buildings comprising three residential buildings of 50, 45, and 14 storeys, totalling 1,442 units, as well as one three storey office building.

"A condominium project with over 1,400 units may sound a lot but when compared to our plot size, the ratio is not high at all," said Thongchai.

The residential units will be available in four different configurations including one, two, three bedroom units and penthouses with private swimming pools. The sizes range from 40 sqm to over 200 sqm. Prices start from THB5.9 million (US$194,850) or THB148,000 (US$4,890) per sqm.

"Each unit at Noble Ploenchit will have a private lift access. This will be the first time in Thailand that a condominium will have this kind of facility as in the past only penthouses would have such privacy," he added.

The project will introduce the new environmentally friendly and energy saving cooling system 'Central water cooled system', which eliminates the use of an air conditioning compressor. It will also dedicate 4 of its 9 rais land plot for gardens and green space within the development.

The construction, valued at almost THB9 billion (US$297.2) in total, will start in June next year and will be slated for completion in 2016.

Noble Development chairman and chief executive officer Kitti Thanakitamnuay said the Ploenchit area will become a 'Vertical Garden City', the new city centre where important commercial and hotel facilities will be located.

"Once the Park Venture building is completed this year, and the Central Embassy shopping centre and 6 star hotels such as the Park Hyatt Hotel Bangkok and The Okura Prestige Hotel Bangkok in the coming years, we can say that Ploenchit neighbourhood will become a world renowned new commercial district like La Defense in Paris, Canary Wharf in London, and Roppongi Hills in Tokyo," he said.

Article courtesy of Asia Property Report

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