The sumptuous Oriental Residence lies on Wireless Road, an address of unparalleled prestige in Bangkok. This modern 32-storey architectural masterpiece, enriched with history, consists of serviced apartments integrated with 44 exclusive leasehold serviced condominium units. The Residence nestles on 2-0-47 rai of land adjacent to the American and the Dutch embassies’ gardens. Benefiting from its privileged location, the project thus enjoys the best views of the city’s main green areas: leafy Wireless Road, Lumpini Park, and the Royal Bangkok Sports Club.
The exclusive condominium units are located on the 22nd -31st floors and include 1-3 bedroom units and penthouse - duplexes units. The facilities feature a gymnasium, library and an executive lounge locating on the top of the tree level. On the 32nd floor, an infinity-edge swimming pool and rooftop garden are there for the residents to exclusively enjoy while indulging in the beauty of the city skyline. Another swimming pool is to be found on the 5th floor where the residents will enjoy the sense of tranquility that comes with the spectacular view of treetops.
The unique touches and legendary service will also be found as the doors of the Residence swing open, with quality services provided by a team of professionals trained by the world-famous hotel.
All this will undoubtedly imbue residents with a quintessentially luxurious experience.
Joint venture launches first project on Wireless Road
The Nation Published on January 21, 2009
Ital-Thai and contractors' association develop Oriental Residence
Thai Contractors Asset, a joint venture between the Ital-Thai Group and the Thai Contractors Association, has introduced its first condominium and serviced apartment project on Wireless Road.
Called The Oriental Residence, it is worth Bt3.8 billion and is designed to serve the luxury demands of the market.
Half the investment budget will be borrowed from a bank, under a contract project loan worth Bt800 million with Thanachart Bank, with a minimum interest rate of between 0.5 per cent and 1 per cent.
The balance will come from the company's capital.
The project will combine 44 condominium units, offering 30-year leases, and 145 serviced apartments on 2 rai of land close to the US and Netherlands embassies.
Thai Contractors Association president Polpat Karnasuta said the project had been taken up by the association's head office, following the expiration of a lease with the Crown Property Bureau (CPB) in 2006.
"We had a long lease contract with the CPB for more than 40 years, but now this location is being developed as a central business district and our lease price had to increase. As a result we decided to offer a new deal to the CPB by developing this location for residences that will generate a return to cover this rising lease price," he said.
To support this new objective of a residential project, the association decided to establish a new company with registered capital of Bt500 million.
Ital-Thai Group is the majority shareholder with a 81.4-per-cent stake in Thai Contractors Asset. The remaining 18.6 per cent is held by other association members.
Forty per cent of the 81.4 per cent held by Ital-Thai Group is owned by Saksinprasit, which is in turn owned by Italian-Thai Development director Nijaporn Charanachitta; 20 per cent is held by Amari; 15 per cent by Italian-Thai Development; and the remaining 6.4 per cent by 3B Holding, owned by Italian-Thai Development managing director Premchai Karnasuta.
"We cannot reveal the price for this project sale now because we have to investigate the market and our sale agent's suggestions.
"But we believe the project will offer prices to meet luxury market demand," said Valaithip Charanachitta, managing director of Thai Contractors Asset.
At present, rental prices for luxury serviced apartments around Wireless Road are between Bt1,200 and Bt1,300 per square metre.
The company has signed a 33-year lease with CPB worth Bt220 million from 2007. As a result the company will offer 30-year leases to its customers - an expected 40 per cent from domestic investors and the remaining 60 per cent from foreigners.
Valaithip said the project was applying for an environmental impact assessment and a construction licence under Article 39 (2) of the Building Act.
If the Bangkok Metropolitan Administration approves the licence, the company is ready to begin construction in the first quarter.
However, the company will start presales in this month with CB Richard Ellis (Thailand) its sale agent, and expects a return on investment of between 13 and 15 per cent a year.
Price starts around 160K from 22nd flloor, as of 22-31st floors are residential and 6-21st will be service apartments. Sky park on 22nd & Swimming pool on 32nd. Discounts are available before official launch - that's what the young beautiful sales lady said
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