Ratchadamri condo sets sales record at B161,654 per sq m

A 266-square-metre unit in the Baan Ratchadamri Condominium has been sold for 43 million baht, or 161,654 baht per square metre, setting a record for residential condominium prices in Bangkok. ''It's the highest price per square metre paid for any completed condominium unit in Bangkok that we know of,'' James Pitchon, executive director of the property consultancy CB Richard Ellis (Thailand) Co, said after the sale closed yesterday.''Despite the large number of new grade-A condominium projects recently announced, we continue to see strong demand for the best quality buildings in the right locations,'' he said.

According to Mr Pitchon, the location of Baan Ratchadamri, an exclusive 34-unit residence on Ratchadamri Road, gave it a unique advantage.

As well as being located in the heart of Bangkok at Ratchadamri and Sarasin roads, every unit has a view of Lumphini Park or the Royal Bangkok Sports Club.

The location, where there is a very limited supply of freehold sites remaining for development, combined with the fact that there were so few units, were positive factors, he said.

Baan Ratchadamri management said the transaction prices of individual units had increased from around 30 million baht two years ago, while high-floor units were now commanding rents of between 180,000 and 200,000 baht per month.
Baan Ratchadamri was developed by SET-listed Sansiri Plc. It was completed in early 2005 with 34 units of 266 square metres and two penthouses of 416 square metres each.