Property developer Koon Estate and Asia International School Limited (AISL), the operator of Harrow International Schools in Asia, will accelerate the second phase of the luxury house project Hyde Park Garden to serve high demand among parents.
Nuttawat Kuvijitsuwan, executive director of Koon Estate, said the company had started planning for the new phase and intends to launch it earlier than anticipated due to the first phase’s sales exceeding expectations.
“We achieved the sale of 32 units, representing 50% of the first phase, in just six months after our launch in March 2023,” he said. “The remaining 50% will be sold out by year-end.”
He said the majority of the buyers were parents whose children were studying at Harrow International School. They also purchased units as second homes due to the proximity to the school.
Those buying one as their first home were new families with newborns planning to have their children study at the school, while some were Thai individuals who had relocated from abroad and planned to set up a family in Thailand.
“About 20% of the buyers are pure investors who aim to buy the units to rent out to parents whose children study at the school and live far from the school,” he added. “Rents can be achieved at 120,000-150,000 baht per month.”
Hyde Park Garden, a super-luxury single detached house project worth 6.5 billion baht, will be located on a 52-rai plot next to Harrow International School Bangkok in the Don Mueang area. Both the plot and the school are owned by AISL.
With a direct gate linking to the school, the project will have two phases.
Phase one on 25 rai will have 61 units, of which 32 units had been sold. The remaining units of phase one will be launched on Oct 6 with prices from 38-81 million baht on plots sized between 73-166 square wah.
Mr Nuttawat said the new phase will be on the remaining plot adjacent to the first phase. Prices will be higher than the first phase by 5-10% as construction costs are higher.
Charnwit Pasuwat, head of design development at property consultant CBRE Thailand, said Bangkok’s northern zone, particularly the Don Mueang area, had potential due to completed infrastructure, transportation and the proximity to the airport.
“With those factors, land appraisal prices in this area increased by 25% to 150,000 baht per sq w in the latest appraisal cycle for the years 2023-2026 compared to 120,000 baht in the previous cycle, while the average increase in Bangkok was 2.8%,” he said.