Wednesday, April 24, 2024
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Park85 condo to set record

The third generation of the founder of Bangkok Patana School plans to develop Park85 Residences, a low-rise condo project worth 2.4 billion baht on Sukhumvit Soi 85, with unit prices setting a record for low-rise condos.

Fiona Rodel, co-founder of Fander Helvetic Thai Ltd, the project’s developer, said sales prices of units at the project are high because it will be developed with Swiss principles, targeting those that value the best quality.

“Our family will own some of the units in the project and we aim to develop it with the best quality,” said Ms Rodel, a granddaughter of Rosamund Stuetzel, the founder of the school.

“We hope to attract neighbours who share the same values.”

Designed by architectural firm Duangrit Bunnag, or DBALP, the project plan calls for two seven-storey buildings with a total of 47 units sized from 90 square metres for a one-bedroom unit to 260 sq m for a three-bedroom type.

Unit prices start from 290,000 baht per sq m, the highest ever for low-rise condos, while the price per unit is between 27.3-78 million baht.

Andreas Rodel, co-founder of the developer, said the project is situated on a 904-sq-wah plot on Sukhumvit Soi 85, 350 m from Sukhumvit Road.

He said the plot is part of his parents’ land spanning four rai, which was bought in the 1960s to establish their residence.

According to property consultant Nexus Property Marketing Co, land prices on Sukhumvit Road in the On Nut area exceed 1 million baht per sq w.

On Sukhumvit sois in the On Nut area, they are at least 400,000 baht per sq w, said the consultancy.

Ms Rodel said the down payment for this project is set at 45% with 18 instalments for Thai buyers and 70% with four instalments for foreign buyers.

Construction is scheduled to commence in the second quarter of 2024 and be completed by the end of 2026, she said.

The project is being financed by the developer.

Ms Rodel said key features the project will apply from Swiss living include temperature-controlled private underground storage units as well as a wine and whisky cellar that can store 47 bottles per locker.

The Velopa AG bicycle parking system will be imported from Switzerland, while underground vintage car parking spaces are planned, she said.

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