Major Development commences final inspection on MUNIQ SUKHUMVIT 23
Luxury high-rise condominium in Asoke - Sukhumvit for ownership transfer early 2020
Major Development, the leader in luxury real estate development, recently commenced final inspection of its latest project, MUNIQ Sukhumvit 23, luxury condominium on premium locations of Asoke-Sukhumvit. The firm believes that there are still a few players in the luxury condominium market while the domestic demand for condos to rent out or as the investment remains high. Thailand is also attracting foreign investment as the luxury segment in Thailand yields more profit than other countries in the region.
Dr. Suriya Poolvoralaks, Managing Director of Major Development Public Company Limited, stated that the firm had a thorough and extensive final inspection of MUNIQ SUKHUMVIT 23 with the construction company and project advisors on 9 September 2019 before signing over the project. MUNIQ SUKHUMVIT 23, which is currently 80% sold out of the total 201 units, will be ready for ownership transfer in the first phase come beginning of 2020.
The demand for luxury high-rise condominium in the CBD area is increasing gradually since 2012 compared to the other real estate segments, which are heavily affected by the rise in the land price up to 8 -15%. According to research from Colliers International Thailand finds that land price in Asoke-Sukhumvit is now highest at 2.2 million baht per square wah, which is a 12.8% increase. The rise in land price prompts real estate developers to develop more vertical residences, i.e. high-rise properties, in the luxury segment. Despite the fact that the economy slows, the luxury segment is still growing with strong purchasing power and fewer players in the market. The location in Asoke-Sukhumvit area attracts buyers with sophisticated urban lifestyle as well as foreign buyers that wish to own a property in Thailand. So far there have been only 13,650 units of high-rise luxury residences in the market between 2012 to mid-2019, while the demand is still strong.
One of the major factors contributing to the purchase decision of luxury properties is still a high investment return. As land prices in Bangkok CBD continue to increase at 10 -12% each year and rent return is 3% per year, luxury properties are still an attractive choice of real estate investment. Moreover, the development approaches and designs of each individual project can cater to the needs and wants of buyers’ urban lifestyle. Luxury high-rise condominiums are decent choices for those looking for a seamless, sophisticated lifestyle. And to be able to cater that to the buyers, developers need to grasp a good understanding of the high-rise condominium target group, which narrows key players in the segment to a very able few. Location wise, Asoke-Sukhumvit is likely to maintain increasing value and attractive investment return. If the owners decide to rent out their units, their tenants are assured of quality neighbors which makes rent return even more promising, making luxury high-rise condominiums a very attractive long-term investment.
“Investors should look to buy luxury condominiums in the CBD mid-construction, or when they have just completed and ready for ownership transfer. This way you’ll get the same level of luxury condominiums at 8-10% less, as the cost of these condominiums was calculated before the increase in land price. You get to inspect the finished property and determine the quality of the materials and the construction, which will give you more confidence whether you’re looking to live in it or rent it out in the future,” Dr. Suriya said.
MUNIQ SUKHUMVIT 23 is the pride of Major Development. Located on Bangkok’s prime location, 300 meters from Asoke BTS and 200 meters from Sukhumvit MRT, the project is surrounded by world-class shopping malls, first class office buildings, leading hospitals and top schools on Sukhumvit soi 23. Spanning 1-1-37 rai and 36 floors with 201 units, MUNIQ SUKHUMVIT 23’s value is 2,800 million baht. The project also offers The Collection, the mini penthouse of super-luxury units that only 12 units are available. Each floor of the project has a different layout to appeal to millennial buyers.
MUNIQ SUKHUMVIT 23 boasts the design concept of “LIVE AS ART” that embodies sophisticated lifestyle and art through both the interior and exterior. Cleverly designed with maximized functionality and efficiency by nationally renowned design firms such as Palmer & Tuner for architectural design, J&H BOIFFILS for interior design and SHMA for landscape, MUNIQ SUKHUMVIT 23 captivates with unique Mondrian Art aesthetic that incorporates minimal touch with premium materials to achieve understated luxury and harmony.
MUNIQ SUKHUMVIT 23 is currently 80% sold. After the final inspection in September, the property will be ready for ownership transfer at the beginning of 2020. For more information, please visit www.mjd.co.th/muniq/sukhumvit23 or call1266.
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