Siam Sindhorn Co, a prominent property developer in Bangkok, is concentrating its efforts on selling the final 47 units of its branded residence project within the mixed-use Sindhorn Village development. The company aims to complete sales by mid-2025 before embarking on a new mixed-use project in a prime location.
Leasehold Concept Gains Traction
Buyers Embrace Wealth Management Strategy
The company’s deputy managing director, Serbpong Kiattivisanchai, notes that luxury property buyers now better understand the leasehold ownership concept. This shift in perception has made selling the remaining condo units easier, as buyers recognize the potential for better wealth management through leasehold properties in prime inner-city locations.
Flexible Leasehold Options
30-Year and 60-Year Contracts Available
Siam Sindhorn has introduced a 60-year leasehold option alongside the existing 30-year option. The price difference between these options is approximately 30%, with half of new customers opting for the longer-term lease. This flexibility caters to diverse buyer preferences and investment strategies.
The Residences at Sindhorn Kempinski Hotel Bangkok
Luxurious Units with Premium Pricing
The remaining 47 units are part of The Residences at Sindhorn Kempinski Hotel Bangkok. These units range from 140 to over 200 square meters, with prices averaging 280,000 baht per square meter for 30-year leases and 400,000 baht per square meter for 60-year leases.
Strong Performance Across Portfolio
High Occupancy Rates and Diverse Clientele
Sindhorn Village’s three five-star hotels have achieved an average occupancy rate of 80%, with nightly rates between $200-300. The development’s success extends to its condo projects, which reached the break-even point early last year. The majority of hotel guests are international, while condo buyers are predominantly Thai.
Future Development Plans
New Mixed-Use Project on the Horizon
Upon completing sales of the remaining units, Siam Sindhorn plans to initiate a new mixed-use development in a prime location. Potential sites include an 18.3-rai plot on Ploenchit Road and a 6.5-rai beachfront plot in Hua Hin, both owned by the Crown Property Bureau.
