NewswireToday - /newswire/ -
Bangkok, Sathorn, Thailand, 2007/04/12 - The Infinity, Golden Landís ultra-luxury condominium project near Sathorn Road, is 100% sold out, with purchasers paying some of the highest prices ever recorded for a condominium in Thailand.
The Infinity was launched in 2005 by Golden Land Property Development PLC and is the first of a new wave of Bangkok luxury condominiums. The project has a prime location in Sathorn and has attracted both Thai and foreign purchasers who were willing to pay up to 159,000 baht per square metre for the luxurious two and three bedroom units.
ďThe Infinity has been a great success, and was 100% sold out before the end of 2006,Ē said William Wilfong, Golden Landís Chief Executive Officer. ďSelling the first half of a condominium is the easy part, but the first 75% of unit sales are just to recover costs Ė the developerís profit comes from selling the last 25%.Ē He added that The Infinity should contribute roughly one billion baht in pre-tax profits for Golden Land over the construction period.
Some Infinity units have already transacted on the secondary market at profits of up to 5 million baht for the original buyers.
Mr Wilfong explained that key factors in The Infinityís success were its outstanding location, directly adjacent to the Chong Nonsi Skytrain station, together with the surrounding amenities, luxurious fittings, and Golden Landís reputation for quality developments.
ďThe Infinity has taken its place on the skyline of one of Bangkokís most prestigious neighbourhoods, and it will be top of the market in terms of design, finishes and features. We have introduced a standard of quality that had not been seen in the condominium market before,Ē added Mr Wilfong.
The Infinity is on schedule for handover to buyers by the middle of next year.
Mr Wilfong, who has worked in Southeast Asia for 15 years, believes Golden Landís success is based on spotting trends ahead of the market and providing top-quality projects that are attractive to upscale buyers.
ďWe have been successful in anticipating the future needs of our customers, and at The Infinity we have created an urban counterpart equivalent in quality to our successful luxury housing projects around Bangkok,Ē he said.