New lease of life for Four Seasons Private Residences in Bangkok
New lease of life for Four Seasons Private Residences in Bangkok
Prices for the ultra-luxury riverside project will hit USD8,600 per sqm
Thai real estate developer Country Group Development, the development and investment arm of Country Group announced that it has secured financing for the Four Seasons Private Residences Bangkok at Chao Phraya River, a luxury mixed-used development on the Chao Phraya Estate.
The project is to be a joint venture between Country Group Development and BCEG Thai International Co., with financial backing from China’s Ping An Bank.
“Country Group Development is pleased to announce this financing agreement with such a well respected financial institution,”said CEO and director of Country Group Development, Ben Taechaubol. “The structure aligns perfectly with our business targets as we move ahead with the construction of all three phases of the Chao Phraya Estate. We are confident that our unique combination of Four Seasons Private Residences, Four Seasons Hotel and Capella Hotel will set a new quality benchmark for mixed use developments globally.”
The agreement will raise up to USD375 million to ensure the successful completion of the Chao Phraya Estate to the highest specifications.
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The private residences will upon completion in Q4 2018 sit within a 73 storey tower, positioned so all unit views are unobstructed — a unique feature for Bangkok, Taechaubol explained. “It has a terrific 360-degree view, and what’s really special is that every single unit is a corner unit, so every room has a corner view rather than just a single aspect.”
Amenities that will set the project apart include a residents-only Four Seasons triplex club on the 64, 65 and 66 floor. But what will really distinguish the development, says Taechaubol, is the interpretation of the mixed use project.
“For us, how we define waterfront living at its finest, is to combine Thai hospitality with the best brand in the world. It’s fair to say the Four Seasons are the pioneer of branded residences. They started it 30 years ago globally, but this would be the first waterfront one in Asia. It’s also the largest one in the world,” he added.
Prices for the ultra-luxury private residences will average THB300,000 (USD8,600) per square metre.
China Ping An Group was formed in 1988 and has since diversified to cover all areas of the financial sector and banking. It is listed on the Shanghai Stock Exchange main board as well as the Stock Exchange of Hong Kong. As of December 31, 2015, China Ping An Group’s total assets amounted to 4.77 trillion Yuan and the company ranked No.32 on the Forbes list.
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Source: Property Report