MahaNakhon Goes Freehold
While construction continues, with the MahaNakhon CUBE already
completed and MahaNakhon tower expected to reach the 50th floor by
year end 2014, owners and investors in MahaNakhon have recently
received more exciting news – MahaNakhon is now available as a
freehold property.
“Since the launch of The Ritz-Carlton Residences at MahaNakhon we
have been in constant discussion with the land owners, the Roman
Catholic Mission of Bangkok, to consider freehold,” explained PACE CEO
Sorapoj Techakraisri.
“Recently that discussion has proved successful, and we are pleased
to now be offering residences on a freehold basis.”
For new buyers, this means the opportunity to own, outright, a piece of
Bangkok’s landmark development and Thailand’s tallest building.
Existing 99-year leasehold purchasers have been given the opportunity to
convert their ownership to freehold with preferential terms, and almost all
owners have chosen to change across from leasehold already.
Many international buyers including Singaporeans and Hong Kong buyers
are very familiar with leasehold purchasing, which provides a slight discount.
The long length of MahaNakhon’s 99-year lease almost comparable to
freehold mean that the development has already achieved the highest
price for a Bangkok condominium in 2013, at 480m baht for the penthouse
on the 72nd-73rd floors.
For PACE Development, the change to freehold will enable the company to
continue selling the remaining residences, and reaching a new group of
Thai investors and owners who prefer freehold, while achieving new levels
of pricing.
“One of our challenges with The Ritz-Carlton Residences has been delivering
so many new elements from hotel branded, to the tallest building, to
mixed-use,” explains Sorapoj. “Being able to offer freehold now helps
purchasers compare the development to other freehold developments of a
world-class standard in the globe’s biggest cities.”
In addition, as a result of a redesign of some of the tower’s corner
residences, PACE is also now offering a new 2-bedroom corner type
residence. Sized at 140 sq.m., the newly released residences are providing
purchasers with a new opportunity to purchase 2-bedrooms which were
previously sold out in mid 2013.
Pricing for freehold residences has now been adjusted to reflect current
market conditions, and the development remains Bangkok’s leading
luxury development.