Photo: by Vecstock on Freepik.
In response to overwhelming demand, Koon Estate, a property developer, and Asia International School Limited (AISL), which operates Harrow International Schools in Asia, have decided to expedite the second phase of their luxury housing project, Hyde Park Garden.
Nuttawat Kuvijitsuwan, Koon Estate’s executive director, revealed that planning for the new phase has commenced earlier than initially planned, driven by the impressive sales performance of the first phase.
“Within six months from our launch in March 2023, we sold 32 units, which accounts for 50% of the first phase. “We anticipate that the remaining 50% will be sold by the end of the year.”
Nuttawat explained that the majority of the home buyers are parents with children attending Harrow International School. These parents see the houses as optimal second homes due to their convenient proximity to the school.
New families aiming to enroll their newborns in the school and Thais who have returned from overseas and plan to establish families in Thailand are the primary buyers of these properties as primary residences.
“About 20% of these buyers are pure investors, intending to lease the units to parents whose children are studying at the school and live far away. These houses can yield monthly rents ranging from 120,000 to 150,000 baht.”
Hyde Park Garden
Hyde Park Garden, an ultra-luxury detached single-house project valued at 6.5 billion baht, will occupy a 52-rai plot adjacent to Harrow International School Bangkok in the Don Mueang area. Both the plot and the school are owned by AISL. The project, which includes a direct gate to the school, will be executed in two phases, reported Bangkok Post.
Phase one, which spans 25 rai, comprises 61 units, with 32 units already sold. The remaining units from phase one will be launched on October 6, with prices ranging from 38 million to 81 million baht for plots sized between 73 and 166 square feet.
Nuttawat disclosed that the new phase will be situated on the remaining plot next to the first phase. Prices for the second phase will be 5-10% higher than the first phase due to increasing construction costs.
Charnwit Pasuwat, head of design development at property consultancy CBRE Thailand, noted that Bangkok’s northern zone, specifically the Don Mueang area, has potential due to its well-developed infrastructure, transport links, and proximity to the airport.
“With these factors, land appraisal prices in this area rose by 25% to 150,000 baht per sq wah (one wah equals 2 metres) in the latest appraisal cycle for the years 2023-2026, compared to 120,000 baht in the previous cycle. In contrast, the average increase in Bangkok was a mere 2.8%.”
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