Thai market has Porsche design apartment worth 270 million reais | Businesses

The Porsche Design Tower Bangkok, scheduled for completion in 2028, will be Porsche’s first luxury condominium in Asia, following projects in Stuttgart, Germany, and Miami, Florida (USA).

A Porsche co-ownership showroom opened last month in Bangkok. Visitors can see the interiors of the apartments, the outdoor swimming pool and the private garage. A large screen simulates the view of the finished units.

“This is a condominium that we do not treat as a commodity,” said Chanond Ruangkritya, general manager of Ananda, the company responsible for the project.

The 22 units start at US$15 million (Reais 81 million), with the most expensive being US$50 million, making it the most expensive condominium in Thailand’s history. Bangkok was chosen over other potential sites for the project, including Tokyo and Shanghai.

Reservations began in September and contracts for five units have already been signed. There is strong interest from business owners and Porsche enthusiasts, according to Chanond, himself a Porsche collector.

Ananda is thinking about his next project after Bangkok.

“We want to build a branded development in Tokyo. If it is in Tokyo, it will be a hotel with residential units. We will work with a large fund as a financial partner,” the CEO said.

the next project by the middle of next year.

Ultra-luxury condominiums are booming in Thailand. French company Baccarat is developing a residential project of just four units, with prices starting at US$27.6 million. Local companies such as Sansiri, AP and Origin Property are also venturing into the luxury segment.

Thailand’s high level of household debt has led to stricter criteria for providing property finance to buyers of mid-to-low tier properties. But real estate investments by wealthy individuals and international investors – particularly wealthy foreigners – are on the rise.