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NVD connects with Christie's for condos

Kittsanan Kittamaytrapemadej, senior executive vice president of corporate development group, Nirvana Daii Plc (left) and Tim Skevington, managing director of Richmont's, the Bangkok affiliate of Christie's International Real Estate. *No photo credit*

SET-listed developer Nirvana Daii (NVD) has partnered with Christie's International Real Estate, a property arm of Christie's auction house, to sell 50 remaining units together worth 2.4 billion baht at luxury condo Banyan Tree Residences Riverside Bangkok.

Kittsanan Kittamaytrapemadej, NVD's senior executive vice-president of corporate development, said Christie's global network will boost sales at the project from 60% of units sold to 80% by the end of the year.

Yesterday NVD signed a six-month contract with Christie's, which will be the sole agent for the remaining units at Banyan Tree Residences Riverside Bangkok, a 45-storey luxury condo worth 6 billion baht.

Completed in the first quarter this year, the project has a total of 133 units. The 50 remaining units are sized from 70 square metres and priced 350,000 baht per sq m on average, or 23-300 million baht a unit.

Tim Skevington, managing director of Richmont's, the Bangkok affiliate of Christie's International Real Estate, said Christie's will promote the project through five roadshows in four countries.

The roadshows will be held in Shanghai in September, Singapore and Sweden in October and Hong Kong and Tokyo in November. Sales for the project are expected to be closed by the end of the year.

"Riverside is a new market," said Mr Skevington. "The project will tap both people who want to live there who love the riverside lifestyle and investment buyers seeking capital gains."

The project is the first development project in Thailand where Christie's is the sole agent. Christie's entered the real estate agent business two years ago and represents four projects in Sardinia, Hawaii, Kyoto and Yangon.

The project will launch on Aug 3, where Christie's will partner with luxury brands including Hermes, Cortina, Patek Philippe, Rolls-Royce and Maserati to display their items.

"Around 100 high net worth individuals have been invited to join the event," said Mr Skevington.

"This segment is not affected by the market cycle nor a slowdown. They are just waiting for the right product to buy."

In the second half of the year, Mr Kittsanan said NVD will launch seven new projects worth a combined 10 billion baht and expects to have 5 billion in presales by the end of the year.

The two new projects include condos in the Pracha Chuen area and on Sukhumvit Road. The remaining five will be single houses and townhouses, with one of them in the super luxury segment.

NVD shares closed yesterday on the Stock Exchange of Thailand at 2.86 baht, down four satang, in trade worth 226,940 baht.

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