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New hotel/apartment to help hedge risks
KANANA KATHARANGSIPORN
Thongchai: Bangkok experience an appeal |
After switching from condominiums for sale, Noble Development Plc has launched the Tenface hotel and serviced apartments on Soi Ruam Rudi 2 in order to establish a rental-income business in the long term, says president Thongchai Busarapun.
''Real estate business has its ups and downs. With the hotel venture, we will have an asset to generate steady recurring revenue in the long run,'' he said.
The SET-listed developer expects the building to break even within eight years.
The office rental market in the Wireless Road area has continued to grow with strong demand from multinational companies, leading to demand for executive accommodation as well. However, the area has fewer than 1,000 units, according to Mr Thongchai.
Tenface occupies almost two rai on Soi Ruam Rudi 2 in the Wireless Road area. Formerly known as the Noble Ambience Ruamrudee condominium, it has 79 serviced apartments sized at 61 and 140 square metres for one and two bedrooms respectively.
Launched early this month, Tenface is expected to have an occupancy rate of 60-70% in its first year and 80% afterward.
Tenface, formerly known as the Noble Ambience Ruamrudee condominium, has 79 serviced apartments sized at 61 and 140 square metres for one and two bedrooms respectively. |
Room rates will be 3,700 to 30,000 baht a night and 60,000 to 100,000 baht a month.
At these rates, and with larger spaces than other serviced apartments and hotels in the area, the company is confident that its serviced apartment would attract guests working in the Wireless and Phloen Chit areas.
''It's not just a beautiful lobby or a nice room, but the experience of being a part of Bangkok living,'' he said.
Guests will receive a number of amenities including a BTS Skytrain card, an AIS SIM card and an iPod nano for complimentary use, into which video podcasts of must-see places and dining spots in Bangkok are loaded.
Mr Thongchai said the Thai-contemporary style design and the name Tenface were inspired by Tosakan, the 10-faced giant from the epic Ramakien, who embodied a fusion of passion and wit signified the essence of wisdom.
''He [Tosakan] is a charming giant. He is so passionate about what he wants to do,'' Mr Thongchai explained. ''This implies what the hotel offers guests _ knowledge and experiences of real Thainess and Bangkok lifestyles.''
Another attraction will be the Pipek concierge service, named for the astrologer who was Tosakan's younger brother.
The concierge will be an entertainment guru, providing information on people, cool places, parties, exhibitions and events.
For future investments in hotels, Mr Thongchai said Tenface would not be the company's hotel brand as it had a unique character.
In the third quarter of this year, Noble plans to launch three projects worth a combined 4.6 billion baht. One will be a condominium with 504 units worth 1.27 billion baht.
Another two projects would be in Pattanakarn area where it has a total of 100 rai.
The Noble Residence will have 70 land plots worth one billion baht and Noble Cube will have 409 townhomes worth 2.33 billion baht. Unit transfers will start by the end of the year.
The company expects to have three billion baht in presales by the end of the year.
NOBLE shares closed on Wednesday on the Stock Exchange of Thailand at 2.94 baht, down four satang, in trade worth 819,000 baht.
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