Over 100 units in first condo snapped up in show of confidence
- Singapore investor snaps up 100-plus ‘Whizdom Connect Sukhumvit’ residences in the ideal mixed-use ‘Whizdom 101’ for resale in 5 countries
- Reinforcing success of mixed-use development under ‘The Great Good Place’ concept for first time in Thailand, sales of first condo to be quickly closed by the end of this year with sales of second one slated to begin early next year
Bangkok (14 December 2015) – MQDC Magnolia Quality Development Corporation, one of Thailand’s top quality property developers as owner and developer of Whizdom-branded quality residential and mixed-use developments today announced progress on Whizdom 101, the innovative mixed-use development that is destined to be a new landmark on Sukhumvit Road. According to MQDC, the project is going ahead as planned and has received a better-than-expected response from target customers. In a recent development, a foreign investor has bought more than 100 residences in the project’s first residential building. As a result, the company has sold more than 90% of the residences.
Mr. Suttha Ruengchaipaiboon, Executive Vice President of MQDC, said, “Whizdom 101 has received a better-than-expected customer response and is of great interest to prospective customers in general and investors. It is evident that after we announced a grand rollout of the project in July when the new concept of ‘The Great Good Place’ was introduced for the first time in Thailand to mixed-use development resulting in the perfect mix of residence, work place and resting space for social activities, it sparked a sharp increase in sales of ‘Whizdom Connect Sukhumvit’ which is a residential building with 673 units and is the first building at Whizdom 101 whose launch was announced shortly before the rollout of Whizdom 101. To date, over 90% of Whizdom Connect Sukhumbit has been sold, 80% of which to Thai customers and 20% to foreign buyers. Only the last 30 residences remain unsold. We expect to close sales of the first building before the end of this year and have plans to kick off sales of the second building at Whizdom 101 early next year.”
Reinforcing the success of the project which targets buyers in the ASEAN Economic Community seeking world-class residences, a Singapore investor, in a show of confidence in the project’s promise, recently purchased more than 100 residences worth over Bht 530 million for resale in 5 countries: Singapore, Hong Kong, China, Taiwan and Malaysia. The Singapore investor is confident he can resell the residences before the end of this year.
“The confidence the Singapore investor has in Whizdom 101’s potential lies in its outstanding strengths and uniqueness, including our development concept of The Great Good Place that has been introduced for the first time in Thailand and has been a success in the world’s major cities, our partnership with consultants who are the world’s top experts in building a world-class project complete with residences, offices, retail spaces and one of the largest sports clubs in Thailand to be professionally managed by executives of the largest club in America, and the project as Thailand’s first integrated digital community,” Mr. Suttha said.
“What is interesting is that in Thailand’s property sector condominiums that are located in landmark mixed-use developments are enjoying continuing growth. It just shows demand of residents with more sophisticated lifestyle. It confirms our vision that property development is increasingly about delivering a lifestyle and not just buildings on a plot of land,” Mr. Suttha said.
‘Whizdom Connect Sukhumvit’ has passed an EIA review and construction is in progress with completion expected in the middle of 2018.
