Italthai launches Oriental Residence under TCA management

Italthai has announced the launch of its exclusive residential project, Oriental Residence, on Wireless Road. Due to be completed by the end of 2010, the project will offer a new dimension to the area with a 32-storey condominium overlooking the Amercan and Dutch Embassies.

About 40 percent of the 44 condominium units have already been sold. The project, developed by Thai Contractors Asset (TCA), is founded by active members of the Thai Contractors Association made up of some of Thailand´s largest construction firms, including Nawarat Patanakarn Plc, Christiani Plc, CH. Karnchang Plc and Italian-Thai Development Plc, among others.

TCA managing director Valaithip Charanachitta (pictured left) said the new joint-venture company would manage the property, which is to be built on a plot of land formerly leased from the Crown Property Bureau by the Thai Contractors Association´s former offices. When the association´s lease ended in 2008, TCA was set up to take over and manage the land for the Oriental Residence project.

TCA´s major shareholder is the Italthai Group with an 80 percent stake in the management company.

Italthai“It is the heritage of the Oriental name which our family would like to preserve and nurture,” said Valaithip. “As a result both the name and logo – as well as business principles and service – will be transferred to the new property.”

The landmark tower will be home to 145 units of serviced apartments on its 6th to 21st floors, and 44 condominium units in the upper part of the building, from the 22th to 31st floor.

Condominium configurations include 13 one-bedroom (56-67sqm); 27 two-bedroom (81-128sqm) and 1 three-bedroom (190sqm) units, as well as three penthouses (201 – 296sqm).

There will also be an exclusive deck and swimming pool on 32nd floor for residents of the condominium in addition to facilities on the ground floor up to 5th for residents of the serviced apartments, including a swimming pool, café & restaurants, business centre, residential lounge, library, conference room, fitness centre, sky garden and spa.

Parking lots will be available in the four-storey basement with parking capacity for over 200 vehicles.

Construction started in 2008 and is now in progress. It is estimated to be completed by the end of 2010 and will be ready to move in by early 2011.

“An exclusive soft launch was recently held for VIPs invited to the project’s preview. It received a good sales response with about 40 percent of the 44 condominium units sold,” said Worachit Chalermchaichana, general manager of TCA. “We expect to sell 80 percent of units by the end of this year, and another 20 percent upon completion.

Prices for the condominium units start from Bt160,000 per sqm.

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