KS Fortune taps serviced apartments

Narathiwas kitchen and dining area

Narathiwas kitchen and dining area

The property firm KS Fortune Co has invested more than one billion baht to offer Narathiwas Residence, a large-scale serviced apartment building in Bangkok.

The company earlier bought two 27-storey towers of the Bell Park Condominium in Soi Narathiwas 24, off Sathon Road, and created 326 apartments targeting corporate customers.

Krit Pothisoonthorn, the project’s assistant general manager, said the buildings had about 50% occupancy five months after their opening. The company targets 60% occupancy at the end of this year and 80% next year.

Its monthly room rates range between 31,000 baht for the smallest 42-square-metre room to 140,000 baht for a penthouse. The company now can offer only a 30-day minium stay to customers as it has not yet received a hotel licence.

Narathiwas Residence plans to revise its rates again but they could go up or down. “We have to see the market again. When we started that project, there was only one main competitor but now there are more players,” he said.

We want our customers to feel like they are staying at homeAbout 70-75% of its customers are from US and European corporations with expats working in Thailand. It also wants to tap Japanese firms.

The company’s research found strong demand in the area but it wanted to differentiate its product from others. As a result, KS Fortune has focused on modern decoration in a resort style, with kitchen equipment and all the electrical appliances needed for a family.

“We want our customers to feel like they are staying at home so we have never said ‘no’ to any requests since the opening,” said Mr Krit.

KS Fortune has operated an apartment business for over a decade. It has two earlier projects, with more than 500 rooms: Nonsee Residence in Chong Nonsee, Rama III, and Pracha Chuen Residence in the Pracha Chuen area. It is now planning to develop a hotel that would take three years to complete.

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Nina Suebsukcharoen Nina Suebsukcharoen
Nina Suebsukcharoen is a senior journalist with The Bangkok Post, Thailand's first English language newspaper and specialises in the property and real estate sector.
Other posts by Nina Suebsukcharoen ( 19 )
Website: http://www.bangkokpost.com/

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