Eight years after its 2008 launch, the Rose Garden condominium complex in Koh Pich will add an additional 30 new villas in its fifth and final expansive phase which is on track to be completed in late 2017.
According to Heng Morabich, a real estate sales representative at Rose Garden, the initial plan for the expansion phase was to construct a second condominium, but market forces resulted in a change of strategy.
“There are already many tall buildings in Koh Pich, and we have a lot of land left, so we decided to change the plan to build new villas instead,” he said.
Maxem Property managing director Saraboth Ea is intrigued by the plan, describing it as “not a bad strategy” for the residential condominium complex considering the area is already awash with condominiums.
The new villas will measure about 14 x 22 metres and are expected to start from $900,000, depending on the size and structure of the villa.
Morabich claimed that all, except three of the villas, have been sold.
However, some are speculating the decision to construct additional villas could play a part in fueling concerns surrounding a looming property bubble.
“[In] 2018, [there are] probably going to be close to 20,000 condo units and a lot of those are going to be in that area,” Ea said.
“If there isn’t something to pull people, to attract people to that area, then I’m afraid there are going to be a lot of empty units in that area.
“So what I think the area needs is more commercial businesses, besides AEON. There should be other commercial businesses and other types of attractions to get people to actually come in and take up residence there.”
Rose Garden Condominium has 360 units and suites, and an “occupancy rate of 80 per cent”, according to Morabich.
However, Ea is skeptical of the figure.
“If you’re talking about actual occupancy as in people living there, it’s probably [more like] between 65-75 per cent,” he said.
“Not far off from 80 per cent, but I say it’s not quite 80 per cent.”
Regardless of that, Saraboth believes the Rose Garden Condominiums is a “worthy residential property”, mainly due to its proximity to Diamond Island and BKK 1.
“I think location and convenience, in terms of where it’s at make it attractive. I think that’s the main reason why people bought into that investment when it first came online.”