A recent land sale on Sukhumvit Soi 6, (Bangkok) has set a record at $7,500 per square meter, according to real estate agents, CB Richard Ellis Thailand (CBRE).

The price of the 4,800 square meter site in front of Jaisamarn Full Gospel Church beat the earlier record set by Central Retail Corp for a plot on Phloen Chit Road owned by the British Embassy in mid-2006.

”It’s a new era of land price adjustment. The market price in the past few years jumped by 50% due to very limited land plots in the area,” said CBRE managing director Aliwassa Pathnadabutr.

But she warned that high prices were likely to ease except for the best locations near mass transit.

An industry source said the Soi 6 plot was owned by an Indian-Thai textile businessman based in the Phahurat area. He bought the plot after the 1997 financial crisis and sold it to another Indian-Thai businessman for over $36million in May.

Ms Aliwassa said the deal would set a new price benchmark for land plots in the Phloen Chit and Nana areas.

For the past two years, the asking price for the plot had been $5,300 per sm when CBRE was an agent for the landlord. The location had potential for development into a condominium, hotel or office building.

”If it is a condominium project, the starting price per square meter will be close to the (current record) price of a penthouse at The Sukhothai Residences on Sathon Road.”

To be able to demand such a high selling price, a developer should be accurate on construction costs, the most challenging factor this year. He should be also concerned about the project’s quality, image and management.

”When the construction costs go up, the target customers and location will change. Developers should consider carefully which market segments will respond to their products.”

She said the Thai luxury property market remained strong as Thailand was a hospitality-based country. The two segments driving the property demand among foreign investors and developers in the next ten years would be residential and resort markets as Thailand was famous for its tourist destinations.

Barring a coup, she said, Thailand’s property market would continue growing even in the face of political protests. Supporting factors are the elected government, its clear policy to stimulate the economy and the easing of concerns about the Foreign Business Act.

”We are optimistic about the Thai property market,” she said. ”Developers should have higher quality and better planned developments as market competition is no longer at a regional level.”

Ms Aliwassa said the company had at least four big deals pending worth more than $30 million, involving investors from Middle East and European-originated funds based in Hong Kong.

The Westin Verasa Napa Residences Set to Transform Downtown Napa With Late September 2008 Opening
Condominium-Hotel to Include Stunning Architecture, Upscale Amenities and World-Renowned Chef

Napa, Calif. (May 19, 2008) - The Westin Verasa Napa Residences is preparing to become the epitome of the Napa Valley lifestyle when it opens in late September. The luxury condominium-hotel will bring to downtown Napa a distinctive level of service and amenities that will include one of America’s most highly acclaimed restaurants. A limited number of resort residences are still available starting from the mid $400,000s and sales are being managed by pre-eminent Bay area realtor Alain Pinel Realty.

Located a block away from the new Oxbow Market and COPIA, The American Center for Wine, Food & the Arts, The Westin is destined to become the focal point of Downtown Napa. The property will represent everything visitors enjoy about Napa, including the food, wine, regional architecture and outdoor lifestyle.

The 180-suite condo-hotel’s design is based on historic regional precedents, recalling the many influences evident in Napa and Bay Area architecture. It utilizes details and materials from this historic style, which include well-articulated windows, window bays, timbered elements, and wood, stone, and concrete accents. The building embraces the river with an expansive pool courtyard and south wing opening up to the river.

The Westin Verasa, Napa, the first full-service, luxury property to be built in the area in nearly five years, will offer a degree of service that symbolizes the elegant yet relaxed lifestyle of the Napa Valley. Guests will have access to concierges that will help them make the most of their stay in the wine country, giving them easy access to wine tastings, culinary attractions, spas and the area’s abundant recreation. Other Amenities will include a pool, hot tub, conference space, fitness center, easy access to river walking paths, valet, Westin Sensory Welcome, comprised of signature music, scent, botanicals and lighting in the lobby, the Westin Heavenly Bed® and around the clock tech assistance in the form of Westin Technical Concierge®.

The property will become known not only for Westin’s service and signature touches, but also is set to establish itself as the “go-to” culinary destination of Napa Valley thanks to Chef Ken Frank, who is moving his award-winning restaurant La Toque from its Rutherford location to The Westin Verasa, Napa. Since becoming a chef in the mid-1970s, Ken Frank has become known for his personalized style of cooking grounded in the French cuisine he grew to know and love while living in France as a teenager. Named one of “Best Restaurants in America” by The Wine Spectator, La Toque will find a new home with a warm and luxurious atmosphere and a comfortable patio as luxurious as the interior dining room.

“I’ve watched Napa evolve to the point where it’s really ready to take center stage in the valley,” said Frank. “I’m very excited about all the development and the positive things that are happening in downtown Napa. With Oxbow, COPIA and a bunch of wine bars downtown, Napa is going to become the go to destination in Napa Valley in the next 10 years.”

The Westin Verasa Napa Residences is be located approximately two blocks west of Downtown Napa and is conveniently located near all of Napa Valley’s attractions, including the wine train, wineries, COPIA, and the Oxbow Public Market.

For more information about real estate opportunities at the Westin Verasa Napa Residences visit www.VerasaNapa.com or call 800.509.8090.