SET-listed developer Ananda Development has partnered with Porsche Lifestyle Group to launch Porsche Design Tower Bangkok, with prices starting from 1 million baht per square metre.
Only 22 buyers will be allowed to apply to purchase units, said Chanond Ruangkritya, president and chief executive of Ananda, adding that the duo would jointly select the buyers for the 22 exclusive properties, as they are considered to be a limited edition.
"Buyers don't need to be exclusively Porsche car owners as Porsche has several brands, including Lamborghini and Bentley," he said.
"However, they will need to apply to purchase units, following the process Porsche uses for its branded residence projects."
Porsche Design Tower Bangkok will be the first in Asia and the third worldwide after Porsche Design Tower Miami and Porsche Design Tower Stuttgart.
The Bangkok project, featuring duplex and quadplex units, will be located on Sukhumvit Soi 38.
Construction will start next year and is set to be completed at the end of 2028.
Unit sizes will range from 525 to 1,135 sq m, with prices ranging from 525 million to 1.4 billion baht (US$15-40 million), making it the most expensive condo (per sq m) in Thailand.
Launched on Tuesday, the project -- with a total sales value of 15 billion baht -- is the first off-plan condo project in the luxury and above segments to have been launched by Ananda over recent years.
The Ashton brand, introduced in 2014, belongs in the same category. By 2017, a total of five projects had been launched, with Ashton Asoke-Rama 9 being the most recent project. Four of the projects were joint ventures with Japanese real estate firm Mitsui Fudosan.
"We will continue launching our own brands, but for prime locations," said Prasert Taedullayasatit, chief operating officer of Ananda.
"They should be branded residences as Bangkok is elevating itself to a global destination."
Porsche Design Tower Bangkok will select its buyers, which could also help filter out grey market businesses, said Mr Prasert.