Banyan Tree has teamed up with Thai real estate company, Nirvana Daii, to launch a new riverside property in Bangkok.

Valued at THB6 billion (US$176 million), the new Banyan Tree Residences Riverside Bangkok is described as a “super-luxury riverside condominium”. The residences will open for sale in September 2017 and the average sale price will be approximately THB300,000 per square metre.

Property owners will be offered a series of discounts at Banyan Tree’s portfolio of hotels, resorts, spas and golf courses though membership of the company’s Sanctuary Club.

“This project… is located on one of Chao Phraya River’s most spectacular bends, where old city and new city views can be enjoyed,” said Sornsak Somwattana, CEO of Nirvana Daii. “Along with its prime location, we also placed importance to the design architecture to ensure residents’ expectation for privacy.

“We are excited to collaborate with Banyan Tree Group as the Banyan Tree brand is known around the world as a leader in the international hospitality industry, and are experts in providing five-star hospitality service,” he added.

Ho Kwon Ping, executive chairman of Banyan Tree Holdings, commented that the new property would offer “our signature Banyan Tree hospitality and authentic culturally-aware experiences to residents”.

This marks the Singapore-based hotel group’s latest move into the residential market; it recently unveiled plans to launch the Banyan Tree Residences Brisbane as its first ever property in Australia.

The Banyan Tree Residences Riverside Bangkok also marks the latest example of a luxury hotel group capitalising on the riverside development boom in the Thai capital; Mandarin Oriental and Four Seasons are also currently developing new residences on the banks of the Chao Praya.