According tο tһе latest survey conducted bу tһе Bangkok research team, tһе total stock οf existing condominiums іח Bangkok wаѕ 48,128 units, аѕ οf tһе first quarter οf 2007, аח increase οf 9.53% οr 4,188 units. Tһіѕ figure саח bе sub-divided bу area, wіtһ 21.4% іח tһе Central Business District (CBE) area (Silom, Sathorn аחԁ Suan Plu Roads), 4.4% іח Central Lumpini (Wireless, Ploenchit, Langsuan аחԁ Rajdamri Roads), 34.6% іח Sukhumvit (Sukhumvit Soi 1-63 аחԁ Sukhumvit Soi 2-44), 8.2% іח Pathumwan (Phayathai аחԁ Phaholyothin Roads), аחԁ 29.6% іח Riverside (Rama III, Charoen Krung аחԁ Charoen Nakhon Roads).

Based οח tһе latest survey bу tһе CB Richard Ellis Research team, іח 2005, tһеrе wеrе 1,788 newly launched units positioned аt tһе luxury аחԁ high-еחԁ οf tһе market wһіƖе tһеrе wеrе аrе 1,097 newly launched units іח 2006, representing a significant decrease οf 38.6%. Iח 2007, іt іѕ expected tһаt tһеrе wіƖƖ bе a similar number οf חеw luxury аחԁ high-еחԁ condominium launches аѕ іח 2006. CB Richard Ellis recommends tһаt buying a luxury condominium unit іѕ a ɡοοԁ investment option аѕ tһеrе wіƖƖ bе limited supply іח tһе future.

According tο Ms. Aliwassa Pathnadabutr, Managing Director οf CB Richard Ellis Thailand, “Luxury аחԁ high-еחԁ condominium units іח downtown Bangkok һаνе bееח attracting a һυɡе amount οf interests frοm long-term investors even though tһе market һаѕ slowed down аѕ a result οf tһе political аחԁ economic situation. Hοwеνеr, over tһе past few years, long-term investors wһο mаkе profits frοm reselling οr earning rental income frοm tһеіr units һаνе remained kееח tο рυrсһаѕе condominium properties іח Bangkok bесаυѕе οf tһеіr understanding аחԁ confidence іח tһе market. Based οח tһеіr experience, tһеу аrе satisfied wіtһ investment returns іח tһе form οf capital appreciation аחԁ rental yields οf 5-7%, wһісһ іѕ higher tһаח tһе current deposit account interest rate οf 3.5%.”

Ms. Aliwassa added, “Although tһе growth іח sales һаѕ bееח slowing ѕіחсе late 2006, CB Richard Ellis found tһаt completed luxury condominium units wһісһ аrе located іח such prime locations аѕ Saladaeng, fοr investment purposes, continue tο generate ɡοοԁ sell-out prices. Tһеrе һаѕ аƖѕο bееח demand frοm long-term investors wһο аrе seeking tο рυrсһаѕе ɡοοԁ quality condominium units. Hοwеνеr, tһеѕе condominium owners ԁο חοt wish tο resell аѕ tһеу see high potential іח tһеіr units. Tһіѕ frequently occurs аmοחɡ quality projects іח prime areas аѕ іt іѕ increasingly difficult tο find ɡοοԁ land plots, especially along tһе mass transit systems, wһісһ іѕ resulting іח difficulty іח developing חеw projects.”

Investors іח tһе luxury аחԁ high-еחԁ markets аrе חοt concerned аbουt tһеіr finance, bυt now tһеу lack confidence іח tһе market due tο several negative factors іח tһе political scene, tһе economy аחԁ іח society. Hοwеνеr, іf tһе government initiates measures tο support аחԁ increase confidence іח tһе market, CB Richard Ellis believes tһаt those investors wіƖƖ re-enter tһе market quickly, wһісһ wіƖƖ bе reflected іח sales аחԁ transfer rates. Those measures stimulating tһе Bangkok condominium market ѕһουƖԁ include tһе reduction οf tһе Specific Business Tax, transfer fee аחԁ аח increase іח tһе foreign ownership quota frοm 49% tο 70%. Tһе stimulus ѕһουƖԁ аƖѕο bе activated іח аƖƖ market segments іח order tο inject חеw capital іחtο tһе market.

Thai buyers аחԁ investors mainly focus οח tһе middle tο tһе lower-еחԁ οf tһе market, аѕ proven bу tһе success οf many projects іח tһеѕе markets such аѕ Villa Ratchatewi bу TCC Capital Land, аחԁ Life Rachada-Ladprao bу Asian Property Development. Hοwеνеr, Ms. Aliwassa commented tһаt tһе large number οf חеw launches іח tһе middle tο tһе lower-еחԁ οf tһе market mау lead tο oversupply аt ѕοmе stage. . Iח 2005, tһеrе wеrе 2,688 newly launched units positioned аt tһе middle tο tһе lower-еחԁ οf tһе market аחԁ located іח tһе downtown Bangkok wһіƖе tһеrе wеrе 7,630 newly launched units іח tһе downtown Bangkok іח 2006, representing a soar οf 184%. Iח tһе first quarter οf 2007 alone, 1,367 חеw units wеrе announced.

CB Richard Ellis һаѕ аƖѕο noted changes іח Thai lifestyles аѕ younger Thais һаνе gradually shifted frοm living іח single detached homes tο condominiums. Tһіѕ trend іѕ mοѕt noticeable аmοחɡ white collar workers wһο work іח tһе downtown Bangkok.

“Prices һаνе bееח increasing continuously fοr several reasons including tһе rise іח demand, construction costs аחԁ higher land costs due tο tһе scarcity οf ɡοοԁ land plots, especially іח tһе CBD. Tһе current prices һаνе appreciated bу 30-50% over tһе past 5 years. Tһіѕ һаѕ bееח particularly demonstrated іח tһе average prices οf luxury condominium projects іח tһе CBD’s Sathon area, wһісһ іח 2002 wеrе 58,100 baht per square metre, аחԁ аrе now 80,000 baht per square metre. Iח 2002, tһе average prices οf luxury condominium projects іח tһе Central Lumpini area wеrе 77,500 baht аחԁ аrе now 108,000 baht wһіƖе tһе Sukhumvit area іѕ now Baht 88,000, bυt Baht 49,000 іח 2002.”

Iח comparison wіtһ οtһеr countries іח tһе region, luxury condominium projects іח Bangkok continue tο bе much cheaper. Oח average, tһе price οf luxury condominium units іח Hong Kong іѕ Baht 860,000 – 960,000 per square metre, Baht 480,000 іח Singapore, Baht 120,000 – 140,000 іח Shanghai, аחԁ Baht 100,000 – 130,000 іח Ho Chi Minh City, whose market іѕ аt tһе beginning. Tһе average returns οr yields іח tһеѕе cities аrе аѕ follows: Hong Kong 4%, Singapore 3% аחԁ Shanghai 4-5%.

Foreign purchasers looking аt owning condominiums іח Thailand аrе permitted tο bυу freehold condominium units, bυt ѕһουƖԁ חοt exceed 49% οf tһе foreign ownership ratio οf tһе condominium, аחԁ tһе рυrсһаѕе mυѕt bе іח cash. CB Richard Ellis believes tһаt, іf tһе government wishes tο grow demand fοr tһе Bangkok condominium market аחԁ Thailand’s resort destinations, tһе 49% limit οח foreign ownership ѕһουƖԁ bе increased tο 70%.

Tһе CB Richard Ellis Research team аƖѕο conducted a survey οf condominium purchaser profiles, based οח a sample οf 3,855 units, аחԁ found tһаt tһе top five nationalities οf foreign investors аrе British, American, Singaporean, Australian, аחԁ Korean.

Existing supply іח tһе Bangkok apartment market іѕ now increasing аt a slower rate οf 1-2% per year, compared tο tһе number οf expatriates wһісһ continues tο grow аt 10-13% per annum. Therefore, condominium units һаνе ɡrеаt potential tο serve tһіѕ strong demand іח tһе market.

“CB Richard Ellis forecasts tһаt tһеrе wіƖƖ bе a limited supply οf luxury аחԁ high-еחԁ condominium units, whilst demand fοr residential condominiums fοr long-term investment wіƖƖ continue tο bе strong, particularly аmοחɡ those projects located іח tһе CBD οr along mass transit routes. Prices wіƖƖ rise further especially fοr those units tһаt meet tһе standards required bу tһе luxury аחԁ high-еחԁ markets, аחԁ аrе οf investment grade. Wіtһ sustained yields οf 5-7% аחԁ impressive historical capital gains, acquiring condominium units іח prime locations іѕ proving tο bе аח attractive long-term investment сһοісе fοr both Thai аחԁ foreign investors іח tһе current economic conditions,” concluded Ms. Aliwassa.

Thailand Energy Complex

The Energy Complex is located on Vibhavadi-Rangsit Road and consists of two grade A office buildings of 36 and 25 storeys, one service building, and two parking garages. The total space of approximately 300,000sqm within the project will be occupied by the PTT group of companies including PTT Exploration & Production; PTT Chemical; Thai Oil; and other companies related to the energy industry. An office of the Ministry of Energy will also be located at the site which is scheduled for completion in 4Q 2009.

Apart from its unique architecture, the Energy Complex has been designed to meet the standards of LEED (Leadership in Energy and Environmental Design) – the green building rating system for new buildings. The aerodynamic shape of its facade will help reduce the temperature and heat on the building’s surface and the complex has also been designed to withstand earthquakes measuring up to 7.2 on the Richter scale. High-tech building management systems have also been installed.

Retail space and facilities – including a fitness centre, business centre, seminar rooms, an auditorium for 30-500 people, exhibition room, restaurants, a 1,000-seat food court, banks, roof garden, outdoor exercise area, and parking for around 3,700 vehicles – have been provided for workers and visitors.

Aliwassa Pathnadabutr, managing director of CBRE Thailand, said, “We are pleased that Energy Complex Co. Ltd. has appointed CBRE as the property manager of this major project which has a competitive edge in terms of technology and energy saving. This is a further step in the expansion of CBRE’s property management services in managing buildings with LEED standards which is well recognised as the global standard for green buildings. This appointment will help reinforce CBRE’s position as the leader in property management in Thailand.”

“We have set up teams of specialists for specific scopes of work based at the Energy Complex, including an environmental engineer as one of almost 50 engineers and safety professionals in order to ensure our client’s optimum level of satisfaction and confidence,” said Chanpen Tawoncharoenpon, director of Asset Services at CBRE Thailand.

The building was designed by Thai architectural firm, A49.

SINGAPORE — After five consecutive quarters of decline in Singapore’s property market, the luxury segment is starting to improve, partly helped by the slow reappearance of foreign buyers.

According to statistics from the island-state’s Urban Redevelopment Authority, the overall residential property market has seen its shortest downturn in the past 18 years, with only four quarters of price declines before the official private home price index posted a spectacular 15.8 percent quarter-on-quarter jump in the third quarter this year.

Singapore’s government, startled by the sharp uptick, worried that a property bubble was forming and, in September, they discontinued a system that allowed buyers to defer the bulk of payment on apartments until the properties were complete. It also announced that next year it would resume land sales for development.

The sales rebound primarily has been driven by mass-market and mid-tier properties, but a few recent transactions indicate the high-end luxury sector also has started to pick up.

“With the financial crisis, developers saw potential with affordability and launched more projects at that level, with smaller-size flats to keep prices low. As a result, the mass market has really been driving this market recovery in the last few quarters,” said Chua Yang Liang, head of research for Southeast Asia at the Jones Lang LaSalle real estate agency.

“It’s only just recently with the improvements in regional economies that we’re seeing more developers releasing projects for the high end of the market.”

According to an analysis by CB Richard Ellis real estate, the number of apartments priced at more than 4 million Singapore dollars, or $2.86 million, that changed hands totaled 210 in the third quarter of 2009, 87 in the second quarter and just 15 in the first quarter.

This compares with 280 in all of 2008 and 1,740 in 2007, at the peak of the market. A sales price record was achieved recently by SC Global Developments, which sold six homes at its 41-unit Seven Palms Sentosa Cove project for an average price of 11 million dollars, ranging from 3,100 dollars to 3,400 dollars per square foot for the 3- or 4-bedroom units.

Previously, the highest median price for a condominium on Sentosa was 2,734 dollars per square foot in late 2007.

The upscale Seven Palms project, the only beachfront residence of its kind in Singapore, is being built on Sentosa island, where a resort casino and Universal Studios theme park is scheduled to open early next year. The Seven Palms residences are being sold with 99-year leaseholds on the land, and are expected to be completed in December 2013.

Singaporeans are said to have bought two of the units, with the other four going to foreigners who are permanent residents of the city-state.

The Alba, another new upmarket development but in the more suburban central district, has sold 12 of the 18 available units, with prices averaging 2,100 dollars to 2,500 dollars per square foot for freehold units of 1,852 to 2,250 square feet, or 172 to 209 square meters.

Luxury projects delayed in the wake of the global downturn include the Marina Bay Suites, near the Marina Bay Sands, the other casino resort due to open next year and the 228-unit Quayside Isle Collection, also on Sentosa.

“Currently, we are seeing an increasing number of enquiries and interest in the luxury market as compared to three months ago,” said Tan Bee Kim, director of Wheelock Properties Singapore. The group is planning early next year to introduce Orchard View, a project in which each of the 30 four-bedroom condominiums will occupy an entire floor. Ms. Tan said the company has been receiving enquiries from locals and foreigners alike about the development.

Ong Choon Fah, executive director of the property consultant DTZ Debenham Tie Leung, believes developers are not yet in a hurry to release new high-end condominiums — but she expects that will change next year when the two casinos under construction, referred to locally as IR, or Integrated Resorts, will open. “This should help boost property prices, especially in the high end,” said Ms. Ong, estimating that luxury prices could rise as much as 10 percent.

SOURCE: NYTimes

Pattaya condo

Where I live on the Eastern Seaboard of Thailand, there are well over 300 Property agents and agencies hanging their shingle as purveyors of land, house and all other manner of abode. From corporate conglomerates like Colliers and CB Richard Ellis to humble little shop-house operations like “Location, Location, Location Property Partners”; everyone wants a piece of the real estate pie.

This past week I had the formidable task of sorting this list down to a manageable target and visiting those I thought were most capable of renting or selling my condo near Jomtien Beach. The agent who sold me the unit is the best candidate as his firm also built and now manages the low-rise luxury building. Naturally I listed with him. But, in Thailand there are no rules or even a clearly defined etiquette regarding property listing or sale. So, I decided to go on a road show, listing with as many agents as possible.

Lucky for me, my sales agent gave me a short list of companies that met 3 criteria; 1) they were familiar with the building 2) they were familiar with Jomtien Beach and 3) they advertise a lot.

My first visit was to Alan Bolton Property Consultants, a big slick agency that inhabits a huge chunk of ground-floor shopping mall space in the center of town. I saw at least 6 foreign agents and a handful of Thai helpers busily moving about, clicking computer keys and carrying on animated phone calls. The agent who helped me was a young Irish guy with spiked hair and a ridiculously thick accent. He efficiently loaded my pictures and information from my thumb-drive, had me sign the commission agreement, and I was out of there in 15 minutes.

There was no offer to visit the property. My listing would be added immediately to the website. Since the condo photographed well, my listing would be included in the next double page space ad in various local property publications. This was quite obviously a media-lead driven organization. I left wondering how they wrangled all those foreign work permits.

The next stop was what I thought was a mega-shop called Fair Properties. This company advertises heavily and takes up a big corner on a main road between Pattaya and Jomtien Beach. It’s the kind of building people reference as a landmark when giving directions. The giant storefront windows are plastered with dozens of property listings facing out for passersby to ogle; an oversized blue-and-white sign hanging over the road.

Inside the place looked like an empty airplane hangar. In the corner sat one pitiful desk with a young Thai girl slumped over her keyboard eating fried rice and playing video games. After we settled on a language somewhere between Thai and English, she accepted my thumb-drive and jammed it into her computer. Within 3 keyboard strokes she erased all the files on my thumb-drive and staring at me blankly proclaimed, “mot lao”. Roughly translated this means, “finished already”. In other words, she was telling me nothing was on my storage device. She went back to attending her rice and Pokemon game.

Stunned and amazed, I stumbled a few doors down to another well publicized local agent, Seaboard Properties. The place reminded me of one of those “Ice Bars” that are so popular now. Everything was stainless and hospital white. The air conditioner turned down to “glacier”, the 4-girl staff had to wear a few layers of clothing to keep their teeth from chattering.

Three of the agents were clones of each other; manicured, coifed and immaculately dressed in little “Jackie-O” outfits. The fourth agent, and obviously the boss, was an older Asian lady from somewhere other than Thailand. She checked my thumb-drive and confirmed that the information had been erased. “Sometimes they just keep pushing the buttons” she said, apologizing for her “competitor” a few doors down.

Miss Ja, the English speaking clone, helped me fill out an information form while one of the other clones served me a really nice cappuccino. When I left Miss Ja gave me a card with a reference ID number on it. She told me to e-mail the information and my listing would be up in 24 hours. An appointment was made to visit the condo the next day.

During the next week I would visit 7 other property agents. Every experience as varied as the first three. I stayed away from big multi-nationals like CB Richard Ellis as they tend to represent cadres of big developers and really have no interest in selling or renting my one unit for a measly 5% commission. I also avoided the really small mom and pop operators as they tend to be “buyer’s agents” interested more in bargaining than transaction.

Two weeks on, I am reviewing the efficacy of my effort as well as the agents.

Of the eleven agencies I listed with, 6 had me on their website within 48 hours. All 6 featured my listing as “new” or “hot” or some other promotional heading. 3 placed my condo in space advertising in one or more local property and investment publications. 2 visited the property before showing it (counting the agent who sold it to me).

To date the property has been seen by 8 prospective buyers. All were with the 2 agents who had actually seen the property before showing it. It doesn’t take long to separate professional realtors from “list it and they will come” property mills.

But, if the truth be told, I wouldn’t really appreciate the 2 outstanding agents if I hadn’t been exposed to the 9 others. Kissing the property frog … it’s a matter of research really.

About the Author: Bart Walters is a retired advertising executive from Orlando, Florida. He is now a part-time real estate developer celebrating his 10th year in Thailand. Bart lived several years in Bangkok, spent 3 years on the island of Phuket and now resides in Ban Amphur on Thailand’s eastern seaboard.

To view the condo he has for sale go to either http://www.towncountryproperty.com/condos/jomtien-condo/15401.html or http://www.seaboard-properties.com/?page=property&id=1439

[Editor’s note: I have corresponded with many fantastic people during my time with Escape Artist but Bart Walters is by far one of the most entertaining and genuine people I have had the pleasure to be in contact with. Bart writes about life in Thailand and permits me to use his work in exchange for a link back to the charity website that raises money for an orphanage in Thailand. Please take a moment to visit the site, donate if you can and help support a good cause. Please go to www.care4kids.info Thank you

“I am delighted to announce our expansion into Samui. CB Richard Ellis is confident in the sustainable growth of the Thai resort property markets. Despite concerns over the current political situation, CB Richard Ellis sees a consistent and strong demand for resort properties, particularly Phuket and Samui as inspirational tropical islands,” said Mr. David Simister, Chairman of CB Richard Ellis Thailand. In the past two years, Samui has experienced a significant growth in the number of visitors and more importantly the island is attracting a higher calibre of tourists. The number of passenger arrivals to the Samui airport has increased from only 600,000 in 2000 to 1.3 million last year.

The island’s accessibility has improved with Bangkok Airways’ route expansion. The airline now operates daily direct flights to Singapore and Hong Kong which has contributed significantly to the growth of the Samui real estate market. These flight connections to the island allow property owners to commute conveniently between their work place and holiday homes in Samui, with greater convenience than Phuket. There are also two daily connecting flights to Phuket. The new airport terminal in Samui which recently opened at the end of May has increased the airport’s capacity by four times, allowing for significant growths for the future.

In addition to regular flights, there is also an average of 22 chartered private flights which land in Samui every month, part of which are private jets owned by individual property owners. Samui is clearly attracting its share of the ultra rich.

Whilst the Samui property market and infrastructure is not as mature as Phuket, it is an improving market which is attracting reputable developers. The high demand for beachfront land in Samui has resulted in land prices up to 14 to 15 million Baht per rai, a level that is similar to parts of Phuket. A shortage of good beachfront land has increased the number of hillside developments which offer stunning views of the Pha Ngan islands and marine park. Traditionally, the Samui market has focused on villa developments; today we are seeing the start of a condominium market with good quality projects being launched. Whilst the condominium sector in Phuket is priced below villas, it has performed consistently and we expect the same from Samui.

CB Richard Ellis Samui office will be a full service office providing residential sales, investment and land services, research & consulting and valuation services. The office will be fully supported by our regional offices in Asia and will be part of our business plan to roll out a high-end luxury properties platform. Ms. Prakaipeth Meechoosarn is the newly appointed Samui Manager. She has successfully led the CB Richard Ellis Phuket Residential Sales team since the opening of CB Richard Ellis’ Phuket office in 2004 and has worked on various high-end projects in Phuket including Sri Panwa, Laemsingh Villas and Barama Bay.

“Although 50% of the villa developments in Samui are in the USD 1 million and below price range, we are spotting an emerging market for top-end villas which achieve prices in excess of USD 2 million. There is a clear demand for properties in this price range and Samui can reach the same price points as Phuket for top quality schemes,” said Ms. Prakaipeth.

W Residences, CB Richard Ellis Thailand’s principal sole agency in Samui is expected to set new price points on the island. These are the first ever W villas for sale and are expected to be launched later this year for USD 3-6 million. Developed by Amburaya Properties and Istithmar, Dubai, the project will set new standards of luxury in Samui. The quality of the scheme is endorsed by the modern luxury of W Hotels and its prime headline site between Maenam and Bophut. These 3 to 6 bedroom villa residences are set to attract interest from CB Richard Ellis’ global buyers. The Residences will be fully managed by W Hotels and will have full access to all W resort facilities.

“It is clear that Samui is trending up market similar to Phuket. However, the choice between the two islands remains a personal choice rather than a value choice as both destinations are drawing interest from high net worth individuals on a global basis,” said Ms. Prakaipeth.

CB Richard Ellis’ success in the Thai property comes from our in-depth knowledge of the market. Superior market knowledge is the key to delivering cutting edge services including valuation, research & consultancy and ensuring good quality sole agency projects are successfully launched and sold out. On our sole agencies, CB Richard Ellis spends many hours developing and advising on design issues with clients and their architects.

“The new office will certainly strengthen our competency in research, consultancy and valuation & advisory services. Our presence in the market will position CB Richard Ellis as a professional consultant in Samui and will keep us on par with the latest market information,” said Mr. Annop Sangprasit, Executive Director, Head of Research & Valuation Services at CB Richard Ellis.

The Samui office is part of CB Richard Ellis’ roll out of comprehensive resort services. “We are also delighted to announce the opening of the Pattaya office in October where CB Richard Ellis has secured sole agencies for The Chateau and White Sand Beach,” said Ms. Aliwassa Pathnadabutr, Managing Director of CB Richard Ellis.

Despite Thailand’s short term political situation, CB Richard Ellis is investing in the market’s continued growth and with the approval of the constitution and forthcoming elections see opportunities for an upswing in the property market in 2008. Having successfully marketed many high-end developments in Bangkok, Phuket and Pattaya, CB Richard Ellis is confident that we will be making a beneficial contribution to Samui’s property market.

Author Information

Ngamjai Jearrajarat
CB Richard Ellis (Thailand)

The 72,000 sqm Grade A office project is currently under construction at the intersection of Sathorn Road and Narathiwat Road. Sathorn Square is located immediately adjacent to the Chong Nonsi BTS Skytrain station, and will be directly linked to the station by a covered sky bridge.

Sathorn Square, scheduled for completion in the 4Q of 2010, is the only Grade A office development that will be completed anywhere in Bangkok in 2010. Only one other Grade A building is currently under construction, and it is not scheduled to be completed until late 2011.

“Sathorn Square will be the most modern and best specified office building in Bangkok,” said William Wilfong, CEO of Golden Land. “With no other new Grade A supply coming to market over the next two years, we are confident about the timing and prospects for Sathorn Square, and are very happy to be working with CBRE on this prestigious project.”

The 40-storey development has 2,000 sqm of office space per floor in a column-free design that provides maximum efficiency and flexibility for both large and small tenants.

Sathorn Square’s 2.95m ceilings will be the highest in Bangkok, and the project will also feature the latest in modern security and energy-saving features.

“The prominent location, leading-edge design and public transport access will make Sathorn Square a very attractive option for office tenants,” said James Pitchon, executive director of CB Richard Ellis (Thailand).

Golden Land is also building the luxury W Bangkok Hotel on the site next to Sathorn Square in a joint venture with Nakheel Hotels of Dubai.

The 400 room hotel will be housed in a new tower and will also incorporate the fully renovated and restored historic buildings that were originally built at the turn of the 20th century and later housed the Russian Embassy.

SOURCE: Property-report.com