Another option is to store the object in value as a string:
<select [ngModel]="selectedDevice | json" (ngModelChange)="onChange($event)">
<option [value]="i | json" *ngFor="let i of devices">{{i}}</option>
</select>
component:
onChange(val) {
this.selectedDevice = JSON.parse(val);
}
This was the only way I could get two way binding working to set the select value on page load. This was because my list that populates the select box was not the exact same object as my select was bound to and it needs to be the same object, not just same property values.