Siamese Asset Co is known for its residential projects, but the company will now move into the office sector. The company is going to set up a joint venture partnership with Standard Chartered Singapore for the development of an office building worth THB5 billion, according to media reports. The office building will be in the Ram Intra area and work is set to start next year.
“Though Ram Intra is not in the central business district [CBD], it is attractive as an investment because yields are likely to be higher than for offices in the CBD. The Pink Line [monorail] from Khae Rai to Min Buri, which will go through Ram Intra, will also be completed by 2020,” says Siamese Asset Managing Director Kajonsit Singasansern to the Bangkok Post.
Siamese Asset will be designing the high-rise office building while Standard Chartered Singapore will jointly invest in the project. The company will propose the design to its partner next month with the deal set to be finalised before the end of the year.
A 15-rai land plot located opposite Fashion Island has been selected as the site for the tower. The construction area of the project will be 100,000 sq. metres. The developer is already in talks with a Chinese developer and a Chinese agent to build a condo project worth an estimated THB3 billion on a nearby land plot.
“We will introduce the condo units to health-conscious buyers who may spend a few months per year at the project for wellness. They can rent out the units and we will manage a rental programme. Investment and overseas buyers are also target buyers,” says Kajonsit.
In addition to the office development, Siamese Asset is set to launch 3 new condo projects next year. One project will be located on Sukhumvit Soi 16 with the other condo to be built on Sukhumvit Soi 87. The 3rd development will be near the MRT Ratchadaphisek station.
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