New Luxury Development To Be Built On Wireless Road

15 ม.ค. 2561

New Luxury Development To Be Built On Wireless Road

A new luxury development will be built on Wireless Road. The project is going to be located on an 8-rai land plot across from Lumpini Park and close to the Sarasin intersection, according to media reports. City Realty Co will develop the project with HKR International Ltd (HKRI), a Hong Kong-based company.

Land plot is jointly owned by the 2 partners with City Realty holding a 51% stake and HKRI owning the other 49%. It was purchased by City Reality 20 years ago before HKRI took up its stake in 2010. Land prices along Wireless Road have increased greatly and could continue to climb.

“With limited supply, I estimate land prices for a freehold plot on Wireless Road can rise to THB 2.5 million per square wa. With experience and know-how in luxury development and hospitality, HKRI can help us develop an ultra-luxury project on the plot,” says City Realty Owner Chali Sophonpanich to the Bangkok Post.

The companies will be able to take advantage of a 2012 change in city regulations that allows taller buildings to be raised around Benjakitti Park. After years of waiting to develop a project on the site, a pair of other recent events likely caused the companies to act now.

The 1st event is the new land and buildings tax that will soon take effect. Under the new laws, all vacant land plots will be taxed at a higher rate than in the past. The 2nd event is the launching of TCC Group’s The One luxury mixed-used development that will have residential, retail and hotel space and should drive prices in the area up even further.

“On Wireless Road, freehold land feasible for new property development is very limited, while property prices continue growing. New developments on this road are only luxury projects,” says Chali.

Despite predictions from the experts, property market still needs to be watched closely about its trend and momentum. In the meantime, you may want to get some useful insights about Bangkok property market, check out DDproperty Property Index andDDproperty Property Market Outlook for more information.

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