A small private park in Bangkok’s Central Business District has been leased to developer Land and Houses Co. Ltd who will demolish it and build a mixed-used development on the site. Chuvit Garden is owned by Thai politician Chuwit Kamolvisit and was opened in 2006 after his arrest.
A mixed-use commercial project valued at THB6 billion will be built on the land, according to officials familiar with the matter. Land and Houses Board Chairman Naporn Sunthornchitcharoen already said that the company is going to sign a 30-year leasehold agreement with Chuwit in February to finalise the deal.
The site is located along Soi Sukhumvit 10 between the Nana and Asoke BTS stations. The new project will have 3,000 square meters of retail space, 20,000 square meters of office space, and 400 hotel rooms. Construction will start in 2019, but no completion date has been set.
“I wasn’t shopping around, but buyers keep presenting offers to me. It’s time to renovate it. I might build it into something else. And it’s been a long time that it’s been a park, over a decade.” says Chuwit.
Several buyers had expressed interest in buying Chuvit Garden in the past with an unnamed company having offered THB4 billion for the site a few years ago. Chuwit opened the park in 2006 after an ordeal with the law that saw him arrested in 2003 for the demolition of Go-Go bars, souvenir stores, and other establishments in the area which was known as Sukhumvit Square at the time.
Chuvit Garden was closed in 2016 and the plot had remained vacated with no sign of what was going on until the recent announcement. The deal is part of Land and Houses’ plan to buy THB13 billion worth of land plots in Bangkok and Pattaya for residential and commercial projects.
More insights about Bangkok property market, check out DDproperty Property Index Report and DDproperty Property Market Outlook Report and find out how much you can afford for your new house, try our mortgage calculators .