Bangkok’s central business district (CBD), especially between Wireless Road and Langsuan, is expected to see more development as a number of leasehold plots become available for bidding.
One prime example on the corner of Rama IV and Wireless Road, currently owned by Crown Property Bureau (CPB), has already opened bidding for a mixed-use development.
CPB’s contract for another 15-rai leasehold site on the corner of Langsuan and Sarasin Road has also expired recently. The Bureau is now looking at two options; to develop the plot by itself or call a bid for leasehold contracts.
Kulwadee Sawangsri, Executive Director for Investment and Land Services at CBRE Thailand, said there are more leasehold sites on the west side of Langsuan although most are smallish. On the other hand there are also a few freehold plots on Langsuan. Pace Development recently acquired a three-rai plot to be developed into a THB5 billion luxury condominium project, Kulwadee noted.
Wason Khongchantr, Managing Director of Modern Property Consultant, predicted that AEC 2015 will push condo prices in the CBD even higher on the back of increasing demand from foreign workers in regional offices that will relocate to the Thai capital.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
Recent stories you may have missed:
Ultra luxury project set for Hua Hin
Signs of bubble trouble in Bangkok
Sharp rise in Bangkok land prices
Distressed Phuket villas for sale