AIA Group, one the Southeast Asia’s largest insurance groups, has diversified its operations and is set to open two large office and retails developments in Bangkok.
AIA Capital Center will open in June 2014, and will be the only large-scale Grade ‘A’ commercial property on Ratchadaphisek Road in Bangkok. At THB6 billion is will also be the company’s first and largest property investment to date.
Anucha Laokwansatit, General Manager and Chief Investment Officer of AIA Thailand, said: “Based on AIA’s experience in life insurance industry in Thailand for over 75 years, we have strong confidence in the country’s potential especially in its future economic growth and development, revealed.
He added his belief that Ratchadapisek Road will become a prime Bangkok business district in the future.
“The investment marks a significant step in strengthening the foundation for our growth while ensuring a stable future,” he explained. “Although we are currently extending ourselves into property development, life insurance will remain our core business.”
He continued “Our group decided to invest in this project because we see the solid potential of this location which we believe will become Thailand’s next business center for two crucial reasons, namely its location adjacent to the new Stock Exchange of Thailand, which makes the environment resemble Wall Street in the U.S., and its proximity to the underground mass transit system. These factors strengthen our belief that this location will become a prime financial area.”
AIA Capital Center is a 34-storey building offering 54,000 sqm of Grade ‘A’ office space, with each storey ranging between 1,700 and 1,800 sqm, and an additional 5,000 sqm of retail space. The entire complex with a total construction area exceeding 100,000 sqm will include banks, restaurants, cafés,
“AIA Capital Center is on schedule for completion and ready for tenants to move in by June 2014. This project is yet another significant step to ensuring the continued stable growth of AIA Group in the future”, concluded Anucha.
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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