The much talked about Australian Embassy site on Sathorn Road was purchased by Supalai Plc for THB4.6 billion. The 8-rai land plot is on a prime site that has a frontage to Sathorn and an exit to Suan Phlu Road in the rear. It was valued at THB1.45 million per square wah.
Supalai is planning to develop the site into a massive mixed-use project. The development will be valued at THB17 billion and will feature residential buildings as well as grade-A office space.
“We have started work on the green design focusing on the conservation of energy, nature and the environment. We will preserve some of the large trees already on the land and will apply innovation and creativity to the project. The project will also give us a high-end product in the heart of the capital to meet customers’ demand and earn more rental incomes. Its sales should open in the latter half of 2018,” says Supalai Chairman Prateep Tangmatitham to The Nation.
Several embassies have moved and sold their CBD sites in recent times. The French government sold the 3.5-rai plot of land their embassy was located on along Sathorn Road to HKR International Ltd, a Hong Kong-based investor, in 2011.
The company then sold that land plot to the owner of Smooth-E Co, a skincare and cosmetics producer, for a capital gain of 50 per cent in 2013. The land was put up for sale up again, but hasn’t found a buyer as of yet.
The British Embassy also sold land on its 9-rai site on Phloenchit Road for THB950,000 per square wah to the Central Group in 2007. That set a price record at the time and was used to build Central Embassy. The British government put the remainder of the site up for sale earlier this year and is now looking for a buyer.
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