There are plans in place from Piyasombat Property Co Ltd that will see it invest THB12 billion to THB13 billion in the next 5 years on property projects, reports local media. The company will develop new hotels and other real estate projects as part of this investment.
Piyasombat Property’s 5-year business plan includes the development of its 1st mega-property project. This development will be located on a 5-rai land plot in the Langsuan area and is valued at an estimated THB10 billion. The project will be 65-stories high and have a 6-star hotel, serviced apartments, and offices. Building on the project is set to begin sometime next year and should be completed in 5 year’s time.
Next month the company will open the Piya Residence apartments on Sukhumvit Road. Work on the project started in 2014 and is now nearing completion. The company is also looking at converting the Voravit Building on Surawong Road into a 3-star hotel. This would require a THB1 billion investment and Piyasombat Property believes this process could be completed in 2022.
“Also, we acquired a nearly 2-rai land plot worth about THB1 billion on Silom Road last month. We plan to develop a 259-room, 3-star boutique hotel on it to attract both corporate customers as well as individual tourists. The project will take more than two years for the development and will be opened by the end of 2019,” says Piyasombat Property Managing Director Yoauvaluk Piyasombatkul to The Nation.
Piyasombat Property opened the 192-room Hotel Indigo Bangkok in 2015 on Wireless Road. This is one of the company’s largest projects to date. The company targeted this location for the property, which is managed by the InterContinental Hotels Group’s boutique hotel brand.
“We decided to open a boutique hotel on Wireless Road as we wanted it to be different from the other conventional hotels in the area. We brought a sense of the history of the Wireless Road neighborhood into the door of the building. It is a historic precinct and was the site of the first radio broadcasting station in Thailand,” says Yoauvaluk.
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