Rumors have swirled around the future of the British Embassy but the strongest indicators that it is for sale have become evident. Local media reported that sources have said the UK government has entrusted CBRE Thailand to gauge possible interest among local property developers for the prime land plot on Wireless Road.
According to sources in the property sector that spoke to the Bangkok Post, the embassy has assigned CBRE Thailand as the sole agent for the plot and they have permission to see what the market is like by sounding out developers.
“The embassy asked CBRE to survey whether we would be interested in buying the plot and what development it should likely be,” a source explained to the newspaper. The source also said should a developer buy the land, they will likely build a mixed-used development given the size and cost of it.
The 23-rai property has been highly coveted by developers and is valued at more than THB18 billion or THB2 million per sq. wah. The site is currently home to the embassy’s head office, but has been subject to speculation as land prices in the Ploenchit district have skyrocketed. SC Asset purchased a nearby plot in 2015 for THB1.91 million per sq. wah.
The British Embassy sold a land plot on Phloenchit Road next to its current headquarters for THB950,000 per sq. wah to Central Group. Central used the plot to build the Central Embassy complex.
A British Embassy spokesman would not speak on the report, but told the Bangkok Post that the embassy continually reviews diplomatic estate to ensure it provides value for the British taxpayer and effectively represents British interests.
“We will continue to have a fit-for-purpose embassy that supports the UK’s impact and influence in a leading Asean country which is a key partner for the UK in security and prosperity terms,” the spokesperson added.
Image: British Embassy Bangkok via thebeaumontpartnership.com
