Supalai could be among the bidders for the Australian Embassy site in Bangkok’s Central Business District, according to online media reports. Australia’s Department of Foreign Affairs and Trade put the 1.2 hectare site up for sale earlier this year as it will soon move into a new development on Wireless Road near Lumpini Park.
JLL, the sole sale agent for the sale of the plot, claimed it has received an interest from no less than 10 parties for the site which will be open for expression of interest tenders until June. However, the property agency did not reveal who was interested in the site and believes more potential buyers will emerge.
Supalai could soon join the list of interested companies. The developer plans to do a feasibility study that will look at setting up a 40-storey building on the plot and will seek its board’s approval to formally pursue the opportunity, says Supalai CEO Prateep Tangmatitham to Thailand Business News.
The site offers a large frontage facing Sathorn Road and is in a location where high-density, mixed-used schemes are allowed to be built. Whoever buys the site will likely develop a mixed-use complex on the land, but could also build a grade A office building or luxury residences.
While Supalai is studying the feasible of the embassy site, it will launch 6 residential projects worth over THB 4 billion during the rest of the year, according to Managing Director Tritecha Tangmatitham. Half of these new developments will be located in Bangkok while the other 3 will be located in other parts of the country.
The company hopes to bring in revenue of THB 24.5 billion this year and recorded total presales of THB 7.56 billion in the 1st quarter as demand in Thailand picked up, reports Thailand Business News. Demand for single detached houses and townhouses was the strongest during the quarter for the company.
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