Bangkok Property Outlook, a six monthly report prepared by property consultants Jones Lang Lasalle (Thailand), indicate that there is a total of about 39,000 condominium units accross Central Bangkok. The study points out that "robust demand for city condominiums have led to an 8.5% increase in the average asking price in central Bangkok, which now stands at Baht 43,360/sq.m, compared to Baht 39,970/sq.m as at the end of 2002. A number of projects offer much higher prices than the market average." Such positive market results are likely to result in further growth in condominium construction in the Capital and hence the supply of new condominium units could soon exceed the market's demand.

The long suspended Pratunam Center project is on course for full revival. The project is now being completed in two phases. The first phase (include an eight-storey shopping plaza with 200,000 sqm of retail space, will open late this year). The second phase which consist of three towers: a 34 storey 400-room, four-star hotel plus two 38-storey serviced apartment and condo buildings, expected to open late next year. The project will be managed by Great China Millennium Co with the Hilton Group to developing and managing the hotel.

Source- Bangkok Post (9/9/03)

News 1/9/03

Land and House Development PLC set to take over Ratchada Square project from owner Ratchada Millennium Group. The project require additional an additional 3Billion Baht investment to complet. Source said the money will come from the coffer of Khun Ying Pojaman Shinawatra, wife of Premier Thaksin.

Land and House also took over the suspended Chateu Chaophrya project worth an estimated 1.6 Billion baht.

In other news, Natural Park (N Park) property group set to take over the Regency One project, a 200room 5 Star Hotel cum services apartment highrise in Silom, worth an estimated 1.5Billion Baht. The company plans to raise upto 650m Baht in equity by selling its Natural Ville Service Apartment project in Soi Langsuan to the Board of Investment.

Earlier N Park has struck a deal with Siam Paragon Development Co. to build a 400m Baht 'Siam Opera House' at the Siam Paragon Shopping Centre.

Source: Krungthep Turakij web; Bangkok Post Property
13 June 2003, 18 August 2003)

News 12/8/03

Assumption University (ABAC) plans to invest 15 Billion Baht (US$35.8m) to expand ABAC Bangna campus to which end the developer hopes will established Thailand's first fully self contained university town. The expansion plan include the construction of a new shopping malls, five star hotel and commercial floor spaces. (Bangkok Post 4 July'03)

REVIVING THE SUSPENDED PROJECTS

A recent survey by an asset management company indicates that there are 508 unfinished major buildings in Bangkok with over 11 million sqm of space, some 320 buildings with over 10 storeys or more. On average these buildings are about 60% completed.

There are reports that some high-profile condominium projects will be formally revived soon, this include Chateau de Chao Phraya and SV Garden. It seems the major property development companies such as Sansari, L.P.N and Golden Land are spearheading the revival of condominium building in downtown Bangkok. Formerly suspended projects that has wrapped up construction include Lumpini Place Watercliff and Mayfair Marriot, Lang Suan.

Excerpts from Bangkok Post article and the Nation (February 2003).

News 14/12/02

BANGKOK PROPOSES WORLD'S 5TH TALLEST TOWER

The Bangkok Metropolitan Administration has announced plan to construct a new observation / communication tower in Bangkok to mark the Queen's 72nd birthday.

When completed in 2004 this yet unnamed tower would become the 5th tallest freestanding structure in the world. The building will be located on Ratchadapisek Rd in the compound of Thailand Tobacco Monopoly (TTM) in Khlong Toey. Much of the 420 rai (69ha) site is already earmarked for Benjakit Park, a new public park for Bangkok.

According to a senior BMA official, the tower project would cost approx 4 Billion Baht to build and could be developed on a turnkey basis. The tower has potential to become a major city landmark and magnate for tourists (similar to CN tower, Eiffel tower etc).

Recent news articles may have misquoted the actual height of the tower to be mere 90m (at this height the tower would be even smaller than some of the tallest Buddhist pagodas in Thailand!!!). This proposal is similar to an earlier telecom tower proposal by the Communication Authority of Thailand (CAT) (see below).

Background

In mid 1996 the Telecommuni-cation Ministry forwarded plan (finished structural design) of Bangkok Tower for Cabinet's approval. The plan envisaged a 450m high tower which include an observation area atop by radio & tv antenna and commercial development on the base. The tower would be built on a 30rai (4.8ha) plot at the Thailand Tobacco Monopoly. The plan was that this tower would become the third tallest in the world and would cost approx 3-5Billion Baht.

The project did not get the nod from the Ministry of Finance and eventually played down as no private firms expressed any interest in the project and onset of the economic crisis in 1997.

Related BKK Post articles 1 2

ECORNOMY OF SCALE

Bangkok governor Samak is the man behind the latest scheme to house low income Bangkokians in low cost apartments which was given nickename "corncob" because of the building's unusual shape. Report said the low rise condominiums will have between 15 storeys to 27 storeys, each tower to contain hundreds of residential units.

A 40sq m unit in the corncob building would cost 1.21 million baht each (about US$26,000). Those wishing to buy the unit could look at a monthly instalment of 3,750 baht over a 25 years period. According to a recent Bangkok Post report some 200 people have already made themselves to purchase dwelling units. Up to 20,000 people have also expressed interests in the project, the newspaper source said.

The first apartments are earmarked for a plot of land on Ramkamhaeng Soi 40 Road. This project include six low-rise apartments (seven storey each, providing total 320 units), the project expected to take 15 months to complete following an environmental impact assessment. Future sites mooted for the project include Taling Chan, Pahol Yothin and Chatuchak. (18/11/01)

SOURCE: BANGKOK POST

UPDATE 19/4/02

CONSTRUCTION OF CORNCOB APARTMENT UNDERWAY!

Construction has begun on March 29th on the first 'corncob' apartment, the City Administration's latest prototype of low-cost public housing in Bangkok aimed at low and middle income families.

The corncob apartment is a brainchild of Bangkok Governor Samak Sundaravej (picture above holding the eatable corncobs which inspired the buildings' design). The first apartment complex is being built on Soi 40 Ramkamhaeng Road.

Three 21 storey buildings are planned for this site, each building will contain 320 dwelling units. According to the source, some 500 units have already been reserved. Similar residential complexes are planned for Saphan Kwai, Dusit and Taling Chan.

Source: Bangkok Post

CHULA HI-TECH SQUARE PROJECT REVIVE

The suspended Chula Hi-Tech Square project near the Samyan intersection on Rama IV Road is expected to get the green light from Chulalongkorn University for a revival this year. According to the Bangkok Posts, the University is seeking investors to help finish this half-completed Chula Hi-Tech Square project with total estimated value of Bth4-5billion.

Work stopped six years ago at the 13th floor of the Chula Hi-Tech Square, which was to have featured a 40-storey office building and a 39-storey residential condominium. The university plans to spend 200 million baht from its own budget to develop part of the project itself. About 100 million baht will be tapped from the university budget each year, starting from the next fiscal year on Oct 1. Under the plan, Chulalongkorn would first develop an atrium covering 20,000 square metres for convention and retail purposes, and some parking space. The university would then seek investors to develop main components later. The Chula Hi-Tech Square will require additional funds of between four billion and five billion baht to complete. The development concept will remain unchanged as an information technology centre supporting the core activities of Chulalongkorn University.

Siam Techno City Co, the developer, is preparing to settle accounts and close. The company, in which Thai Farmers Bank, Loxley Group and Jaido of Japan held the majority shares, won the bid to develop the project in 1993. The new investors could resume construction of the two main buildings immediately as Chulalongkorn has renewed the permit every year.

Originally, the complex was designed to have a 40-storey office building with 125,000 square metres of space, and a 39-storey residential condominium with 73,000 sq m. Both towers would be connected by an atrium. Car parking space would be provided underground and in the office block. The project's gross space totalled 317,000 sq m. However, structural construction of the two buildings had stopped at the 13th storey and piling work for the atrium had been done ( photo). Chulalongkorn has assessed values of the structural skeletons at between 500 million and 800 million baht.

Once the atrium was completed, Chulalongkorn would move its CU Book Centre, Continuing Education Centre and the other services to the new building. The atrium, parts of which are scheduled to open later next year, would have a link to the subway station now being built at the Samyan junction.

SOURCE: BANGKOK POST

IN THE PIPELINE...

Source: Bangkok Post Online

Urbana Langsuan by Nexus Property, Soi Langsuan -
A 37 storey condominium project (formerly the suspended Gold Pine Gardens Condo project by Golden Land PCL) with 151 condominium units plus 96 upscaled serviced apartment units. The project which is being developed by Siamphan Enterprise Group Co Ltd is set for opening by the end of 2004.

Baan Siri 24 by Sansiri Property
A modern high rise condominium located on Sukhumvit 24 within waking distance to many restaurants, shopping and entertainment venues, and the Phrom Phong BTS station.