Land prices in this district have increased 250% over past 10 years
The Ratchadapisek area of Bangkok has gained plenty of traction over the decade, cultivating a reputation as a hotbed for condominium seekers as well as office tenants, according to a report issued yesterday by CBRE Thailand.
Land prices in the district have increased by 250 percent in the last 10 years, the consultancy noted, adding that demand was high for sites viable for both residential and commercial development.
“Land prices on Ratchadapisek continue to increase, but at different levels, depending on location as well as land size and shape,” said Kulwadee Sawangsri, executive director and head of capital markets – investment and land at CBRE Thailand.
“Most importantly, if a site is next to a mass transit station, the demand from buyers as well as the land price will be higher. The Ratchadapisek area is an established strategic location in terms of business, residential and leisure and provides great accessibility to work, live and play.”
In this view, a 28-rai (11 acres) Ratchadapisek plot, located near the Thailand Cultural Centre interchange station and the future MRT Orange Line, has potential to be developed into a landmark mixed-use development. The site, being sold via tender by CBRE, could follow the sale of the 23-rai site of the former British Embassy in Thailand earlier this year.
“It is very rare to find large sites suitable for development these days,” Kulwadee Sawangsri noted.
The Ratchadapisek site is situated close to the AIA Capital Tower, the first new-generation, grade-A office development in the area, and the Esplanade Ratchadapisek shopping mall.
(Article source: PropertyGuru’s Property Report)