By SOMLUCK SRIMALEE
According to a survey conducted by The Nation early this week, Rama IV Road from Suan Lum Park to Khlong Toei is currently witnessing an aggressive level of investment to develop both residential and commercial buildings in the area.
Some of the investment commenced last year, with more planned for this year and the much of the remainder due to kick in during 2017, the survey found.
For example, TCC Group – owned by beverage tycoon Charoen Sirivadhanabhakdi – won the bid to develop a mixed-use project worth over Bt50 billion on an 80-rai (12.8 hectares) plot at the Armed Forces Academy’s Preparatory School on Rama IV.
The project will combine an office building worth up to Bt10 billion, to be developed by its subsidiary Univentures, a shopping complex, and a luxury hotel worth Bt10 billion, which will be developed by another subsidiary – TCC Land Asset World Estate.
Construction commences this year, with the overall project scheduled for completion within five years.
Golden Land Property Development, a listed property arm of TCC Group, has also invested Bt5 billion to develop a 12-storey office building, the FYI Centre, and a 239-room budget serviced hotel on Rama IV, locate close to Soi Pai Sing To.
This project will have its official opening in June this year.
The Port Authority of Thailand, a state agency, hopes to develop 223 rai in Khlong Toei for a mixed-use project, comprising an office building, logistics and warehouse facilities, and a shopping complex.
The project, which has an investment budget of over Bt50 billion, is currently at the study stage, with negotiations under way with lessees about vacating the land.
Pace Development Corp, meanwhile, is developing a 53-storey luxury condominium project, the Bt7.5-billion Nimit Langsuan, which was launched last year.
The project, which is already 90 per cent sold, will be completed in 2018.
Athakravi Group, developer of the Manorom Building on Rama IV, is completing construction of a Bt2-billion community mall nearby.
The Suanplern Market project covers 11 rai opposite Maleenont Tower and is set to open in the second quarter of this year.
Other condominium projects launched in the area since the beginning of 2014, and worth more than Bt50 billion in total, include the Condolette Pixel by Pruksa Real Estate, The Portrail RamaIV-Sukhumvit 38 by Krung Thai Land Development, The Room Rama IV by Land & Houses, the Aspire Rama IV by AP (Thailand), and Ananda Development’s Bt6.5-billion Ideo Q.
Captain Atichart Athakravisunthorn, director of Athakravi subsidiary Athakehaputt Co, which has developed Suanplern Market, said the company had decided to construct the property on Rama IV because of the number of office buildings in the area, currently accommodating more than 10,000 office workers.
For example, the Esso Building, Maleenont Tower, Sirinrat Building, Manorom Building, and Green Tower are all around Rama IV, while TOT also has offices in the area.
CB Richard Ellis (Thailand) managing director Aliwassa Pathnadabutr said Rama IV Road was a new destination for commercial and residential development, with three major plots of land starting to be developed and projects due for completion this year through 2020.
They are the 80-rai area at the Armed Forces Academy’s Preparatory School, 9 rai at Soi Pai Sing To on Rama IV, and the 3-rai Nimit Langsuan plot.
“When all of the new investment is complete, Rama IV will be a commercial and residential landmark in Bangkok,” she said.
Pace Development chief executive officer Sorapoj Techakraisri, developer of the Nimit Langsuan, said the limited amount of freehold land available for residential development on Rama IV had speeded up sales of the Bt7.5-billion project when it opened for bookings last year.