Retail and mixed-use boom pushes Siam land values to THB4m per square wah
Retail and mixed-use projects are reshaping Bangkok’s Siam Square and Pathum Wan, where land values have climbed to THB3.8–4 million per square wah.
- Land values in Bangkok's Siam area have reached an estimated 3.8–4 million baht per square wah, reinforcing its status as a prime commercial district.
- The value increase is driven by a high concentration of major shopping centers and the development of large-scale, mixed-use projects.
- Key redevelopments fueling the boom include the transformation of the former Lido and Scala cinema sites into new cultural and commercial hubs, such as the upcoming CEntRal ceNTrAL project.
Retail and mixed-use development around Siam Square and the Pathum Wan intersection is reinforcing the area’s status as one of central Bangkok’s most valuable commercial districts, with land values now estimated at 3.8–4 million baht per square wah.
Stretching along Rama I Road, much of the prime land is owned and managed by Property Management of Chulalongkorn University (PMCU). The district is served by the BTS Green Line, with Siam station acting as a key interchange between the Silom and Sukhumvit lines and providing connections to surrounding parts of Bangkok.
Retail concentration strengthens Siam’s appeal
The concentration of major shopping centres has made the area one of Bangkok’s most prominent gathering places for Thai and international visitors, particularly younger consumers.
It has also developed into a major shopping, fashion and lifestyle district, supported by several of the capital’s best-known retail destinations.
Siam Paragon combines luxury and international brands with a large aquarium, while Siam Center focuses on contemporary fashion and Thai designer labels. Siam Discovery offers lifestyle products and gadgets, and Siam Square itself is known for street shopping, popular restaurants and activity spaces catering largely to younger visitors.
Nearby MBK Center offers a wide range of products, including mobile phones and souvenirs, while Don Don Donki adds to the retail mix around the Pathum Wan intersection. The area is connected by skywalks leading towards Siam BTS station and is surrounded by large commercial buildings.
Lido cinema reborn as a cultural space
Among the best-known properties next to Siam Square and Siam station is the former Lido cinema. Opened in 1968, the cinema operated for 50 years before closing on May 31, 2018. Although the site drew interest from investors, Chulalongkorn University retained the property.
The former cinema has since been transformed into Lido Connect, a creative and cultural venue covering nearly 4,000 square metres, or about 0.4 hectares. The redevelopment has preserved much of the building’s original structure and classic atmosphere while giving it a new role beyond film screenings.
Former Scala site becomes major mixed-use project
A short distance from Lido Connect, another major transformation is taking place at the corner of the Pathum Wan intersection, on the former site of the Scala cinema.
The roughly 0.96-hectare site, equivalent to six rai, was home to the historic cinema, which was constructed in 1967 and officially opened on December 31, 1969. It permanently closed on July 5, 2020, after operating for more than five decades.
The site is now being redeveloped into the high-end mixed-use project tentatively named CEntRal ceNTrAL.
The 42-storey development will combine a hotel, offices and retail space. It is being developed by Central Pattana Plc (CPN) in partnership with Mitsubishi Estate, with an investment of more than 11 billion baht.
The development is scheduled to open in phases from 2027 and is expected to become another major component of the wider redevelopment of Siam Square and the Pathum Wan intersection area.
Nearby, SIAMSCAPE is a 25-storey mixed-use building at the corner of Phaya Thai Road and Siam Square Soi 1, opposite MBK Center.
Managed by PMCU, the development combines learning, lifestyle, office and commercial functions. Shops and connecting lanes within the surrounding Siam Square area also allow visitors to move between different parts of the district.
Siam land values reach THB4m per square wah
Land values in the area have continued to increase, rising by an average of at least 5–6% a year, according to Wasan Kongchan, managing director of Modern Property Consultants Co Ltd and president of the Real Estate Sales and Marketing Association (RESAM).
Wasan estimates current land values around Siam at 3.8–4 million baht per square wah. High land values also extend into neighbouring prime locations, including Phloen Chit, Lang Suan and Wireless Road, where prices are at least 4 million baht per square wah.
The CEntRal ceNTrAL development is another major project expected to reinforce the commercial value and development momentum of the wider Siam area.
Bangkok city plan retains Pathum Wan commercial role
Under the fourth revision of Bangkok’s comprehensive city plan, which is expected to take effect around late 2027, the area will remain part of the capital’s central business district and retain its classification for commercial land use.
The plan also identifies Pathum Wan as one of Bangkok’s innovation districts, recognising its strong potential to attract large numbers of people and support further commercial activity in the heart of the capital.
Source: Thansettakij
