Australian embassy site draws strong interest
JLL, the sole sales agent for the Australian Embassy site on Sathorn Road in Bangkok, reports that more than 10 parties have expressed interest in acquiring the property.
The firm is also expecting more parties to participate in the expression-of-interest (EOI) tender before it closes.
The site covering 7 rai, 382 square wah (11,295.5 square metres) has been put up for sale on a freehold basis by the Australian Department of Foreign Affairs and Trade as the embassy will soon relocate to its new premises near Lumpini Park.
Suphin Mechuchep, managing director of JLL, said that not only listed and non-listed developers but also financial institutions and multinational companies looking for a prime site for new head offices have expressed interest.
All of these parties are well qualified to make a bid in terms of financial strength and reputation. The sales campaign for the embassy site commenced in March and the EOI tender will close next month.
“After the tender closes, there will be a number of processes following such as shortlisting, a sale and purchase agreement, security-deposit payment and due diligence. As a result, we expect the sale transaction to be completed in the final quarter of 2017 when the successful tenderer will be unveiled,” Suphin said.
