By Somluck Srimalee
He said that after updating the business plan for One Bangkok, its largest mixed-use project to date worth Bt120 billion, the group now owned and was developing six properties on Rama IV. One Bangkok is largest project with an investment value Bt120 billion and combines luxury condominiums, retail property and an office building. The Group’s office building FYI Center worth Bt5 billion is already open while The Parq, worth Bt20 billion and located close with Queen Sirikij National Convention Centre, is a further mixed-used project combine retail, hospitality, and office space.
Samyan Mitrtown is another mixed-use project combine office and retail space worth Bt8.5 billion and is being developed by the group’s subsidiary Golden Land Property Development Plc.
The group is also studying the potential of two land plots on Rama IV including the existing head office of Stock Exchange of Thailand, which is under the design process, and redesigning the Queen Sirikit National Convention Centre, expanding the space from 90,000 square metres to be 170,000 square metres.
Four of the six projects will be completed between 2021 to 2023.
“We expect to develop Rama IV into a green destination and the new landmark of Bangkok by collaborating with BMA to design the landscape, such as taking electricity wiring underground as well as designing the surrounding area on a green concept,” he said.
Also today, the company introduced the latest design of One Bangkok, which is being developed under a joint venture between TCC Assets Co Ltd and Frasers Property Holdings (Thailand) Co Ltd. The project is setting new benchmarks in design, smart-city living and sustainability, and aims to be the first project in Thailand to receive LEED Neighborhood Development Platinum certification. The fully integrated district is poised to become a global landmark, attracting top-level businesses, tourists and locals alike by seamlessly connecting offices, retail, luxury hotels, residences, as well as cultural and social spaces.
“Our ambition is to build sustainable developments that improve quality of life and are part of the fabric of the community. It is our goal to constantly create offerings that connect with their surroundings and which the community can be proud of. We believe One Bangkok will reflect what Thailand’s capital can deliver on the world stage, and our goal is to see the country become the very epicentre of Asean.”
Su Lin Soon, chief executive - Development, One Bangkok, said that to take full advantage of the scale of the district, the company was planning for a diverse mix of uses – offices, shops, restaurants, hotels, and residences – to be complemented by educational, social & leisure, fitness & wellness facilities, including a strong focus on art and culture. “The district is peppered with active public spaces, and we expect the synergy from this mix of uses to create an exceptional destination capable of attracting top-level organisations and a place that tourists and locals alike will want to go to and keep returning to – a place to work, shop, play, and create.”
One Bangkok features 6 access points; from Wireless Road, Rama IV and a new direct connection to the expressway, which is in the process of approval by relevant authorities. These accesses link directly into a common underground infrastructure for easy circulation enabled by smart traffic management system, allowing One Bangkok to promote “walkability” across the district with a network of streets and alleys lined with shops, cafes, art and public spaces, connecting every single component. To ensure pedestrian comfort in the Bangkok climate, these streets are shaded with open-air structures, tall canopied trees, or fully enclosed, air-conditioned spaces, she said.
She added that One Bangkok is set to be Bangkok’s most prestigious corporate address, giving the city a new economic engine with a combined office space of almost 500,000 square metres that will be home to over 500 local and international organizations and their more than 50,000-strong workforce. To be completed in phases from 2023 to 2026, the Offices at One Bangkok has been planned to the highest specifications and targets LEED and WELL certifications. All five office towers are seamlessly integrated into the mixed-use scheme, and each tower has been designed to respond to changing demands of the workplace as places that people want to spend time in before, during and after working hours.
According to the master plan, One Bangkok will have a 1,100-room hotel manage by The Ritz-Carlton, Bangkok and which is scheduled to open in 2023, while 110 ultra-luxury apartments of two to four bedrooms, starting from 130 square meters will launch in early 2020.
One Bangkok is designed to offer a green, safe, and inviting environment for all. Some 50 rai of the total 104-rai land plot is allocated to an integrated system of streets, squares, and open spaces that encourages people to spend more time outdoors together, including a 10,000 sqm landscaped civic plaza that will be a natural venue for international events and Thai festivals. Wrapping around both Wireless Road and Rama IV Road is a 40-metre wide continuous linear park, a natural extension to Lumphini Park, and providing a green and spacious approach to the district.
With piling works already completed in June this year, One Bangkok is expected to open in 2023, with full completion slated for 2026, Soon said.
A survey by the Nation reveals that Frasers Property Group is far from the only property firm looking to develop residential and commercial buildings in this location. When combined with the Group’s investment, these plans bring the total investment in the area to more than Bt350 billion from now until 2023.
For example, the Port Authority of Thailand is planning a mixed-use project on 223 rai in Klong Toei, containing an office building, logistics and warehouse facilities, and a shopping mall. The Bt100-billion project is currently under study and negotiations have begun with the existing lessees on land transfer. The plan will be finalised this year with joint development with private developers as an option.
Central Pattana, the property arm of the Chirathivat family, has teamed up with Dusit Thani Group to re-develop the Dusit Thani Hotel at the junction of Rama IV and Silom roads, after winning a 30-year renewal contract on the site from the Crown Property Bureau.
A mixed-used project worth Bt36.7 billion is planned, comprising a residential condominium, office premises, retail facilities in addition to the hotel.
Pace Development Corp is developing a 53-storey luxury condominium project, Nimit Langsuan. Construction of the Bt7.5-billion property will be completed next year.
Meanwhile, the Athakravi Group, developer of the Manorom building on Rama IV road is completing the construction of a Bt2-billion community mall nearby.
Other condominium projects launched in the area since the beginning of 2014 include the Condolette Pixel developed by Pruksa Real Estate, The Portrail Rama IV-Sukhumvit 38 by Krung Thai Land Development, Land & House's The Room Rama IV, the Aspire Rama IV by AP (Thailand), and Ananda Development’s Bt6.5-billion Ideo Q. These projects have a total market value of over Bt50 billion.
Aliwassa Pathnadabutr, managing director of CB Richard Ellis (Thailand), said Rama IV Road is a new destination for commercial and residential properties with three major plots of land being developed and projects due for completion between now and 2025.
It will be a new commercial and residential landmark in Bangkok, she added.
Amidst the aggressive investments, land prices on Rama IV road have been increasing by an average of 8.9 per cent a year since 2015, said Ananda Development Plc’s chief executive officer Chanond Reuangkritiya.
The average sales price of condominium units on Rama IV road has now risen to Bt250,000 per square metre. The location has a total supply of 2,430 units as of the first quarter of this year with up to 84 per cent sold, he said.
A survey by Baania.com shows there are 21 office buildings with total space of 530,000 square metres within a radius of 800 metres from Rama IV road. Rentals of these commercial properties average Bt525 per square metre.
The location also saw the launches of 115 condominium projects with 29,700 units. Construction of 74 of these projects with a total of 14,100 units are due for completion before 2012.
Development of the other 41 projects with a total of 5,600 units, are still under way.