CBRE APPOINTED TO SELL 28-RAI LAND ON RATCHADAPISEK

Real Estate Press Releases Monday September 17, 2018 16:36
Bangkok--17 Sep--CBRE Thailand
Ideal for Mixed-use Development

CBRE has been appointed to sell, by tender, a 28-rai or 11-acre site with a Floor Area Ratio (FAR) of 7:1 on Ratchadapisek. The site has the potential to be developed into a landmark mixed-use development. The tender submission date is Wednesday, 28 November 2018.

The site offers great convenience and accessibility to mass transit lines in one of the most sought-after locations in Bangkok at the new Thailand Cultural Centre interchange station of the MRT Blue Line and the under-construction MRT Orange Line. The site is opposite the Grade A AIA Capital Center office tower and the Esplanade Ratchadapisek shopping mall, with many residential developments in the surrounding area.

Over the past 10 years, land prices in the Ratchadapisek area have increased by 250% as it has become a hotspot for condominium buyers and office tenants. This has resulted in high demand for sites suitable for both residential and commercial development. Given the scale and location of this site, it has great potential to be developed into a new Bangkok landmark with a mix of uses.

Ms. Kulwadee Sawangsri, Executive Director and Head of Capital Markets – Investment and Land, CBRE Thailand, said, "Land prices on Ratchadapisek continue to increase, but at different levels, depending on location as well as land size and shape. 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. A great example showcasing the popularity of Ratchadapisek is AIA Capital Tower, the first new generation Grade A office development in this area which has proved to be a great success, fully occupied at top market rentals."

"It is very rare to find large sites suitable for development these days. The availability of this 28-rai plot on Ratchadapisek Road offers developers a great opportunity to build a mixed-use project. CBRE anticipates that the sale of this development site will be another record-breaking transaction, following the sale by tender of the 23-rai former British Embassy site by CBRE Thailand earlier this year," added Ms. Kulwadee.

For enquiries of the tender sales, please contact Ms. Kulwadee Sawangsri, Head of Capital Markets – Investment and Land, CBRE Thailand at +66 2 119 2997 or investment@cbre.co.th
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE established an office in Bangkok in 1988, followed by its Phuket office in 2004. CBRE Thailand has grown to be the leading real estate services provider, offering strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; appraisal and valuation; and research and consulting. Please visit our website at www.cbre.co.th


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