Demand up for prime development sites in bangkok

Demand is high for prime development sites in Bangkok.

A new record land price in the city's central business district was set this year. According to the Bangkok Post, SC Asset Corporation PCL bought a 3-0-9 rai site (1.19 acres or 0.48 hectares) in Chidlom for THB 2.3 billion or USD 63.9 million (THB 1.9 million per square wah or USD 13,194 per square metre) to develop a high-rise condominium project.

IKEA and Siam Future Co., Ltd. including 4-5 undisclosed partners, also reportedly bought a 900 rai site (144 hectares or 355.7 acres) in Rangsit, Pathum Thani Province, to develop a new mega retail centre for an undisclosed price.

"We understand that Clover Hotel Singapore bought Glow Hotel (95 keys) on Sukhumvit 16 from a local investor for a price in excess of THB 400 million or USD 11 million (more than THB 4.4 million per key or USD 126,000 per key)," adds CBRE. "The hotel was under construction and nearly completed."