Rama IV Road is transforming into a new landmark area of Bangkok as it increasingly becomes the location of mixed-used developments combining luxury hotels, retail outlets, offices and condominiums.
According to a survey conducted by The Nation early this week, Rama IV Road from Lumpini Park to Klong Toei is witnessing an aggressive level of investment to develop both residential and commercial buildings in the area.
For example, TCC Assets Co, property arm of beverage tycoon Charoen Sirivadhanabhakdi’s empire, won the bid from the Crown Property Bureau to develop a mixed-use project worth Bt120 billion on a 104-rai (16.6-hectare) plot at the Armed Forces Academy’s Preparatory School on Rama IV.
The company announced the master plan for the development on Monday. The project will include a luxury hotel, a “green office” concept, a condominium, and retail outlets. It will be developed by a joint venture called One Bangkok Holding Co, in which TCC Assets holds an 80.1-per-cent stake and Frasers Property Holdings (Thailand) 19.9 per cent.
TCC Assets also won the bid to develop a 35-rai plot in the Thepprathan community in Klong Toei near Queen Sirikit National Convention Centre from the Crown Property Bureau. It plans to develop a mixed-used project including a hotel, retail outlets and office buildings with an investment worth more than Bt50 billion.
“We will develop both of [these projects] together to create a new era for Rama IV to be the new landmark of Bangkok by 2025,” TCC Assets chief executive officer Panote Sirivadhanabhakdi said recently.
Earlier, Golden Land Property Development, a listed subsidiary of TCC Group, invested Bt5 billion to develop a 12-storey office building, the FYI Centre, and a 239-room budget serviced hotel on Rama IV near Soi Pai Sing To, on 9 rai also owned by the Crown Property Bureau. The project has been completed and is open for rent.
TCC Group also won the bid for a 30-year leasehold on 13 rai at Sam Yan Intersection connecting Rama IV and Phaya Thai roads from Chulalongkorn University. Golden Land is developing a mixed-used project called Sam Yan Mitrtown comprising retail, office hotel and residential facilities. The project is worth more than Bt8.5 billion.
Meanwhile, the Port Authority of Thailand hopes to develop 223 rai in Klong Toei for a mixed-use project comprising an office building, logistics and warehouse facilities, and a shopping complex.
The project, which has an investment budget of more than Bt100 billion, is currently at the study stage, with negotiations under way with lessees about vacating the land. The plan for this project will be finalised this year and may be open to private companies for joint development.
Central Pattana, property arm of the Chirathivat family, has joined with Dusit Thani Group to renovate Dusit Thani Hotel at the junction of Rama IV and Silom roads, after winning a 30-year renewal contract from the Crown Property Bureau to develop a mixed-used project worth Bt36.7 billion that will comprise a condominium, offices, retail facilities and the hotel.
Pace Development Corp, meanwhile, is developing a 53-storey luxury condominium project, the Bt7.5-billion Nimit Langsuan, that will be complete next year.
Athakravi Group, developer of the Manorom Building on Rama IV, is completing construction of a Bt2-billion community mall nearby.
Other condominium projects launched in the area since the beginning of 2014, and worth more than Bt50 billion in total, include the Condolette Pixel by Pruksa Real Estate, The Portrail Rama IV-Sukhumvit 38 by Krung Thai Land Development, The Room Rama IV by Land & Houses, the Aspire Rama IV by AP (Thailand), and Ananda Development’s Bt6.5-billion Ideo Q.
Aliwassa Pathnadabutr, managing director of CB Richard Ellis (Thailand), said Rama IV Road was a new destination for commercial and residential development, with three major plots of land starting to be developed and projects due for completion between this year and 2025.
“When all of the new investment is complete, Rama IV will be a commercial and residential landmark in Bangkok,” she said.
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