Bangkok--31 May--CBRE
CBRE, the world’s leading property consultant and agent, has been appointed to sell one of the most significant land sites in the centre of Bangkok. This prime freehold property fronts directly onto Silom Road close to the junction with Narathiwas Ratchanakarin Road and comprises of a total land area of 5 rai 2 ngan and 33.5 square wah.
The property represents a great development opportunity in the heart of Bangkok’s prime commercial district. Access to the BTS sky train station is within 120 metres and the property has a prime frontage of over 50 metres onto Silom Road.
The site will be sold by formal tender after an extensive marketing campaign. A submission date for bidding has been set for 7th August 2012, giving adequate time for all interested parties to inspect the site and do their research. “We are delighted to have been chosen for this prestigious instruction”, said Mr. David Simister, Chairman of CBRE Thailand. “Offering the site for sale by tender will allow a level playing field for all potential buyers, both developers and end-users, and is the most fair and transparent method of sale.”
“Developers and major commercial organizations all appreciate that the opportunity to acquire such a significant site on a prime road is becoming increasingly rare. Access to the BTS further improves the site location, and prime land sale transactions in central Bangkok continue to set new records in terms of price per square wah”, added Mr. Simister.
Large sites on Silom Road are capable of development at a 10 : 1 plot ratio and the site has many potential uses ranging from residential condominiums to commercial properties.
CBRE Thailand’s Head of Investment & Land Services, Executive Director, Ms. Kulwadee Sawangsri commented that, “It has been over 10 years since a large freehold site has been available on Silom Road. This is very a rare opportunity and we expect significant interest. Over the last 5 years, we have handled several high profile disposals of major sites and buildings in Bangkok and we expect to be very busy with viewings.”
The Bangkok property market continues to show positive signs in all sectors, with increasing take-up and price increases in condominiums, offices, and retail. Over the last 5 years, land prices have consistently appreciated in value, largely because of scarcity and the fact that prime sites rarely become available. The current property market and general economic performance give CBRE confidence that this site will continue to show further upward movement in the property market.