Thai Obayashi awarded 50-year lease contract for Vajiravudh College's 6-rai site on Ratchadamri

Real Estate News Wednesday December 1, 2021 11:16 —PRESS RELEASE LOCAL

Thai Obayashi awarded 50-year lease contract for Vajiravudh College's 6-rai site on Ratchadamri

Property consultancy and services firm JLL?announced today that Vajiravudh?College has awarded the 50-year lease contract for its the 6-rai site on Ratchadamri Road to Thai Obayashi.?The lessee?will?redevelop?the site?into a prime Grade A office?building, a hotel and retail space.?

"This 50-year lease deal represents the most significant real estate investment transaction completed in Bangkok so far since the pandemic due to its contract value and prime location in the heart of the central business district," says Michael Glancy, Country Head of JLL.?"It also?reaffirms?property developers' continued interest in Bangkok's prime plots and confidence in the city's long-term market outlook."

Situated in one of Bangkok's prestigious locations facing the BTS Ratchadamri station with iconic views of The Royal Bangkok Sports Club, the site?belongs to?Vajiravudh?College that appointed JLL as the exclusive advisor to put it up for lease?by tender beginning in April?2021.?It comprises?two connecting plots -- one with 3 rai and 70 square wah of land area and an office building, with Thai Obayashi being the existing lessee, and another with 2 rai, 3 ngan and 81 square wah of land and an apartment block. Both the existing office and residential buildings on the site will be removed?by Thai Obayashi?to?make?way for?a mixed-use?development?project?comprising more than 100,000 sqm of gross floor area.?

Krit Pimhataivoot, Head of Investment at JLL,?comments?"Whilst repositioning the existing buildings on the site was an available option,?Thai Obayashi?has chosen a redevelopment?approach. This?will allow the firm to maximize the site's floor area ratio (FAR) of up to 10:1 as Ratchadamri Road is defined by the Bangkok town plan as an area for high-density mixed-use development."?

"Moreover, the?development project?proposed by Thai Obayashi has put?sustainability at a top of?its?agenda, which is one of?the key criteria, in addition to pricing, that Vajiravudh College used in?selecting?the winner?out of the participants in the competitive tender?for?the site," he adds.?

Photo: Mr. Kiattikhun Chartprasert (middle right), Vajiravudh College Commander and Mr. Pornchai Sitthiyakorn, President of Thai Obayashi, presenting the 50-year lease contracts for the college's 6-rai site on Ratchadamri Road. Also seen in the picture are exectuives from Vajravudh College - Dr. Piphat Phonpunnukul and Mr. Weeraphot Tohleebumrung; from Thai Obayashi, the lessee, such as Mr.Sompong Chintawongwanich and Mr.Tadayoshi Furueda; and from JLL, the sole leasing agent, such as Mrs. Suphin Mechuchep, Chairperson, and Mr. Michael Glancy, Country Head.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

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