By Andrew Batt:
A significant plot of land in the heart of the commercial district of central Bangkok will be sold by auction in August.
CBRE Thailand has been appointed to sell the rare prime freehold site which is located on Silom Road close to its junction with Narathiwas Ratchanakarin Road. It comprises a total area of more than five rai (approx. two acres).
The site will be sold by formal tender after an extensive marketing campaign, with the submission date for bidding set for August 7, 2012.
“We are delighted to have been chosen for this prestigious instruction,” said 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.”
Speaking about the potential, Simister said: “Developers and major commercial organisations 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.”
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 and Land Services, Executive Director, Kulwadee Sawangsri, said: “It has been more than 10 years since a large freehold site has been available on Silom Road. This is very a rare opportunity and we expect significant interest.”
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 past five 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 gives CBRE Thailand the confidence that this site will continue to show further upward movement in the property market.
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