THE PLOENCHIT-CHIDLOM area of central Bangkok is the new destination for those seeking a luxury lifestyle and green architecture, with a number of high-end green buildings – condominiums, hotels, offices and shopping centres – having being developed in the area, or due to be completed in the next two to three years.
According to a survey by The Nation, developers of such projects have spent more than Bt100 billion in expanding their investment in the area since 2013, changing the location into a hub of luxury and green building in the capital, with many of the new buildings designed under the Leadership in Energy and Environmental Design (LEED) concept and certification from the US Green Building Council.
For example, the 98 Wireless luxury condominium by Sansiri was designed under the LEED Silver certificate concept, being the first condominium in Thailand to apply for such certification.
Univentures’ Park Venture, a mixed-use project that combines offices and a hotel, is the first office building in Thailand to receive LEED Platinum certification.
Meanwhile, the Ploenchit-Chidlom location also has the highest recorded land price in Bangkok, at Bt1.9 million per square wah (4 square metres) for a Chidlom plot purchased by SC Asset Corp in 2015.
The land is now being developed into the Bt8-billion luxury condominium project, 28 Chidlom, where units are on offer for Bt330,000 per square metre.
The project is scheduled for completion in 2019.
However, the next big deal is set to break that record, as bidding will soon open for land on the UK Embassy site on Wireless Road at between Bt2 million and Bt2.2 million per square wah.
Announcement of the final deal reached will be made as soon as possible, said property agency Collier International Thailand.
Siam Sindhorn has set aside an investment budget of Bt26 billion to develop Langsuan Village, which will be completed in 2019 and comprise condominiums, serviced apartments, hotel and retail outlets.
Langsuan Village will have three condominium projects at the same location. The first, Sindhorn Residence, will have 200 units at a starting price of Bt210,000 per square metre.
The other two – Park View Residences and Park View Ton Son – will have a combined 490 units.
Meanwhile, this location now has both a luxury retail complex and hotel: the Central Embassy shopping mall and Central Park Hyatt Hotel, which form part of the Central Embassy project, while The Okura at Park Venture is being developed by Univentures as a luxury hotel in the area, according to CB Richard Ellis research.
The same location also features three other luxury hotels: the Conrad Hotel, Grand Centre Point Wireless Road and Plaza Athenee Hotel.
Then there is the latest plan by Bangkok Hospital Group to invest more than Bt2 billion to develop a medical and wellness facility, the BDMS Wellness Clinic, on 15 rai (2.4 hectares) of land occupied by the former Nai Lert Park Hotel, which sold the plot for Bt12.8 billion to the hospital group last year.
Wireless Road ‘the best location’
“Wireless Road is the best location for luxury residential development because of the limited availability of plots in this area, and it also has more facilities to serve demand for the luxury market, such as offices, shopping centre and hospital – and also has the convenience of transportation and the mass-transit system to serve people’s luxury lifestyles,” Sansiri president Srettha Thavisin said recently.
Demand for units at its 98 Wireless luxury condominium is largely from domestic sources, he added.
SC Asset’s chief executive officer, Nuttaphong Kunakornwong, said 28 Chidlom had the advantage of being within walking distance of the BTS Chidlom station, which is just 250 metres away.
Also situated close to a luxury shopping centre, the area has more facilities to serve demand under the developer’s “Location of Everything” concept, while the land is a prized asset for the developer as it is no longer possible to buy a plot of up to 3 rai for the development of condominiums in this location, he explained.
“Our customer targets are both domestic and foreign buyers, as we also believe that when the project is completed in 2019, offer prices will have increased from an average Bt330,000 per square metre now to Bt450,000,” he added.
According to CB Richard Ellis (Thailand), the broader Central Lumpini area, which includes the Ploenchit-Chidlom area, posted the highest achieved average rents in the final quarter of last year, with Grade-A apartment rents of Bt456 per square metre per month.
The average occupancy rate in the quarter stood at 96 per cent.
The property agency also said that Ploenchit-Chidlom condominium prices of more than Bt250,000 per square metre were double the level achieved just two years ago, and were also higher than other locations in the capital’s central business districts.