New business and luxury residential locations are springing up in Bangkok and investors are wasting no time in buying up the land. Ratchadaphisek Road is attracting companies such as American International Insurance (AIA) and the Thailand Stock Exchange. The construction of new offices on the north-south strip has a market value of THB80 million (US$ 2.58 million).
Over on the Phloenchit intersection to Wireless Road and across to Sukhumvit Soi 1 luxury hotels, like the Central Park Hyatt, are being constructed alongside condominiums and office buildings. The investment in this area will exceed THB 100 million (US$ 3.23 million) according to The Nation.
The emergence of multi-national firms developing in Ratchadphisek Road will make this area the new central business district in Bangkok said Pruksa director and chief business officer Prasert Taedullayasatit.
The influxes of new companies will in turn cause an increase in residential units. Currently there are 2,000 units valued at THB 4 billion (US$ 129 million). Pruksa has developed a new condominium complex, Ivy Ampio, on Ratchadphisek Road to meet demand for that area. Pruksa is not the only development company looking to gain from the growth in this part of Bangkok. Noble development has bought land on Ratchadphisek Road and a condominium project should be completed by next year.
The changing of the Ratchada district from low-density to high-density to keep in line with Bangkoks new city plan, which comes into effect may 2013, allows for the construction of high-rise buildings. Ploenchit will be a high-density area and this will raise the value of the land and support large scale investment. Noble Development has already launched a luxury condominium complex on Ploenchit Road and Sansiri has plans to follow suit.
Source: Property Report
