Thailand Investment MarketView Q4 2017
13 Mar 2018
Race for Rare Sites
Demand for prime sites has remained strong with developers continuing to acquire sites for all types of developments. Land prices have dramatically increased especially in the most prime locations and along mass transit lines.
The biggest land sale in Thai history was the recent acquisition of the British Embassy site by the joint venture of the Central Group and Hong Kong Land for 420 million pounds. A record price of THB 3.1 million per square wah or USD 24,000 per sq. m. was paid for a development site on Soi Langsuan by SC Asset.
There were also other CBD site acquisitions that have not been publicly announced including a site on main Sukhumvit Road. Not only freehold sites but more leasehold land plots are becoming sought-after.
More joint ventures have been announced in this quarter such as Central Group with Hong Kong Land. We expect to see more joint venture projects in Bangkok and this will not only be confined to condominium development but we have started to see interests extended to other kinds of properties such as offices and mixed-use projects.
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