The site of the former Australian Embassy on Sathorn Road in Bangkok has been sold for THB 4.6 billion.
The purchaser, listed developer Supalai, won the bid for the 8-rai site on Bangkok’s Sathorn Road, and its Chairman, Prateep Tangmatitham, said yesterday his company will develop a mixed-use project on the site, with both residential and office building components.
He said: “We have started work on the green design, focusing on the conservation of energy, nature and the environment. We will preserve some of the large trees already on the land and will apply innovation and creativity to the project.”
He added that the project will provide Supalai with a high-end product in the heart of Bangkok, to meet customers’ demand and earn more rental income.
Sales for the new launch are expected to open in the latter half of 2018.
Despite the price paid by Supalai for this land it is not a record breaker. The most expensive land deal in Bangkok was the THB 2 million per sqw paid for a 1.5-rai plot on Sukhumvit Soi 24,
Shareholders of Supalai may think this is not a good deal because its share price fell 13.58 percent on the Stock Exchange of Thailand on Monday.