Siam Motors to build Grade A office tower near Siam BTS and golf course on Bang Na-Trat Road
Project investments of B4bn-plus in total
Siam Motors Group, owned by the Phornprapha family, plans to invest more than 4 billion baht to develop a Grade A office tower near Siam skytrain station and an 18-hole golf course on Bang Na-Trat Road.
President Phornthep Phornprapha said the group will spend more than 3 billion baht to develop Siam Pathumwan Tower, a new office building with a construction area of 91,901 square metres and a lettable area of 55,000 sq m.
“The main space will be offices with a monthly rent of more than 1,000 baht per sq m,” he said. “We don’t need to develop mixed-use projects, as there are many of them surrounding the area, such as Siam Paragon and MBK.”
The tower will be on Phaya Thai Road near Siam and National Stadium skytrain stations on a plot of 4-3-60 rai, where the group’s Honda showroom was situated. Construction is scheduled for completion in 2023.
Thailand’s Office of Bangkok Architects (OBA) and Japanese company Mitsui Sumitomo co-designed the project to make it resemble buildings in Tokyo’s Roppongi district, Mr Phornthep said.
“The look of our 33-storey tower will be different from others in town,” he said. “While most them are in the Western style with too skinny a shape, ours will be wider.”
On Bang Na-Trat Road KM22 in Samut Prakan, the group began construction this year of Siam Country Club Bangkok, a new 18-hole golf course on a 560-rai plot behind the group’s Nissan manufacturing facility.
With an investment of 1.1 billion baht excluding land cost, the golf course is scheduled for completion in July 2021.
“The golf course business in the Bang Na-Trat area is robust, as it is close to Bangkok,” Mr Phornthep said. “This business can boost the tourism industry, which is now under threat of the US-China trade war.”
Last year the group’s golf course business, with three courses in Pattaya under Siam Country Club Pattaya, recorded flat growth with revenue of 520 million baht.
Earlier this month, the group had an official launch of Siam Country Club Pattaya Rolling Hills, an 18-hole golf course on 660 rai at Siam Country Club with a construction cost of 750 million baht and a land cost of 1.98 billion baht.
The group hopes development of U-tapao airport will draw a large number of tourists and executives to play golf in the Pattaya area. It expects 190,000 golfers to visit its four golf courses by the end of the year, up from an annual average of 170,000 golfers at three courses during 2014-19.
“Thailand remains a popular global golf destination,” Mr Phornthep said. “But Vietnam is a new rival, as its landscapes are more attractive and it has a rich culture. In five years, it will definitely compete with us.”
Source: https://www.bangkokpost.com/business/1841579/siam-motors-to-build-offices-golf-course
