Bangkok Ratchadamri Road
Scene of some of the fiercest fighting in May’s bloody crackdown and home to some of Bangkok’s finest establishments, including hotels the Hyatt Erawan and Four Seasons and the soon to be completed St Regis Residences, Ratchadamri Road in the centre of Bangkok, is set for a new six-star entrant.
Vacant for the past 15 years, current lease-rights holder Maneeya Group have teamed up with a new investor, Magnolia Quality Development Corporation Limited (MQDC), owned by the Cheavaranont family, majority share-holders of CP Group, the country’s biggest agribusiness conglomerate, to develop a mixed-use project.
Comprising of 1,000 square metres of retail space, 6,000 sq m of office space, a 250-room six-star hotel and 400 to 500 units of high-priced condominiums with total usable area of up to 62,400 sq m.
The Bangkok Post has reported that units will be sold at between 130,000 to 140,000 baht a sq m., sixty to seventy thousand less than other neighbouring developments as the plot sits on Crown Property Bureau (CPB) land.
The new developers are confident that with only 15 years remaining on the current lease the CPB will agree to an extension.
Under a pre-existing contractual obligation, all the office space will be used by the Debsirin Alumni Association, formerly an owner of the plot before Maneeya Group took it over.
Ground breaking on the original plot took place in 1994 before construction was stopped due to financial difficulties prior to the 1997 Asian economic crisis and despite the interest of another investor several years ago has remained vacant.
Overlooking the Royal Bangkok Sports Club with unrestricted vistas east over the city,
The announcement of this development also comes at a time when another vacant building, abandoned since 1997, adjacent to
Source: http://www.property-report.com
