The listed developer Grand Canal Land Plc (GLAND) aims to develop its megaproject at the Rama IX intersection as a new landmark for Bangkok with a 17.6-billion-baht mixed-use project.
The 17.6-billion-baht mixed-use Grand Rama 9, comprising four main buildings, will open by year-end.
Grand Rama 9 will offer a total usable area of 1.1 million square metres on a 46-rai plot. Initially, it will comprise two office projects, one condominium and a shopping mall.
The company will invest around 4-4.5 billion baht more to build an office building and a five-star hotel on an eight-rai plot in the compound. The U Place office building will be built specifically for Unilever for long-term lease.
As well, G Land invested in the construction of Central Plaza Grand Rama 9 to be leased for 30 years to Central Pattana Plc. Scheduled to open this year, the project is worth 1.9 billion baht.
Romani Boondicharern, the company’s deputy managing director, said demand for retail space in the area was very strong so it developed more space in the compound. Central Department Store will serve as the magnet for the location.
Ratchadaphisek Road has experienced construction of new offices, commercial and residential buildings and is served by underground mass transit.
G Land’s first office building _ The Ninth Towers worth 3.5 billion baht _ will be operated by the company itself. It will have two buildings providing 66,000 sq m of space of grade B+ and A- offices.
Another office building _ G Land Tower worth 4.2 billion baht _ will tap premium-grade customers with 69,800 sq m of grade A+ office. It will be operated by Rama 9 Square Co, in which G Land holds a 78.12% stake.
Its residential project, the 8-billion-baht Belle Grand Rama 9, will house 1,992 condominium units in eight buildings, with over 70% of the space sold. The project has been developed by Belle Development Co, in which G Land holds 79.57% ownership.
The flooding has affected its expansion of new housing projects, especially one located on Chaeng Watthana Road that was inundated.
However, Ms Romani is confident the firm will gain more revenue when it starts transferring condo units in the near future.
GLAND shares closed yesterday on the Stock Exchange of Thailand at 2.02 baht, unchanged, in thin trade worth 22,000 baht.