Golden Land Property Development ready to handle a new mixed-use project at Bangna

Construction News
Mitrtown Office Tower, a 31-storey office building, a mixed-use development Samyan Mitrtown on the corner of Rama IV and Phaya Thai roads opened in September 2019.

Golden Land Property Development ready to handle a new mixed-use project at Bangna

12 November 2019

After Samyan Mitrtown’s completion, Golden Land Property Development, a subsidiary of SET-listed Frasers Property Thailand (FPT), is ready to handle the development of a new mixed-use project at Bang Na.

“We are ready to develop any projects the parent firm needs, whether on Bang Na-Trat Road or any other locations,” said Withawat Koottatep, Golden Land’s executive vice-president for commercial development.

FPT, formerly Ticon Industrial Connection, is one of Thailand’s largest industrial and logistics property companies, owned by the Sirivadhanabhakdi family, which acquired Ticon two years ago.

FPT completed the acquisition of 94.5% of shares in Golden Land through a voluntary tender offer in August 2019 and de-listed the latter from the Stock Exchange of Thailand.

Both had combined assets worth over 90 billion baht, according to FPT.

One plot under consideration is 4,315 rai on Bang Na-Trat Road KM32 in Bang Bo district of Samut Prakan. FPT said earlier it plans to build a township, comprising industrial, residential and commercial properties.

Golden Land has developed single houses, townhouses, duplex houses, condos, hotels, offices and retail space.

The most recent project was Samyan Mitrtown, a sleepless mixed-use development worth 9 billion baht on 14 rai on the corner of Rama IV and Phaya Thai roads, leased from Chulalongkorn University.

Just opened two months ago, the project includes Triple Y Hotel with 102 rooms and Triple Y Residence with 516 leasehold condo units priced from 140,000 baht per square metre, leased until 2049, with a retail area of 36,000 sq m.

There is also Mitrtown Office Tower, a 31-storey grade-A office building with a lettable area of 48,000 sq m, which is 70% occupied. The rental rate is 1,200 baht per month for a three-year contract.

Mr Withawat said the largest tenant is JustCo, a co-working space operator in which FPT’s majority shareholder Frasers Property Limited invested in May.

JustCo takes up 12,000 sq m on six floors for co-working space and serviced offices.

Golden Land expects to have full occupancy at the office tower early next year and generate income of 500 million baht per year.

“There will be no new office supply on Rama IV Road in the next few years. During that period, at least three mixed-use projects will be completed,” he said.

“The existing office supply neighbouring our project is old, with many buildings more than 20 years.”