Desire for key land remains | Bangkok Post: business

Income-producing properties are still in demand in Thailand as seen from major hotel and land purchases in the second quarter, says the property consultancy firm CB Richard Ellis.

The Sofitel Silom hotel was sold to an associate of The Pioneer Global Group. The same associate, with a 49.5% stake in the Pullman Pattaya Aisawan Resort, purchased the 469-room hotel for 2.01 billion baht, or 4.3 million baht per key.

Eilidh Callum, senior economist of CBRE Thailand, said in addition to income-producing assets, strategically located sites are also in demand. So far this year, City Virtue Limited purchased a three-rai site on Sathorn Road from the French Government while developers L.P.N. and Supalai have both purchased land for residential developments.