A change in Bangkok regulations on locations surrounding Benjakitti Park is set to raise the value of land plots and new property projects in the area.
The green 88-rai vacant plot of Crown Property Bureau (top left corner) sits at a prime location in Bangkok — the corner of Rama IV and Wireless Roads, the former location of the old Suan Lum Night Bazaar. This location is one of several plots expected to be affected by a change in building height regulations for the area that is projected to drive up property values. THANARAK KHOONTON
One of the vacant plots to benefit the most will be an eight-rai site on Wireless Road near the Sarasin intersection and Soi Polo opposite Lumpini Park.
This prime piece is owned by City Grace Co, a joint venture between City Realty Co, a property arm owned by Chali Sophonpanich, and Singapore-based HKR Asia-Pacific Pte, owned by Hong Kong-based developer HKR International.
A source in the property sector said City Grace bought the plot four years ago for 790,000 baht per square wah and are waiting for the change in regulations.
"The potential of this plot will soar after the change in regulations as it is likely the only freehold plot on a main road with a full park view and suitable size for a super-luxury residential project," said the source.
Enacted in 2004, the Bangkok Metropolitan Administration's (BMA) regulations divide the areas surrounding Benjakitti Park into six zones.
The height of newly constructed buildings in Zone 1 is limited to 23 metres, while those in Zones 2 to 6 are limited to 45 metres, or 15 storeys.
Zone 1 is closest to the park, running from Ratchadaphisek Road to Duang Pitak Road, which is parallel to an expressway near Thailand Tobacco Monopoly.
Zones 2 to 6 are outer locations from the park. Plots in Zones 2, 3 and 4 will have higher potential when the regulations change because they have vacant land large enough for new property development. Plots in Zones 5 and 6 are mostly small and occupied by individual houses.
Zone 2 runs from Ratchadaphisek Road opposite the park from Sukhumvit Road to Rama IV Road. Zone 3 is at the corner of Ratchadaphisek and Rama IV Roads.
In Zone 2, there are at least two pieces of land near Soi Phai Singto where landowners are likely to change project designs to benefit from the change. They include a two-rai site where property developer Siamese Asset Co planned to launch a condo project, and a nearly nine-rai plot where SET-listed Golden Land Property Development Plc planned to develop a 12-storey hotel and a 14-storey office building.
Zone 4 runs from Duang Pitak Road to Wireless Road and Rama IV Road to Soi Ruamrudee, situated by City Grace's plot and the former Pre-Cadet School site covering 90 rai. A consortium of Univentures and TCC Assets (Thailand), owned by the Sirivadhanabhakdi family, recently won the bidding for a plot there.
The regulations will be changed to allow higher new buildings in Zones 2 to 6 as the BMA wants to increase the potential of plots, said the BMA.