3 September 2012, Bangkok – With the continued improvement in demand for office space in Bangkok, Bhiraj Buri Group has announced its new property development in the heart of Bangkok. The new project will be a grade A mixed-use development consisting of office and retail spaces for rent and will be named Bhiraj Tower.
Situated on the main Sukhumvit Road opposite the Emporium department store, Bhiraj Tower is a 45-storey building with a total lettable area of approximately 50,000 square metres. The building has been designed to meet international grade A standards, including a column-free layout offering an efficient 1,500-1,700 sq.m. floor plate, 2.85-metre ceilings, a modern lobby with double-volume ceiling allowing more natural light, and a state-of-the-art security and access-control system. In addition, Bhiraj Tower will feature a direct covered walkway from Phrom Phong BTS station connecting with its second floor, making access convenient for both tenants and visitors.
Mr. Nithipat Tongpun, Executive Director & Head of Office Services at CBRE Thailand, commented that Bhiraj Tower is the only new grade A office development that will be completed in the central business district (CBD) between now and the end 2014. As of Q2 2012, the supply of grade A CBD office space in Bangkok totalled 1.22 million sq.m., while the take-up in the area soared by 10.3% y-o-y. On the rental side, grade A rents in Bangkok rose for the fourth consecutive quarter, posting a gain of 2.9% q-o-q and 7.9% y-o-y and now are more than the previous peak in 1992. The lack of new supply and rent increasing has meant that office rentals are now rising to a level where it makes for some developers to building new grade A developments.
According to Dr. Prasarn Bhiraj Buri, President and CEO of the Bhiraj Buri Group – the developer of Bhiraj Tower, “We hope that this new landmark will add tremendous value to our community and the Bangkok skyline. With regard to the office market, we see a trend for greater demand for high-quality office spaces and facilities that genuinely support employees’ working environments and lifestyles.”
Currently, the construction work has already started and is expected for completion in Q1 of 2014.
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