The second generation of family-run property developer K.E. Group plans to develop a mega mixed-use project worth 50 billion baht in the Kaset-Nawamin area once the Grey Line monorail project begins construction.
Deputy managing director Kavin Eiamsakulrat said monorail lines will spur growth in locations like Kaset-Nawamin and change the landscape.
"The new mass transit will draw new property demand," he said. "Development will start in the next five years, when the Grey Line is kicked off."
The project's will be located at the junction of the Grey and Brown Line monorails, on a 70.5-rai site at the intersection of Pradit Manutham and Kaset-Nawamin roads.
According to the Bangkok Metropolitan Administration, the Grey Line will run along Watcharaphon-Phra Khanong-Rama IX-Tha Phra, with the first phase stretching 16.25km from Watcharapon to Thong Lor, pending the environmental impact assessment process.
The Brown Line is undergoing a feasibility study and is expected to run from Khae Rai (in Nonthaburi) to Lam Sali, which will also run past the Kaset-Nawamin area.
With a total construction area of 801,725 square metres, the mixed-use project will comprise a 5,000-sq-m exhibition hall and a 45-storey tower that will have retail spaces and a hotel.
There will also be six 45-storey office towers, a 25-storey office tower, a 28-storey office tower, six residential condos in the 25-36 floors, a park-and-ride building for mass transit passengers and a transport exchange.
"As the second generation of this company, I will expand with a focus on investment discipline," said Mr Kavin, the 24-year-old son of Kaveepan Eiamsakulrat, the group's managing director and founder.
The group aims to be a leader in the luxury housing market with a development value of 5 billion baht per year in the next few years, aimed at entering inner-city locations on 2-4 rai plots of Sukhumvit Soi 30 to Soi 50.
Yesterday the group announced the super-luxury housing project Crystal Solana worth 4 billion baht.
The project will be located on a 30.5-rai site of Pradit Manutham Road, with 51 units priced between 60 million and 300 million baht.
Mr Kavin said target buyers will be high-net-worth individuals (HNWIs) who have cash on hand of at least 200 million baht.
This group has seen population growth and wealth increase of 10% on average per year, higher than the country's usual growth.
According to business consulting firm Capgemini, the number of HNWIs in Thailand totals 107,800 with a combined wealth of $548 billion. The population increased by 12.7% in 2016 with a wealth increase of 13.3%.
By the third quarter of this year, the group plans to sell two community malls, the Crystal SB Ratchapruek and the Crystal PTT Chaiyapruek, to Crystal Retail Growth Leasehold Property Fund.
The group will also try to sell other community malls to the property fund to increase its value to 15 billion baht.
The property fund has leased two community malls on Pradit Manutham Road, comprising Crystal Design Center and Crystal Ekamai-Ramindra, worth a combined 7.5 billion baht.