Gaysorn Property Co is on track to invest 3 billion baht to develop a new office building in the Ratchaprasong area near the luxury Gaysorn shopping complex.
Construction of the project, called Gaysorn Tower, got under way last year and is expected to be completed by the middle of next year, said managing director Fafuen Temboonkiat.
The 30-storey building will have total space of 63,000 square metres and is surrounded by 18 major buildings near Ratchaprasong intersection, a popular shopping destination and business district where demand for office space is high.
Colliers International Thailand said earlier this year that demand for office space in the central business district was on the rise and would continue through next year.
Nithipat Tongpun, head of office services and executive director of CB Richard Ellis (Thailand) Co, echoed the findings, saying the supply of office space has risen by 22% on average each year since 2000 as demand increased by 63%. Demand for office space in the capital rose to 198,302 sq m in 2015.
According to Mr Fafuen, the tower will be opened for reservations soon, with 90% of space projected to be booked within a year of launching the project. Rent at Gaysorn Tower will be 1,200 baht per sq m per month.
The project will offer the "Work-Live-Play-Grow" concept, with the integration of harmonious experiences from Gaysorn Urban Resort, a new concept of common areas to be introduced to Thailand for the first time, he said.
"The full range of practical business amenities, such as meeting spaces, seminar and function rooms, restaurants, and recreational facilities will be offered," said Mr Fafuen.
In addition, the tower will also offer Gaysorn Urban Retreat, which introduces health and wellness to the office environment via clinics, spas, and massage centres from several recognised operators.
"The facilities will help boost productivity for office workers, visitors and the Ratchaprasong community at large," he said. "With Gaysorn Urban Creativity, we will further create a dynamic working environment using the latest modern office trends."
Apart from the office tower, the company also plans to start building a new condominium in the Thong Lor area by the middle of next year and a residential project in Phuket in the future.
The company expects income from rentals will be 500-600 million baht this year.