One Bangkok upbeat on future supply
The country's largest mixed-use project, One Bangkok, is confident that its future supply of offices, condos, hotels and retail, covering more than 1.83 million square metres, will not cannibalise existing supply.
Su Lin Soon, One Bangkok's chief executive of development, said the project offers a diverse mix of uses for an integrated district. Each property category at the project will target different segments.
The project's master plan calls for 1,100 hotel rooms at five different towers, ranging from boutique, business, luxury, luxury lifestyle and super-luxury, aiming for 80% foreign guests.
One of them will be The Ritz-Carlton, Bangkok, with 259 rooms at the lower levels of a high-rise tower, which is scheduled to be the first building completed in 2023. The tower's upper levels will house 110 leasehold condo units sized at 130-220 sq m.
The other 900 hotel rooms will be in four buildings, comprising two mid-rise towers and two high-rise towers, intermingled with office space. One of the mixed-use towers will have a height of 437 metres, making it one of the 10 tallest buildings in Southeast Asia.
Located on a 104-rai site at the corner of Wireless and Rama IV roads opposite Lumpini Park, One Bangkok is a joint venture of TCC Assets Co and Frasers Property Holdings Thailand Co, both owned by the Sirivadhanabhakdi family.
Dan Tantisunthorn, senior vice-president for the project's commercial asset development, said the project will have more than 500,000 sq m of combined office space in five different towers.
"The first office tower will be completed in 2023 and the rest will be gradually finished by 2026," he said. "The office supply at our project will meet new office demand in Bangkok, which totals 200,000-300,000 sq m per year."
Mr Dan said the main target tenants will be multinational corporations, which will account for 70%. The rest will be from domestic firms. The project expects about 60,000 people working in the area.
"Each component will complement each other and will maximise the value of the whole project," Ms Soon said. "Workers can visit retail spaces while office tenants can use the hotels. The investment budget of 120 billion baht remains in our projection and we are not worried about the economic situation at the time of the entire project's completion. It is a long-term investment."
Aiming to be the first project in Thailand to receive LEED Neighborhood Development Platinum certification, the project will also include two other residential towers and retail space of more than 180,000 sq m, including a 10,000-sq-m landscaped civic plaza.
Besides a link to Lumpini MRT station, the project will have six access points by road from Wireless and Rama IV roads and a new direct connection to the expressway.