New skytrain propelling Bangkok Land
published : 6 Aug 2019 at 19:15
writer: Dusida Worrachaddejchai
SET-listed Bangkok Land plans to allocate 5-6 billion baht to develop new property projects in Muang Thong Thani in preparation for expected business growth once the Pink Line skytrain is developed.
The Pink Line mass transit line is scheduled to run from Khae Rai to Min Buri. The route is under construction and expected to open for service in 2021.
The cabinet is set to approve the extension of the line to reach communities in Muang Thong Thani in Nonthaburi, with two stops planned — one at Impact Lakeside and the other at Challenger halls.
Once the extension routes are approved, the company expects to invest in a new hotel, Mice-related facilities and mixed-use projects, said Peter Kanjanapas, vice-chairman and executive director of Bangkok Land, which owns Impact Exhibition Management.
He estimates land prices in the area will triple if the Pink Line monorail project reach Muang Thong Thani. Land prices will increase to 300,000 baht per square wah, approaching the prices of prime areas on Chaeng Watthana Road, said Mr Peter.
More convenient transport would help increase visitors to exhibition and convention halls by 30-40% from 10-15 million a year, he said.
Mr Peter said the company will place higher focus on developing commercial properties in Muang Thong Thani rather than the residential sector, which has high competition, notably areas in Ngam Wong Wan and Chaeng Watthana.
Previously, the company spent 2 billion baht on a new mall, Cosmo Bazaar in Muang Thong Thani, which opened in March. The new mall supports demand from Cosmo Office Park nearby, with an occupancy rate of 50%.
Bangkok Land owns some 4,000 rai in Muang Thong Thani, with about 600 rai available for future development.
“Most people know Impact as the convention centre that host exhibitions or concerts, but we would like to represent our food and beverage business there too. We plan to increase the scope of our catering service, both inside and outside Muang Thong Thani,” said Paul Kanjanapas, managing director of Impact Exhibition Management.
Shares of Bangkok Land fell 0.64% to 1.55 baht in trade worth 33.7 million baht.