In light of a fluctuating business office demand due to economic uncertainties, Thailand's prime commercial spaces anticipate an influx of both local and international firms seeking strategic Central Business District (CBD) locations in Bangkok. Addressing this, Frasers Property (Thailand) Public Company Limited (FPT), the nation’s pioneering integrated real estate platform, is set to enhance two of its Grade-A office properties, Sathorn Square and Park Ventures, through an Asset Enhancement Initiative (AEI). Managed by Golden Ventures Leasehold Real Estate Investment Trust (GVREIT), the initiative is scheduled to commence in March 2024 and conclude by October 2024, with a budget of 200 million baht.
Withawat Koottatep, First Executive Vice President of Commercial Development at Frasers Property Commercial (Thailand)
"With the market trending towards high-quality, flexible, and technologically advanced office spaces, we see a vital opportunity to elevate our offerings," stated Withawat Koottatep, First Executive Vice President of Commercial Development at Frasers Property Commercial (Thailand).
The AEI is designed to upgrade these office buildings to international standards, meeting the diverse needs of tenants and enhancing the portfolio's competitive edge amid a surge in office space supply. Emphasising efficiency, aesthetics, and innovation, the initiative aims to modernise facilities over a decade old, prioritising wellbeing, sustainability, and environmental responsibility to make them the top choice in Bangkok's competitive office market.
"Our objective is to maximise tenant satisfaction and quality of life, thereby maintaining an occupancy rate above 90 percent, which currently stands at approximately 92 percent. This enhancement is key to attracting new international tenants and catering to eco-conscious businesses seeking to leverage our green certifications," added Mr. Withawat.
Leveraging Frasers Property Group's global expertise, the AEI will focus on interior design, technology, and wellbeing. The renovation aims to refresh the buildings with a contemporary design that enhances space efficiency. Sathorn Square will blend square forms with vibrant experiences, while Park Ventures will emphasise its modern ecoplex appeal.
The redesign of Sathorn Square takes inspiration from its name, combining square elements with neo-vibrant colors to enrich the vibrancy and overall environment for office workers.
Post-upgrade, features will include self-check-in kiosks, access control via face recognition and QR codes, an improved building management system (BMS), and upgraded elevator systems. Smart parking solutions will introduce license plate recognition, digital stamps, mobile payment options, and EV chargers. Indoor air quality monitoring will enhance the workplace environment and sustainability efforts, alongside the use of sustainable materials, energy-efficient lighting, and solar panels. The project also includes wellbeing initiatives for both customer-facing and back-office staff.
The retail space at Park Ventures will be revamped based on a modern design concept, creating an inviting atmosphere.
"We believe the AEI will significantly strengthen FPT's position in the office market, which is expected to see an additional 1.8 million square metres of space between 2024 and 2026. This initiative underscores our commitment to offering top-tier services that combine innovative design, modern facilities, and sustainable practices," Mr. Withawat concluded.