October 26, 2010, Bangkok – The Embassy of Japan has appointed Colliers International Thailand as its Sole Agent to sell the former location of The Embassy of Japan in central Bangkok.
Having now relocated to Wireless Road, the Japanese Embassy is putting the prime CBD site that housed the Embassy for some 40 years on the market. The former Embassy site, located at 1674 New Petchaburi Road, Huay Kwang, Bangkok, covers an area of 8 rai 3 ngan 13 square wah (14,052 sqm) on a major intersection in the heart of Bangkok. Colliers will sell the land by way of tender.
This valuable property is located approximately 20 meters from Petchaburi MRT station and approximately 200 meters from Airport Rail Link Makkasan main station. The property is located in an area with very high potential for the commercial development of office buildings, large shopping centres, high-end hotels, serviced apartments and residential projects with its convenient access to both the MRT and the Airport Link, giving direct access to Suvarnabhumi Airport. The surrounding area along Sukhumvit 21 (Asoke) Road is fully developed with high end office and residential buildings and constitutes one of the busiest business districts of Bangkok.
The sale represents the most significant disposition of prime land by tender since the British Embassy sold part of its former premises on Ploenchit Road to Central Group in 2006. That transaction achieved record high prices. With confidence in the property market returning, bidding for the former Japanese Embassy site should attract wide interest.
Japan International Cooperation Agency (JICA), which owns approximately 1 rai next door to the former embassy site, is also planning to sell at the same time, subject to receiving formal approval.
“The Bangkok land market has continued to do exceptionally well, even throughout the political disturbances earlier this year,” said Mr. Patima Jeerapaet, Managing Director of Colliers. “We have
no doubt that this transaction will attract wide interest from both local and overseas developers as it represents one of the few remaining large redevelopment opportunities in the prime area of Bangkok.”
Bidding forms for the tender are available from Colliers from November 1, 2010 – February 14, 2011. Bids must be submitted on February 15, 2011.