SUPALAI Plc won the bid to buy the over 7 rai Australian Embassy land on Sathorn road for more than 4.6 billion baht and is moving to develop a huge project worth 17 billion baht on this prime plot, INN News said today (Sept. 18).
Prateep Tangmatitham, chief executive of Supalia Plc, said his company won the 7 rai and 382 wah Australian embassy land plot on Sathorn road which also adjoining Suan Phlu road at a bidding price of 4.6 billion baht or 1.45 million baht a square wah.
He added that his company is getting ready to development a residential condominium and an office building for rent on this prime plot and aims to turn this development into a new landmark in Sathorn and Silom area with the value expected to reach 17 billion baht.
The Australian embassy land plot is rectangular in shape being 70 meters wide and 160 meters deep and as it is in the heart of the business district it is very suitable for the planned project, he added.
Supalai is certain that the acquisition of this land plot will boost confidence in the company and will help ensure sustainable growth both in terms of sales and revenue at 15 to 20% a year for many more years to come.
This acquisition will also ensure that the company has more high-end projects in the heart of the city to meet client demand and the rental income will also be another stream of revenue.
Booking of units in the new condominium building will likely open in the second half of 2018.
Top: Supalai Plc boss Prateep Tangmatitham.