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Bangkok Property – Crown Property to Develop First Project

By on Oct 05, 2014 in Property News

The Crown Property Bureau yesterday announced a new investment policy involving the development of real-estate projects by its own subsidiary, beginning with the Bt10-billion Langsuan Village project in downtown Bangkok.  Director-general Chirayu Isarangkun na Ayuthaya said that the CPB’s wholly owned subsidiary, Siam Sindhorn, would develop a 52-rai (8.3 hectare) plot situated on Langsuan and Sarasin roads into a five-star hotel, a museum and residential and commercial units.

Chirayu said the bureau, which had usually held auctions allowing private companies to develop its properties, had decided to adopt the new policy to invest on its own because it wanted to ensure the project would be developed without profit-taking being the top priority.

Of the 52-rai plot, about 30 rai will be developed as a residential area, while 15 rai will be allocated for general usage such as roads, walkways and retail outlets, and the rest for a five-star hotel and a museum, he said.  Siam Sindhorn’s chief executive, Chalaluck Bunnag, said the Langsuan Village project would have a total green space twice the size required by the floor-ratio-area law. It is expected to become the first residential building in Thailand to be certified under Leadership in Energy and Environmental Design (LEED) standards, he said.

CPB and Siam Sindhorn officials declined to say yesterday if they would stick to the new investment policy to develop land on their own for other new projects in the future. The bureau last month awarded the right to develop a 90-rai prime plot on Rama IV Road to Univentures and TCC Assets (Thailand) – both owned by beverage tycoon Charoen Sirivadhanabhakdi – to develop a multibillion-baht mixed-use complex.

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