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Canapaya plans hotel and retail complex near condo

Canapaya Property Co, the developer of Canapaya Residences on Rama III Road, plans to develop a retail-cum-hotel complex next to the condominium next year.

“Business sentiment has been improving after the political deadlock ended with the coup. So we will push forward a new development next to our luxury Canapaya condominium project,” said chief executive P Bill Lai.

The eight-rai complex will include a five-star hotel with 300 rooms and four-storey retail plaza, standing on the same platform. Construction work for the 4-billion-baht project will start by the middle of next year and the retail zone is scheduled to open in the second quarter of 2017. The five-star hotel is due to open in 2018.

Mr Lai said a foreign investor, who has already invested in other properties in Bangkok, has shown strong interest in co-investing with Canapaya Property in the complex. Negotiations are expected to be concluded near the end of this year.

Canapaya Property said it will find a premium international hotel chain to manage its hotel while the high-end retail zone will focus on lifestyle product shops and restaurants.

The developer believes the launch of the retail-cum-hotel project will complement the 57-floor Canapaya Residences and drive up condo sales. Currently, 30% of the 224 condominium units have been sold. The selling price is 180,000 baht per square metre with unit sizes ranging from 45 to 500 sq m.

Palmer & Tuner (Thailand), a well known design studio, has designed both the Canapaya Residences and the new complex.

“We plan to sell all condo units within the next 12 months. We will adjust the selling price after we record the 60-70% sales,” Mr Lai said.

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Source |  Bangkok Post 16 June 2014

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