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Versatility in Vogue

By on Aug 10, 2017 in Property News

Increasing urbanization, millennial lifestyles, developers’ diversification strategies and land use maximization are key drivers of the new wave of mixed-use development that is transforming Thailand’s property landscape.

Mixed-use development is not new in Thailand. In the past it was a mix of hotel and retail such as Centara Hotel and Central Plaza Ladprao launched in 1983; and MBK Center, a shopping mall that opened in 1985 and added the Pathumwan Princess Hotel in 1996.

“A mix of retail and residential emerged a few years ago, driven by high land costs”, said Surachet Kongcheep, associate director for research at the property services firm Colliers International Thailand.

In some cases, the land plot is too large to develop a single-use project. Some plots may have lo potential because of access problems. Others may be leasehold, so selling houses is less of an option. Mixed-use development can improve the value of the land plot itself and the properties on it, according to Mr.Surachet.

Aliwassa Pathnadabutr, managing director of CBRE Thailand, sees mixed-use development in Thailand following global trends. One of them is urbanization.

According to a United nations report, the world had 31 megacities, cities with more than 10 million inhabitants, in 2016. Their number is projected to rise to 41 by 2030, when two-thirds of the world’s population will be living in cities of all sizes.

By that year Bangkok will become a megacity ranked 35th largest in the world by population with 11.53 million, rising from an official figure of 9.44 million last year, the UN report projected. Read more

Source: Bangkok – 31 July 2017

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