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BANGKOK-Two CBD development sites here have been acquired for $32.35 million by a joint venture with plans for 745 residential units in three high-rise towers. The new owner is TCC Capital Land, a joint venture that includes Singapore-based CapitaLand and the property arm of TCC Group, one of Thailand's largest business conglomerates. The sellers were private land owners.
The two sites are located at Narathiwad Rachanakarin Soi 4 and Sukhumvit Soi 24. The Narathiwad site is a five-minute walk to the Chong Nonsi BTS skytrain station, which runs along Silom Road leading to the main shopping areas in central Bangkok, while the Sukhumvit site is located near Emporium, an upscale department store.
TCC Capital Land plans to build a 45-story tower comprising 443 apartments on the 101,000-sf Narathiwad site. The 97,391-sf site at Sukhumvit will have two residential towers of 32- and 24-stories, comprising 302 apartments. Plans are underway to launch the Narathiwad project by the end of this year and the Sukhumvit development by the first quarter of 2006.
Both developments will offer one- to three-bedroom units, as well as penthouses. Target customers are young professionals and families who choose to live within the city to have a shorter travel time to work and to enjoy an urban lifestyle.
In other CapitaLand news, Asian media are reporting that the company has hooked up with hotelier Ong Beng Seng and the sultan of Selengor (Malaysia) for the development of a $265-million Four Seasons hotel and apartment complex next to the Petronas Twin Towers in Kuala Lumpur. CapitaLand spokeswoman Julie Ong did not respond to a request for confirmation and comment.
Ong's closely held Venus Assets Sdn Bhd plans to submit an application for the project to the Kuala Lumpur City Hall, according to published reports. The joint venture wants to take advantage of rising property prices and tourism.
As planned, the Four Seasons Center would have a total built-up area of 2.35 million sf, with a retail portion of 750,000 sf. Work is slated to begin early next year and take three years to complete.
The area around the Petronas Twin Towers is slated to gain 2,300 luxury condominium units by 2007. That would more than double the number of units near the Kuala Lumpur city center, according to published reports citing property consultant Regroup Associates in Kuala Lumpur.
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