With the continued improvement in demand for office space in Bangkok, Bhiraj Buri Group has announced its new property development in the heart of the Thai capital. The new project will be a ‘grade A’ mixed-use development consisting of office and retail spaces for rent and will be named Bhiraj Tower.
Situated on the main Sukhumvit Road opposite the Emporium department store, Bhiraj Tower is a 45-storey building with a total lettable area of approximately 50,000 square metres. The building has been designed to meet international ‘grade A’ standards, including a column-free layout offering an efficient 1,500-1,700sq.m. floor plate, 2.85-metre ceilings, a modern lobby with double-volume ceiling allowing more natural light, and a state-of-the-art security and access-control system.
An artist’s impression of the Bhiraj Tower in Bangkok.
In addition, Bhiraj Tower will feature a direct covered walkway from Phrom Phong BTS station connecting with its second floor, making access convenient for both tenants and visitors.
Nithipat Tongpun, Executive Director & Head of Office Services at CBRE Thailand, commented that Bhiraj Tower is the only new grade A office development that will be completed in the central business district (CBD) between now and the end 2014. As of Q2 2012, the supply of grade A CBD office space in Bangkok totalled 1.22 million sq.m., while the take-up in the area soared by 10.3% y-o-y.
On the rental side, grade A rents in Bangkok rose for the fourth consecutive quarter, posting a gain of 2.9% q-o-q and 7.9% y-o-y and now are more than the previous peak in 1992. The lack of new supply has meant that office rentals are now rising to a level where it makes perfect sense for some developers to enter the market and build new grade A office projects.
According to Dr. Prasarn Bhiraj Buri, President and CEO of the Bhiraj Buri Group – the developer of Bhiraj Tower, “We hope that this new landmark will add tremendous value to our community and the Bangkok skyline. With regard to the office market, we see a trend for greater demand for high-quality office spaces and facilities that genuinely support employees’ working environments and lifestyles.”
Construction work has already started on the project and is expected to be completed by Q1 of 2014. (Source – CBRE Thailand)