Siam Sindhorn To Plan On 2 Billion Projects
The Thai property developer, Siam Sindhorn Co., will indeed invest a least 2 billion baht in Bangkok property to both develop a project on Lang Suan Road (nearby BTS Chit Lom) and to renovate the Sindhorn building on Wireless Road.
The firm is wholly owned by the Crown Property Bureau. This investment represents the largest property development ever done by the company as it is normally used to lease plots of land to other existing developers in Thailand. They also organize biddings for plots.
In fact, the CPB owns properties and 41,000 Rai of land in Bangkok and upcountry. About 93% of those properties are leased to government agencies, state enterprises, communities, markets and small tenants. The rest consists of different high value property in Bangkok’s Central Business District.
First of all, 1 Billion baht will be dedicated to Sindhorn Residences, a brand new Bangkok condo located between soi 1 and 2 on Lang Suan Road. The project condominium will consist in a 35-storey high building of approximately 200 units. The units will be sold under leasehold contract and the project, being launched by the middle of this year, is expected to reach completion by Q4 2014 or Q1 2015.
“Sindhorn Residences will be a pilot project where we will introduce development of a residential project without a profit-oriented objective,” Mr Somboon said.
Also, the company is planning to spend another 1 billion baht on renovating the Sindhorn Building, an office infrastructure built 20 years ago.
“It needs a major renovation after being used for such a long time,” said chief executive Chalaluck Bunnag.
The renovation is scheduled to complete by the end of this year as well. The work will include a new building: a GlassHouse with a 2-storey plaza and restaurant that will be located right in front of the office building.