The project will be officially launched on March 24-25, 2018, managing director Phakthana Preedawiphat said at press conference yesterday.

He said this year would see four projects worth Bt2 billion commenced, with total revenue for 2018 targeted at Bt1.2 billion.

The changing lifestyle of city folk is making them buy residential property close to their place of work, which has inspired property developers to invest more in mixeduse projects in Bangkok’s central business district (CBD).

Developers are investing more than Bt581.5 billion from this year until 2025.

Mixeduse projects combine residential, hospitality, office and retail space in the same area.

According to a survey by The Nation, the TCC Group owned by tycoon Charoen Sirivadhanabhakdi is investing Bt153.5 billion over the next seven years in developing three mixeduse projects in Bangkok’s CBD area.

The first project is One Bangkok, located on Rama IVWireless Road over 104 rai of land. The project will have an office block with combined office space of 500,000 square metres, 1,000 rooms in a luxury hotel, retail space and three ultraluxury condominium buildings. Planners expect 60,000 people to use the entire complex.

The next project is PARQ, worth Bt20 billion and located on 24 rai, close to the Queen Sirikit National Convention Centre on Rama IV Ratchadaphisek Road, opposite the FYI Centre, which is also owned by TCC Group. This project will have office, retail and hotel buildings in a total development of 320,000 square metres.

The third TCC project is the Samyan Mitrtown complex, worth Bt8.5 billion, which is being developed by its subsidiary Golden Land Property Development Plc.

This project is located on 13 rai on Phya Thai Rama IV Road. The project will have office, serviced apartments, and condominiums in a total area of 220,000 square metres.

Magnolia Quality Development Corporation (MQDC), in which the Chearavanot family that owns CP Group, are major stakeholders, is another property firm going for mixed-use projects in Bangkok – on its own and as a joint venture. Its three projects are worth a combined Bt170 million.

The first project is Forestias, over 300 rai at Bang NaTrad Road KM7.

The Bt90billion project will have residential, retail, office, health centre, innovative building centre and a green area.

Another project is IconSiam over 50 rai on Charoen Nakhon Road. This project, being develฌoped as a joint venture with Siam Piwat and CP Group, has retail, office, residential, and hotel buildings.

MQDC is also coming up with Whizdom 101, worth Bt30 billion, located on Sukhumvit Soi 101. The project over 43 rai combines a condominium, community mall, offices and a sports club.

Other property developers have also announced plans to develop mixeduse projects on land near the CBD in keeping with changing customer preferences.

For instance, Supalai Plc plans to develop on land where the Australian Embassy was previousฌly situated on Sathon Road, a mixeduse project. The Supalai Icon, worth Bt20 billion, will combine condominium, office, and retail complex.

Origin Property Plc also plans to develop three mixeduse projects worth a combined Bt70 billion at three locations –Phya Thai, Thonglor, and Phrom Phong.

“When you drive a car on Rama IV towards Sathon Road, you will see more construction of mixed-use projects, with more than half of them being owned by beverage tycoon Charoen Sirivadhanabhakdi.

This change in business model over the next decade in Bangkok’s CBD for mixed-use projects is due to change in customer behaviour change and the rising price of land, which makes it difficult for develฌopers to only build condominium projects,” said Thai Condominium Association president Prasert Taedullayasatit. Prasert is also chief executive officer of Pruksa Real Estate Plc.

He added that a number of mixed-use projects would be developed in Bangkok until 2025, worth more than Bt700 billion. Their location close to the CBD area will result in people moving from outer areas to live close to their place of work. Property developers are developing smallsize residential units close to the mass transit system.

Origin Property Plc’s chief executive officer Peerapong Jaroon-Ek said the company had decided to develop three mixed-use projects from this year until 2025 to cater to the needs of customers, who are seeking one space for all their activities. The mixed-use concept will answer all their lifestyle needs, he said.

However, he said the location most suited for mixed-use projects are located in the CBD, challenging the customers to buy them, he said.

BTS Group Holdings Plc is also interested in developing a mixed-use project over 7 rai on Phya Thai Road, located close to BTS Phya Thai station.

The office and hotel project worth Bt10 billion will be announced this year. The project will be developed by its subsidiary U City Plc, the company’s chairman Keeree Kanjanapas said recently.

U City also plans to develop the Roi chak Sam building over 5 rai on Charoen Krung Road, a mixeduse project which includes a hotel, food court, and retail. Details will be finalised in 2019, he said.

“When all mixed-use projects in Bangkok are completed in 2025, it will change Bangkok’s CBD landscape into a work and lifestyle destination,” Prasert said.

 Commercial Bnaks are offering zero per cent interest rate and discount prices of up to Bt1 million, among others.

The event is organised by the Thai Condominium Association, Business Housing Association, and Thai Real Estate Association. More than 100,000 visitors are expected for the four-day event with an estimated total sales value of over Bt4 billion in this event, said Waratpop Patayanun, chairman of the organising committee.

Viwat Lauhapoonrungsi, senior chairman of the board, said, “We do not only provide housing, but we also design the society, life and living conditions.”

Areeya is targeting total sales worth Bt14.37 billion, comprising horizontal projects worth Bt8.36 billion and vertical projects worth Bt6 billion.

The plan is to launch 11 new projects – 10 horizontal and 1 vertical – worth Bt7.92 billion and reduce cancellation rate by 5 per cent.

Areeya reported sales of Bt11.12 billion in 2017, up 39 per cent year on year with a cancellation rate of 29 per cent. Seven new projects worth Bt11 billion were launched in 2017.

In press release, the company says the project is situated on plot of land sized one rai, with only eight units priced from Bt28 million.

It claims the location is growing to become a “new CBD” and will become a “hub” once new mass-transit connections are completed.

The company is confident of closing sales quickly and is looking to continue this kind of development in other business zones, managing director Komson Vuthipongse said.

The company said in a statement that demand response is also high, especially in inner-Bangkok areas such as Phloen Chit–Chit Lom, Si Lom-Sathon, and inner Sukhumvit, where projects priced between Bt160,000 and Bt400,000 per square metre are typically able to close sales within three to four-and-a-half months.

Meanwhile, projects with prices between Bt130,000 and Bt160,000 per square metre in the middle Bangkok area, such as Phahon Yothin, Phaya Thai, Rama III and Ratchadaphisek, often close sales in just one month, the company said.

Condos priced between Bt130,000 and Bt200,000 per square metre in the outer Sukhumvit area are expected to close sales within five or six months, the company’s managing director, Anukul Ratpitaksanti, said.

The largest IKEA store, with a new design, will open on March 15 in Watergate. CPN is investing over Bt120 million in marketing budget to create ‘Expand Happiness – Have a Big Life’ campaign, supporting the growth and urbanised lifestyle in the Bang Yai/WestGate area, which is fast on its way to becoming the ‘West Business District’ (WBD), hoping to attract customer traffic of over 100,000 people per day to the shopping centre and the IKEA store.

Nattakit Tangpoonsinthana, CPN’s executive vice president/marketing, said CPN is committed to continuing the development of its shopping centres at high potential locations nationwide.

Bangkok and its suburbs remain the prime strategic locations, and intense competition can be seen. CPN sees the opportunities to penetrate into these high potential locations.

“We are the first major retailer to have developed mega projects in both eastern and western Bangkok as we foresaw the trend of urban growth spreading from the heart of the city to its outskirts. Today, our mega projects have achieved significant success. The most obvious example is CentralPlaza WestGate, the ultimate super regional mall in Southeast Asia, which is the best destination for everyone in the family and the largest gateway for western Bangkok. Today, if someone mentions the word ‘WestGate’, most people will think of Bang Yai and of us,” he said.

“The WestGate area has become a prime location, with great capacity in various aspects such as urbanisation, the size of the local population, purchasing power, over 40,000 residential project units, the government’s infrastructure projects and transport networks etc. Upon the arrival of IKEA Bangyai at CentralPlaza Westgate, CPN has been talking about plans to cooperate with IKEA since the start of the CentralPlaza WestGate development. It is a great honour that IKEA, the world-class furniture brand, has chosen to develop its best and newest design store to connect with our shopping centre. The new IKEA store is not only the largest and the latest design in Thailand, it is also the biggest IKEA store in Southeast Asia, with a total area of over 50,000 m2. It includes eight entrances and exits (connecting to CentralPlaza WestGate on three floors), with a total of 29 checkpoints located on every floor for shopping convenience. Convenient transportation connects all routes together: the MRT Purple Line, buses, a pier, the ring road, expressway and motorway. In addition, our shopping centre and IKEA both have parking areas that can accommodate each other’s customers.” Nattakit added.

He said that the partnership between CentralPlaza WestGate and IKEA Bangyai is creating the phenomenon of ‘Big Bang Magnets’ as each is a magnet with the potential to complement each other in three major aspects:

First, expanding target customer groups: the main customers of CentralPlaza WestGate and IKEA are families and the new IKEA store will help to attract more working people and modern-lifestyle teenagers. It will also widen the catchment area to cover upto 13 million target customers in Bangkok, Nonthaburi, Pathum Thani, Ayutthaya, Nakhon Pathom and Suphan Buri;

Second, CentralPlaza WestGate is outstanding in fulfilling all the needs and lifestyles of its customers as a ‘Center of Life’ that offers an extensive range of products and services. The arrival of IKEA will further extend the continuity of the seamless shopping experience through connecting points between the two shopping venues and customer journeys that complement each other. The customers can spend time, eat, drink and entertain themselves and continue on to look for home products and furniture shopping all on one trip.

Third, CPN will introduce the ‘Expand Happiness – Have a Big Life’ campaign to further complement its concept, which encourages everyone to ‘Have a Big Life’. CPN is holding special promotions together with IKEA by bringing signature events that will be held at the IKEA Bangyai opening ceremony to join CPN in the campaign. One such event is ‘Ninja Maze…The Big Adventure Presented by EST COLA’.