The location will also become a new business centre in Bangkok, especially as it has connected the MRT Blue Line at Bang Sue station with the Purple Line at Tao Poon station since the end of last year, he said.

This has greatly boosted the attractiveness of the residential area in Tao Poon-Bang Sue, which has been further augmented with plans to develop over 300 rai (48 hectares) of land around the stations into a transit-oriented development that encompasses mixed-use projects, the MD added.

In terms of the development of condominiums in Tao Poon-Bang Sue, from 2009 to the end of last year, there were 30,200 units in the total accumulated supply, which had an accumulated take-up rate of 90 per cent.

Presently, the average selling price per square metre for grade-A condominiums launched in the Tao Poon-Bang Sue area is about Bt117,000 per square metre, Phanom said.

The highest average selling price is Bt134,000 per square metre, according to Knight Frank Thailand’s survey.

Phi Suea house is an off-grid, solar-hydrogen micro grid residential project, the first of its kind in the world. The technology uses excess solar energy to produce hydrogen from electrolysers, which split water into its components, hydrogen and oxygen.

The highlight of the summit was the symbolic laying of the foundation stone for the first green hydrogen refueling station in Southeast Asia, which is to be jointly developed in collaboration with local universities.

Phi Suea House project owner, Sebastian-Justus Schmidt, announced the initiative and invited all institutes and universities to “join together, gain knowledge and participate in the planning and deployment of this future technology, which is fast developing in Europe, US and Japan”.

More than 200 professionals from industry, academia and government converged for the event to discuss the latest developments in the field of hydrogen energy technology around the world. The summit was organized by the Phi Suea House and supported by hydrogen energy technology company Enapter.

The event also discussed in depth Thailand 4.0 and the path to sustainability and a new energy future – the green hydrogen refueling initiative ties into this theme and aims to develop the knowledge and framework necessary for Thailand to become a leader in hydrogen energy technology.

Country Croup Development (CGD) now aims to hand over units to buyers this October.

“Top executives from US-based Four Seasons, Beijing Construction Engineering Group and Ping An Bank honoured us by attending the event,” said CGD chief executive officer, Ben Taechaubol. These key stakeholders were “all very pleased with our progress”.

“Ping An provided the project financing worth US$375 million (Bt11.87 billion),” he noted in an interview with The Nation. The China-based lender is also expected to serve many Mainland Chinese buyers with mortgage facilities.

Some “55 per cent of the buyers are from overseas,” said Ben.

“To date we have sold 70 per cent of 355 units that have a leasehold period of 75 years, comprising three contracts, with each running 25 years.”

Owners will enjoy spectacular views of the river near Sathorn Bridge as well as landmarks such as the Shangri La, Peninsula and Oriental.

At Bt350,000 per square metre, the units start at about Bt40 million and they have Global construction giant Beijing Construction completed a floor every six days, to deliver a timely finish, said Ben of the engineering feat that took less than two years.

The four-bedroom units on the lower floors are already completed and fitted out, said Ben.

The smallest one-bedroom units are 137 sq m, while a five-bedroom unit spans about 500 sq m.

Of the outlook for business, Ben said he saw “greater stability that has led to investment gathering pace”.

Four Seasons Bangkok will open at the same time as the residences, he said. The second hotel Capella is expected to open a few months later.

Ben also said the company will later this year announce a new mixed-use project by the waterfront, on Rama III Road. “It will not be super luxury, but a middle- to high-end product.”

The company, which also has an investment company in the UK, last year acquired a school In Brighton for more than Bt880 million.

The company, which she set up in 2014, provides design consultancy and technical analysis to assist local and international project teams and companies in designing green buildings.

Le Bihan said most people have an exaggerated idea of the premium costs associated with green buildings compared to conventional sites. Perceptions, which range from an additional 20 per cent to 100 per cent increased costs, are very far from the reality.

According to the United Nations (and the World Green Building Council), the average additional construction cost for a Leadership in Energy and Environmental Design (LEED) certified building is less than 2 per cent, she said.

LEED is a rating system devised by the United States Green Building Council (USGBC) to evaluate the environmental performance of a building.

“In addition, green buildings translate into added value as they benefit from a minimum 21 per cent lower operational costs, enjoy a 7 per cent increased asset value, 30 per cent higher occupancy rate, see their ROI [return of investment] jump to 14 per cent and in Asia, are paid back for in less than seven years,” detailed Le Bihan.

“Stating costs as a no-go argument is clearly an uninformed decision and a missed opportunity,” she said. “With buildings potentially holding a lifespan of at least 25 years, real estate investors and corporations are seeing a clear correlation between decreased operational costs, improved efficiency, users’ satisfaction and asset value and are subsequently vouching for green buildings as a sound investment strategy.”

“The green buildings are a win-win for all stakeholders and across the supply chain, from the investor, to the building owner, to the building manager, to the users,” she said.

“And at a country level, they drive sustainable economic growth by opening new and valuable market segments for green tech, energy services, eco-friendly products, in line with Thailand 4.0 aspirations for ‘Smart’ cities,” she added.

And there is a definite green building trend in Thailand.

The nation saw its first green building in 2007 – the LEED certified multinational carpet manufacturer InterfaceFLOR building located in Chonburi.

Since then, green buildings have been multiplying at a 54 per cent annual growth rate and now reach more than 5 million square metres nationwide, according to SCB’s Economic Intelligence Centre.

Although the adoption of green buildings worldwide is increasing, their popularity is far from universal and their proportion of new construction still too low to effectively temper the worsening trend of climate change, she added.

Misconceptions about higher upfront costs, the lack of awareness of direct and indirect benefits, and the lack of enforced regulations is slowing developer’s embrace of green buildings, Le Bihan said.

“Market demand alone is insufficient to create a shift from a brown to a green economic model. It needs to be followed through by the government, public and private sectors and addressed by educational programmes for significant change to break through current barriers”, she said.

“We need, however, for the government and industry to meet building stakeholders half way and offer incentives, either in the form of compensation such as tax rebates, preferred interest rates, or funding schemes or in the form of technical support. And we need to require stronger building codes and environmental regulations that reflect higher performance standards.”

Europe is taking the lead on green building.

“Asia is getting there at a relatively slower pace,” said Le Bihan. “If you look at green hotels for example, the density of green buildings in Asia remains the smallest in the world with only 0.9 per cent. Disparity arises regionally, though. Singapore is keen to lead the green building movement in the tropics, and has in the space of a decade increased their number by a hundred times. As a result, about a third of all of its buildings are certified green buildings.”

Thailand could have a front seat in a green and “smart” future, she acknowledged.

“But in order to, Thailand needs to develop a long-term vision backed by long-term investment strategies.”

In Thailand, office buildings dominate the green building sphere with a 40 per cent market share of all green buildings. They are followed closely by the retail, hotel and industrial sectors, which have understood the marketing and business value of eco-friendly buildings. The real-estate sector, for both condominiums and houses, is eager to gain a competitive advantage and is slowly catching up with the movement.

“Most green buildings are located in Bangkok but we are seeing an uptake in industrial parks in Rayong, in residential compounds in southeastern and northern provinces, as well as hotels from Chiang Mai to Phuket,” Le Bihan said.

“The hospitality and tourism sector, looking for a competitive advantage and responding to guests’ expectations, is greening their hotels at a building and operational level. At an individual level, people are picking up the facts and are increasingly demanding healthy safe homes to live, efficient offices to work and stimulating schools for their children to learn,” said Le Bihan.

Green Building Consulting & Engineering has been appointed consultant to work on the concept of Mongolia’s new Olympic Leisure Centre featuring a FIFA standard stadium, ice rink, swimming pool, and multifunctional gym as well as office, hotel and retail blocks.

The company has also been active in healthcare projects by participating in a design competition for a well-known healthcare facility in Bangkok.

They have been working closely with a wellness and hospitality consultant to develop a sustainability programme for wellness destination hotels in Asia. “Our collaboration has brought us to optimise the building performance and enhance the users’ comfort of hotel projects in China and Indonesia,” Le Bihan said.

In addition to work on green buildings, the company is developing new services and products across business segments such as organising green events, industry specific seminars, sustainability dedicated platforms, and the developing green products.

It made the report regarding the execution on the memorandum of understanding for the purchase with the Pace Development Group as per a reference letter, which extended the due diligence period to until February 5.

It said: “The company would like to inform that as the company has conducted the due diligence on the assets until the end of due diligence period on 5 February 2018. However, the company has not received certain information sufficient for the company to consider the purchase price and relevant risks properly.

“The company already requested to extend the due diligence period in order to obtain such pending information but the agreement to extend such period was not agreed.

“Therefore, today the Company notified Pace Development Group that the company is not satisfied by the due diligence investigation, and the company will not offer the purchase prices for the assets. Consequently, the company will receive the deposit in the amount of Bt322.82 million in full.”

An exclusive sales exhibition will be held on March 10-11 at the Anantara Siam Bangkok Hotel.

Located in London’s historic Sun Street conservation area, the development is set to deliver a total of 246 private apartments, a boutique hotel, 130,800 square metres of premium office space, retail units totalling 650 square metres and a historic Georgian terrace that will be fully restored as part of the scheme.

Prices at the launch start from £888,000 (Bt39.2 million) for a one-bedroom apartment, and the first residents will move in to One Crown Place upon completion in the latter part of 2020.

Tee Kim Siew, chief executive officer of AlloyMtd Group, said on Tuesday: “The launch of the South Tower at One Crown Place is an exciting moment for us, and represents a real landmark scheme in an area that is continually evolving for the better. The development is truly mixed-use, offering the highest standards in both residential and retail with top British design, creating a new live-work hub right on the edge of the City of London, in the greater London metropolis.

“One Crown Place is set to become a vibrant destination seven days a week. Thais will be among the very first to have the opportunity to purchase these superb units in this dynamic and sought-after location.”

Designed by award-winning international architectural practice Kohn Pedersen Fox Associates, One Crown Place includes two striking terracotta-clad towers, the tallest of which is 33 storeys, and a beautiful restoration of the last remaining Georgian terrace in the area, which will house a clubhouse for the residents and a 5-star boutique hotel.

Henry Robinson, development director for One Crown Place, said: “London is a global city with truly international appeal. We are confident the world-class product on offer at One Crown Place will continue to attract interest from both the UK and many global markets.”

One Crown Place is a development by AlloyMtd Group, with CBRE acting as development manager and sales broker for the residential and commercial units.

Registration for next month’s sales event and more information can be obtained through CBRE Thailand.

The real estate firm has cited the impact of the removal of the capital gains tax exemption for overseas investors in UK commercial property as a temporary blow to the market, but believes that the new regime will not deter investors in the long term. JLL also predicts that the UK, and London in particular, is likely to be a key destination for Japanese and Korean capital.

Jon Neale, head of UK research, JLL, said: “Undoubtedly there will be investors who are dissuaded by the capital gains tax changes, but the change only aligns the UK with most other developed countries. In spite of this, the major reasons for investing in UK property remain – liquidity, lot sizes, landlord-favourable leases, the strong economic and leasing fundamentals, and at present, relatively high yields and a weak currency.”

“We also expect Korean investors to add weight to the broader push from Asia this year. While they have held back from adding to their UK exposure in the aftermath of the referendum, we expect a return in 2018, attracted by the market’s resilient performance and high pricing in other global markets.”

Finally, amid continued political uncertainty, 2018 will be the year in which many companies finally make decisions about their business strategies post-Brexit, according to JLL. Nevertheless, GDP growth looks set to be around 1.5 per cent in 2018, roughly in line with 2017 and well ahead of some of the more pessimistic forecasts produced at the time of the referendum.

Neale added: “A deal with the European Union, even if it only covers transition, is likely to emerge towards the end of the year, but this means that this will be another year of Brexit uncertainty, with many in property still unable to make informed decisions.

“But in spite of this mood music, inflation will fall back, base rates will remain unchanged and employment growth will be solid, suggesting that the economy will grow at roughly the same rate as in 2016.”

In January this year, JLL surveyed nearly 400 guests at its predictions event held in London where they were asked what they expect returns in the UK property market to be in 2018.

About 60 per cent of respondents said 4-8 per cent, in line with JLL’s own 6.4 per cent prediction. Attendees were also asked what they expect their level of investment in business or property to be by 2021, with 46 per cent saying somewhat larger than levels seen today.

Land prices along the Purple Line mass transit route have risen by more than 40 per cent over the past five years. Homes near Bang Yai, Tao Pun and Wong Sawang stations have been highlighted as being the most attractive.

Anukul Ratpitaksanti, managing director of Plus Property, said the company – based on the population growth statistics for Bangkok and its surrounding areas, has found that the population in Bangkok itself grew by just 1 per cent during the 20 years from 1997. But the population in Bangkok’s vicinity grew 21 per cent, Anukul said.

The most noticeable growth was in Pathumthani province, with a 40 per cent expansion, while Nonthaburi’s population grew 21 per cent and Samut Sakhon’s by 19 per cent. Factors that contributed to this population growth include the locations not being far from Bangkok, prices that have held steady, and the ease of commuting into Bangkok for work.

Homes in Bangkok’s outer areas will become increasingly attractive, especially for condominiums along the Purple Line electric train route. These properties are located near junction points for Bangkok’s transport loops. Meanwhile, commuters from the Blue Line electric train service will use the Purple Line (Bang Sue-Hua Lamphong) for greater reach, when they take the train from Tao Pun station along the Bangkok-Nonthaburi Road, Tiwanon Road and Rattanathibet Road, before reaching the terminal station on Kanchanaphisek Road in Bang Yai district, the company said.

Anukul said that considering that the Blue Line electric train route is undergoing expansion from Bang Sue to Tha Phra and from Hua Lamphong to Bang Khae, the area along the Purple Line will soon become part of an important loop that links important locations together. Consequently, those living near the Purple Line train route will have access to increased transport coverage as well as greater convenience. From the Purple Line, commuters can transit to three other electric train lines. At Bang Son station, they can switch to the Light Red line (Taling Chan-Bang Sue).

At Tao Pun station, passengers can switch to the Blue Line’s Bang Sue-Tha Phra section. At the Tao Pun-Ratchaburana section they can also switch to the South Purple Line. Although the Purple Line was not very popular with commuters when it began service in 2016, the number of users has risen after the proper station link with the Blue Line was completed in August 2017, Anukul said. According to the Mass Rapid Transit Authority of Thailand, around 48,000 people use the Purple Line trains each day, and this number is expected to grow to 100,000 within 2018.

Regarding residential properties along the Purple Line electric train route, 69,761 units at 56 condominium projects were on sale in 2017. Of this number, 91 per cent have already been sold – the rapid selling having resulted from developers boosting their promotions after the government completed the linking of Bang Sue (Blue Line) and Tao Pun (Purple Line) stations. Projects that buyers find attractive are usually located no more than 500 metres from a Purple Line station. Plus Property believes the prospects are bright for such residences during this year and next.

The company has also found that land prices and condominium selling prices along the Purple Line train route have risen by an average of 41 per cent from 2013 to 2017. However, prices of units at condominiums near the three most popular Purple Line stations – Tao Pun, Bang Sue and Wong Sawang stations – have risen only between 15-29 per cent; this is determined to have resulted from developers’ pricing strategies.

Therefore, now is a good opportunity for buyers and investors to purchase Purple Line condominiums, the company said.

“Transit points will be very important for those choosing to live in condominiums and travel by electric trains,” Anukul said. “The three stations nearest Bang Sue station, namely Tao Pun, Bang Son and Wong Sawang, stand to receive many benefits in the future.

With the locale serving as a transit point for Greater Bangkok’s electric-train loop, land prices along the Purple Line have risen more than 40 per cent over the past five years, managing director Anukul Ratpitaksanti said on Monday.

Residences near Bang Yai, Tao Pun and Wong Sawang stations have been the most attractive.

Over half of the investment budget from the firms will come from their initial cash while others will issue debentures worth a combined nearly Bt50 billion, along with seeking project financing from the commerฌcial banks, according to the survey.

For example, Land & Houses Plc plans to issue debentures worth Bt14 billion this year, while Sansiri Plc issued debentures for Bt4 billion early this year, and Pruksa Holding Plc is planning to raise Bt5 billion from issue of debentures this year.

“We are confident the property market will experience strong growth of 510 per cent this year, thanks to the country’s estimated economic growth of 4 to 4.5 per cent in the year, while the country’s exports and tourism have seen strong growth following the global ecoฌnomic recovery,” said Naporn Sunthrnchitcharoen, Land and Houses chairman of the board of directors.

The strong economic indicators explain the company’s strong investment this year to both develop residential projects and invest in new business to boost its recurring income.

Meanwhile, the government has expanded investments worth over Bt2 trillion from 2018 to 2020 to develop infrastructure projects nationwide.

That will boost the demand for residential project growth from this year through the next three years, said Pruksa Real Estate Plc’s chief executive officer premium, Prasert Taedullayasatit.

With the nationwide infrastructure expansion, most listed property firms have continued to develop residential projects around both existing and new mass transit routes.

Following the trend, land prices around existing and new mass transit routes have increased by double digits this year compared with last year.

“With land prices rising, it will boost residential price increases this year by five per cent,” said Pruksa’s Prasert. “Land price rises were the main factor affecting residential price increases last year, while other cost factors such as construction and labour moved slightly.”

A January 2 announcement of the Treasury Department of the Finance Ministry noted that land prices nationwide were rising by double digits, especially in the central business districts of Bangkok.

For example, land on Silom Road showed the highest appraisal value at Bt1 million per square wah, up 15 per cent from its price of Bt850,000 per square wah four years ago. Ploenchit was next at the price of Bt900,000 per square wah, up 12.5 per cent from its price of Bt800,000 per square wah four years ago, while Sathorn Road price was Bt750,000 per square wah, up 15.3 per cent from Bt650,000 per square four year ago

Meanwhile, the purchase last week of 25 rai (4 hectares) of land on Wireless Road, formerly part of the UK embassy grounds, topped out at Bt1.86 million per square wah. Central Group partnered with Hongkong Land to buy the properฌty to develop a mixeduse project. The price had risen by 95.78 per cent from 10 years ago, when Central Group acquired a ninerai (1.44hectare) slice of the UK embassy land. The opening bid in 2007 was Bt950,000 per square wah.