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News Release

Bangkok

Australian Embassy site on Sathorn Road put up for sale

JLL has been appointed as the sole sale agent


​Bangkok 23 March 2017 - As construction of the Australian Embassy's new premises near Lumpini Park nears completion, Australia's Department of Foreign Affairs and Trade (DFAT) has decided to sell the site of the current embassy on Sathorn Road. JLL has been appointed as the sole sale agent for the property.

 

The site occupies 7 rai 382 square wah (12,728 square metres) of freehold land on South Sathorn Road, one of Bangkok's prime commercial and residential addresses. Accommodating a number of leading Grade A office buildings, up-scale and luxury hotels, leading serviced apartments and luxury condominiums, Sathorn is one of the most sought-after locations amongst leading international and local companies such as insurance firms, banks and other financial institutes and is a popular location for foreign tourists to stay.

 

"Bangkok's commercial and residential real estate markets have performed very well over the last several years. Grade A office buildings and luxury condominium projects have fared especially well. As investors have sought to capitalise on demand for top-tier products, prime centrally-located freehold land parcels suitable for multiple development typologies have become increasingly difficult to secure," says Mrs. Suphin Mechuchep, Managing Director of JLL.

 

"The Australian Embassy's site on South Sathorn Road offers one of the last large prime development opportunities available on a freehold basis in the area," she adds.

 

Apart from an excellent location in the heart of Bangkok's central business district, what makes the property even more attractive is that Sathorn Road is defined by the Bangkok town plan as an area for high-density mixed-use development with an allowable for a floor area ratio (FAR) of up to 10:1, according to Mrs. Suphin. "With ample frontage facing Sathorn Road, a new real estate project developed on the Australian Embassy's site will enjoy the 10:1 FAR ceiling, and flexible high density development options such as luxury condominiums for sale, prestigious office development for lease or sale, iconic head office for a reputable company or a landmark mixed-use development," she adds.

 

Since launching the sales campaign, the site has already received strong interest from leading property development companies. "To ensure that the site gets the widest coverage, we will also circulate details of the property to JLL's offices around the world. This will be a very competitive bid," Mrs. Suphin says.

 

The Australian Embassy's site on South Sathorn Road has been offered for sale by expression of interest. The closing date is early June 2017.

 

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The site's photo: http://www.jll.co.th/thailand/PublishingImages/Australian_Embassy_on_Sathorn_Road.jpg

Suphin Mechuchep's photo: http://www.jll.co.th/thailand/PublishingImages/People/Suphin%20MD%20JLL.jpg

 

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000. 

 

In Thailand, JLL started operation in 1990 and today is the country's largest international property services firm with 1,600 employees and five million square metres of property managed. In Euromoney Real Estate Survey 2016, JLL was voted Thailand's number on overall real estate advisor for the sixth consecutive year.

 

For more information, contact:

Winai Jaiton Tel 02 624 6400 winai.jaiton@ap.jll.com.