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News Release

Bangkok

Strong response to EOI tender for Australian Embassy site on Sathorn

Over 10 parties have expressed interest to acquire the property


​​JLL, the sole sale agent for the Australian Embassy’s site on Sathorn Road, reports that more than 10 parties have expressed interest to acquire the property. The firm is also expecting more parties to participate in the expression-of-interest (EOI) tender before it closes. 

The 7-rai-382-square-wah site has been put up for sale on a freehold basis by Australia’s Department of Foreign Affairs and Trade (DFAT) as the Australian Embassy will soon relocate to its new premises near Lumpini Park.

Suphin Mechuchep, Managing Director of JLL, says “As expected, this rare opportunity to secure a large prime site in the heart of Bangkok’s central business district has received overwhelmed interest.  Not only listed and non-listed developers but also financial institutions and multi-national companies looking for a prime site for new head office development have expressed interest to submit an offer. All of these parties are well qualified as a tenderer, in terms of financial strength and reputation.”

Apart from its strategic location, the site’s long, rectangular shape measuring approximately 70 metres (frontage) by 160 metres, with the frontage facing South Sathorn Road, is among other key appeals that the interested parties have valued most. It allows any new real estate project that will be developed on the site to fully benefit from the Bangkok town plan that defines Sathorn as an area for high-density mixed-use development with an allowable for a floor area ratio (FAR) of up to 10:1.

The sale campaign of the embassy’s site commenced in March this year and the EOI tender will close in June. 

“After the tender closes, there will be a number of processes following such as shortlisting, sale and purchase agreement, security deposit payment and due diligence. As a result, we expect the sale transaction to be completed in the final quarter of 2017 when the successful tenderer will be unveiled,” says Mrs. Suphin.