JLL appointed as sole leasing agent for One City Centre
A prime Grade A office development project by Raimon Land and Mitsubishi Estate on Ploenchit Road
Raimon Land Public Company Limited, Thailand's leading luxury real estate developer, has announced its partnership with leading Japanese firm, Mitsubishi Estate Co., Ltd., to invest in a new prime commercial development, One City Centre (OCC). Appointed as the sole leasing agent, JLL expects the project to enjoy strong leasing demand from both leading international and local companies looking for home in one of Bangkok's most prestigious business locations.
Situated in a strategic location right in the heart of the Bangkok's CBD on Ploenchit Road, the prime grade office building development is worth over 8.8 billion baht, comprising of 5.5 billion baht for construction and 3.3 billion baht for land lease.
Upon completion in the final quarter of 2022, One City Centre will feature 61 floors with an estimated total lettable area of 61,000 square meters, with about 92% marked out as office space and 8% as retail area. The building is to be constructed on a prominent land plot on Ploenchit Road covering a total of 6 rai and 28 square wah of space. It will be directly connected to the Ploenchit BTS Station, and surrounded by a host of amenities including a leading shopping mall and five-star hotels. The company has registered a 30-year lease term with the Land Department and the Environmental Impact Assessment (EIA) report has been approved by the Expert Committee on Environmental Impact Assessment, Office of Natural Resources and Environmental Policy and Planning.
The latest study by JLL shows that the Ploenchit-Chidlom area that also covers Wireless and Rajdamri roads has suffered a severe shortage of Grade A office supply. Grade A office buildings in the area have reported the average vacancy rate at only 6.3% and enjoyed high rentals ranging between 1,000 and 1,600 baht per square meter per month, well above Bangkok's market-wide average Grade A rental rate of 876 baht per square meter per month.
Suphin Mechuchep, Managing Director of JLL, said “Despite strong demand, low vacancies and high rents, only three new office development projects are currently under construction in the area and are planned for completion between 2020 and 2022. This, coupled with the project’s high specifications, we anticipate One City Centre to attract strong leasing demand from companies in various industries, particularly technology, e-commerce, coworking space, finance and professional services. We also expect the project to enjoy a full occupancy upon completion.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JLL Thailand
The firm’s operation in Thailand began in 1990 and today is the country’s largest international property service provider with 1,600 employees and more than five million square metres of property and corporate facilities managed. In Euromoney Real Estate Survey 2018, JLL was voted as Thailand’s number one overall real estate advisor for the 8th consecutive year and also won top votes for agency/letting, research and valuation in the same survey. The firm was also named Thailand’s five-star winner in the commercial property consultancy and commercial real estate agency categories at the International Property Awards Asia Pacific 2019/2020. For more information, visit jll.co.th.