Sathorn Prime Properties, the latest joint venture company between ARCH Capital (Hong Kong) and Narai Group (Thailand), has revealed the details of its exciting new investment: a premium commercial property in downtown Bangkok.
Sathorn Prime’s 20-storey office building is located near the intersection of Sathorn and Narathiwas roads in the heart of Bangkok’s thriving Sathorn-Silom business district. A short walk from Chong Nonsi BTS skytrain station, the building is surrounded by multinational corporations and major attractions.
The building offers plenty of advantages for businesses seeking spacious, well-appointed offices in this highly connected part of the city. In addition to over 21,000 square metres of office space, the project will offer its tenants a full range of support services, including shops, fitness facilities and international F&B outlets, creating an excellent work-life balance for tenants and their employees.
Sathorn Prime has appointed Sangfah Construction as the main contractor for this extensive refurbishment, which will include a redesigned floorplate layout, an eye-catching new façade and a grand lobby. Completion is expected in the first quarter of 2020.
Setthaphol Boottho, Executive Director of Sathorn Prime Properties Co., Ltd, commented; “At Sathorn Prime, we are excited to reveal our premier commercial project in Bangkok. This eye-catching building commands a prime position in one of the city’s most dynamic downtown districts. With its easy accessibility via the BTS and BRT networks, it will be convenient for workers from all across the city. We have the utmost confidence in Sangfah to deliver an exceptional project and we look forward to unveiling this office complex as Bangkok’s newest business hub in 2020.”
Dr. Cherdsak Ampornsuksakul, Managing Director, Sangfah Construction and Engineering Co., Ltd, added; “This impressive project will become a new landmark in the Sathorn-Silom business district. I would like to thank Sathorn Prime for their trust in us to deliver a world-class development. I am confident that our impressive façade, open office spaces and intuitive design will help to inspire tenants and add real value to their businesses and their employees’ work environment.”
Bangkok’s commercial real estate market is enjoying significant growth, in line with the general positive trends of the Thai economy. A sharp uptick in office leasing between 2015 and 2018 has given developers confidence to expand their activities in Bangkok. As a result, there is now a significant number of office buildings currently under construction in downtown Bangkok. This is the perfect time for Sathorn Prime to enter the marketplace.
Suphin Mechuchep, Managing Director at JLL, the sole agent for this project, commented; “Bangkok’s office market has been characterised by strong demand and limited new supply. Office rents across the city have seen continued growth in the last seven years and are likely to rise further by 3-5 percent this year. As vacancy rates have stayed in single digits and demand from both international and local corporations has showed no sign of subsiding, we expect an exceptional new project like Sathorn Prime to enjoy strong interest.”
Following its completion, Sathorn Prime’s building will feature approximately 41,000 square of floorspace, more than 50 percent of which will be office space, with elevated ceilings adding to the sense of space. A parking area will be able to house more than 350 cars, while the basement and ground floor areas will feature retail and F&B outlets.
The award-winning firm Design103 International has been appointed as the project’s architect and façade specialist, following their exceptional work on distinguished buildings such as the Bhiraj Tower and the SCG 100 Year Building. The highly acclaimed team from PIA Interiors are on board to apply their sense of style to the common areas. Their interior design skills have graced some of Thailand’s most exclusive commercial, hospitality and residential developments.
The launch of Sathorn Prime Properties and its new commercial development represents the latest cooperation between ARCH Capital and The Narai Group, who together have developed several projects in Bangkok over the last decade. They are also jointly developing the prestigious MontAzure project at Kamala Beach, on Phuket’s “Millionaire’s Mile”.