There were no major land sales in the CBD this
quarter, but asking prices continued to rise, according to CBRE's latest
report, especially on the main roads of Ploenchit and Sukhumvit up to Soi 63
(Ekamai).
Land prices in the most popular development areas
in the suburbs also continued to climb. The only building sale in Bangkok was
the sale of a 20-year lease by CPN of The Office@Central World to the CPN Commercial
Growth Fund (CPNGC).
The lack of building sales was not due to the lack
of potential purchasers but was due to there being few willing vendors. Demand
for both development sites and buildings is almost all from local investors.
Demand for development sites is mainly coming from condominium
developers especially in the downtown area. The liberal laws on zoning mean that
condominium developers compete with other potential users for most downtown
sites and condominium development continues to be the most profitable in most
of the downtown area.
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