Siam Square: Bangkok's Most Expensive Land Price

[webfact]

Siam Square: Bangkok's most expensive land price

BANGKOK, Oct 25 - A real estate company estimating land prices in the Thai capital indicates that the most expensive plots of land in the country would reach Bt1.5 million/square wah (2 sq metres) in Bangkok's Siam Square, a prime shopping area, this year.

An agency for Real Estate Affairs recently conducted research on changes of land prices in Bangkok. The prime areas are at Siam Paragon department store, Siam Square, and areas near Chidlom and Ploenchit BTS stations.

The company said already high prices would increase this year from currently Bt1.4 million per square wah.

The second prime areas are land around Wireless Rd and Silom Rd at Bt1.1 million per square wah.

Prices of land along BTS skytrain stations have continously increased, particularly at Siam Square and Ploenchit stations, by 16.7 percent in the past year, while prices of land along MRT underground stations have increased by 14.4 percent.

The company said price estimates will continue to rise over the next five years. (MCOT online news)

-- TNA 2012-10-25

[Amir]

I thought 1 square Wah = 4 Sqm and not only 2???? have I been wrong the past 8 years?

[Scully]

I thought 1 square Wah = 4 Sqm and not only 2???? have I been wrong the past 8 years?

Never believe any news source will print facts, you are correct.

Edited October 25, 2012 by Scully

[ShopBoy]

I thought 1 square Wah = 4 Sqm and not only 2???? have I been wrong the past 8 years?

you are right they are wrong

[Nisa]

Good catch but easy mistake / typo to make since 1 wah = 2 meters.

[smutcakes]

Slightly off topic so apologize, but i noticed where the old cinema and parts of Siam Square which were burnt down have been cleared for some time now, right outside Siam BTS. Does anyone know who owns and can now develop this large site into what i presume is a shopping centre? Maybe Chula university?

[Nisa]

Slightly off topic so apologize, but i noticed where the old cinema and parts of Siam Square which were burnt down have been cleared for some time now, right outside Siam BTS. Does anyone know who owns and can now develop this large site into what i presume is a shopping centre? Maybe Chula university?

On topic and good question.

[smutcakes]

Slightly off topic so apologize, but i noticed where the old cinema and parts of Siam Square which were burnt down have been cleared for some time now, right outside Siam BTS. Does anyone know who owns and can now develop this large site into what i presume is a shopping centre? Maybe Chula university?

On topic and good question.

I think i remember seeing articles in the news that Chula were having a right old trouble moving street vendors etc, not to mention tenants etc from the site.

[whybother]

I think i remember seeing articles in the news that Chula were having a right old trouble moving street vendors etc, not to mention tenants etc from the site.

They were having problem moving the street vendors on the streets. The site is currently a rather large construction site. I doubt if there are any tenants still there.

[smutcakes]

I think i remember seeing articles in the news that Chula were having a right old trouble moving street vendors etc, not to mention tenants etc from the site.

They were having problem moving the street vendors on the streets. The site is currently a rather large construction site. I doubt if there are any tenants still there.

I know that, thats why i was asking. I was meaning if they were having trouble moving street vendors, than I am sure the tenants were also causing problems if their wish was to develop the site.

[whybother]

I think i remember seeing articles in the news that Chula were having a right old trouble moving street vendors etc, not to mention tenants etc from the site.

They were having problem moving the street vendors on the streets. The site is currently a rather large construction site. I doubt if there are any tenants still there.

I know that, thats why i was asking. I was meaning if they were having trouble moving street vendors, than I am sure the tenants were also causing problems if their wish was to develop the site.

I don't think the moving of street vendors had anything to do with this site. It was a general thing about keeping the streets clear.

I don't remember there being any issues with tenants at that time.

[Fuschia]

Who in their right mind would want to live in this area ?

On any given day , it could take you 1 hour or more to get from Henry Dunant to Siam square ?

[asiawatcher]

The theatre was brilliant but like Sukhumvit Soi 10, the 'stock-take' was sorted quickly so development could proceed. No investigation took place.

[smutcakes]

Who in their right mind would want to live in this area ?

On any given day , it could take you 1 hour or more to get from Henry Dunant to Siam square ?

Personally not for me, but Thais i think would love it, close to the shopping, the 'kudos' of living there. And to be fair, if you used BTS it is well connected.

[whybother]

Who in their right mind would want to live in this area ?

On any given day , it could take you 1 hour or more to get from Henry Dunant to Siam square ?

Who is talking about living there?

[Fuschia]

Who in their right mind would want to live in this area ?

On any given day , it could take you 1 hour or more to get from Henry Dunant to Siam square ?

Who is talking about living there?

Dummy, how in earth could the most expansive land price in a major city like Bangkok, not be where the richest people of this city would want to live.

If you answer no, you no titty about this country .

[whybother]

Who in their right mind would want to live in this area ?

On any given day , it could take you 1 hour or more to get from Henry Dunant to Siam square ?

Who is talking about living there?

Dummy, how in earth could the most expansive land price in a major city like Bangkok, not be where the richest people of this city would want to live.

If you answer no, you no titty about this country .

It's expensive because of retail space, not condo space.

[planr]

Slightly off topic so apologize, but i noticed where the old cinema and parts of Siam Square which were burnt down have been cleared for some time now, right outside Siam BTS. Does anyone know who owns and can now develop this large site into what i presume is a shopping centre? Maybe Chula university?

On topic and good question.

Chula owns everything on the south side of Rama I between Henri Dunant and Phaya Thai in the east/west and Rama IV in the south... they also own most of the land west of Phaya Thai (again between Rama I & IV) towards the expressway.

[Nisa]

Who in their right mind would want to live in this area ?

On any given day , it could take you 1 hour or more to get from Henry Dunant to Siam square ?

Who is talking about living there?

Dummy, how in earth could the most expansive land price in a major city like Bangkok, not be where the richest people of this city would want to live.

If you answer no, you no titty about this country .

It's expensive because of retail space, not condo space.

Me thinks he who accuses you of not knowing Thailand doesn't understand Thailand or real estate. Can you imagine buying land in Siam Square to build a house? A condo possibly but bottom line is you need to build something that is going to make you money. The land is not expensive because it has the best public schools, the best views, is on a beach or because home buyers love to live on packed streets with shoppers .... it is expensive because that is where people go to spend money on entertainment and shopping..

[Nisa]

Slightly off topic so apologize, but i noticed where the old cinema and parts of Siam Square which were burnt down have been cleared for some time now, right outside Siam BTS. Does anyone know who owns and can now develop this large site into what i presume is a shopping centre? Maybe Chula university?

On topic and good question.

Chula owns everything on the south side of Rama I between Henri Dunant and Phaya Thai in the east/west and Rama IV in the south... they also own most of the land west of Phaya Thai (again between Rama I & IV) towards the expressway.

Now understanding Chula owns it allowed me to find a link that looks to provide some plans for the area. I only had a chance to glance at it a second but looks like it might provide some insight.

How Chulalongkorn University’s big development plans could signal the end of Siam Square

http://bk.asia-city.com/city-living/article/all-change

[dddave]

16% in one year and people still wonder why the old Thai-Chinese and Thai-Indian sit on their properties.

On Petchabury Rd. on the side opposite Pantip Plaza and about 1/2 km. towards Ratchathewi, there is a large, old walled mansion with extensive grounds and an always closed steel gate. A handmade cardboard sign hangs on the gate specifically telling real estate speculators to stay away, get lost, don't ring the bell!

I'm surprised nothing has happened yet at the long vacant double lot adjacent to the Nana BTS. The BTS holding Company announced three years ago that they were going to develop a string of hotel-retail complexes adjacent to several BTS stations and that Nana would be the flagship project.

Edited October 25, 2012 by dddave

[BigJohnnyBKK]

Yes Chula is the ultimate land owner as a result of a long-ago grant from the King, basically the lease income subsidizes the university and I'm sure lines the pockets of many powerful middlemen along the way.

There is no residential real estate allowed at all in that area, although some of the smaller shophouses do have rooms upstairs, they aren't available for rent in many years of my asking.

The rents and therefore the land values are so high because of the incredible volume of and unusual level of discretionary spending money of the retail foot traffic, much of which are of course Chula students from well-heeled families, but Paragon has pushed these factors through the roof creating an environment attractive to the even wealthier older members of such families. BTW for the benefit of those TV members who see all Thailand as a poor country that should be grateful for our presence here as benefactors to the local economy, foreigners are IMO a completely insignificant factor in these specific demographics.

The smaller indoor tenants would have very little say about anything, obviously large corporate ones more so.

The only protection the street vendors have is power of their sponsors to whom they pay baksheesh above and beyond whatever the nominal monthly fee might be for their concession. I doubt if their ability to organize street protests would count for much if opposing any goals important to the real powers that be.

The "owner" of the Siam theatre chain is a very wealthy guy, I got to know his factotum/majordomo, basically head bodyguard, he had tons of very expensive flashy cars he used to park outside, not just the standard Lotus, Ferrari etc but brightly colored Hummers, Minis etc. But he wasn't the owner, just had a 30-year lease.

I also knew a guy had a shorter-term lease upstairs, all this went out the window with the fires from the red riots, but in this case it was widely suspected that this specific location was slated for development anyway if you know what I mean.

He got a little compensation and cheap loans to help re-establish his business after the fire, but certainly not enough, died a very bitter man.

Edited October 26, 2012 by BigJohnnyBKK

[DaveHKT]

Don't give the clowns down here in Phuket any ideas, not too long ago they were asking 200 million baht per rai for land (without the "famous" sea view) without services and prone to flooding. The land didn't sell of course but now they have a price comparison and the local mafia types will be able to say "buy now while cheap, soon price of land same as Bangkok"

[HerbalEd]

Who in their right mind would want to live in this area ?

On any given day , it could take you 1 hour or more to get from Henry Dunant to Siam square ?

It's not a really a residential area ... at least not anymore.

Edited October 26, 2012 by HerbalEd

[who]

-

The confusion is not with the 'measurements' it is with the English Language i.e. TWO SQUARE METERS DOES NOT EQUAL TWO METERS SQUARED.

-

[khaowong1]

Slightly off topic so apologize, but i noticed where the old cinema and parts of Siam Square which were burnt down have been cleared for some time now, right outside Siam BTS. Does anyone know who owns and can now develop this large site into what i presume is a shopping centre? Maybe Chula university?

I may be wrong, but many years ago I heard that some part of the Royal family owned most of this area. I believe it was the King's cousin side of the family. A branch off of King Chulalongkorn. I used to know a lady who was a granddaughter of King Chula, and she told me her family owned lots of the Siam area, around the University. Who knows, maybe they gave it all to the university. I know they used to own Khao Yai also, but gave it to the country to be developed into a state park.