Two Thai property groups have reportedly bought the former Dutch embassy site on Wireless Road, Bangkok, for more than 20 billion baht.
The plot sits between Wireless Road and Soi Ton Son in central Bangkok and covers nearly 20 rai. Thai business media name the buyers as the Piyasombatkul group and a company controlled by Chali Sophonpanich.
Chali runs City Realty, a developer founded more than 35 years ago. Its projects include Emporium Tower, the Chatrium hotels and Shrewsbury International School Bangkok.
Reports describe him as a member of the Sophonpanich family rather than as Bangkok Bank itself. The bank is not named anywhere as a party to the reported sale.
The Piyasombatkul group began in plywood and timber before moving into property, hotels and offices. It is linked to Nirvana Development, and owns several plots around Langsuan and Wireless Road.
The land measures 19 rai 3 ngan and 26.6 square wah, or about 7,926 square wah in total. It is freehold, and can be reached from both Wireless Road and Soi Ton Son.
At 20 billion baht the price works out at roughly 2.52 million baht per square wah. Valuers had put the market rate at 2.8 to 3.5 million baht before the sale was reported.
Reports suggest the two buyers will split the site and develop their halves separately. Early plans point to branded residences, alongside a health and wellness project.
The Dutch government bought the land back in 1949 for just 1.85 million baht. The embassy has since moved to offices inside the Dusit Central Park development.
No company names, ownership shares or transfer dates have been released so far. Neither the embassy nor either buyer has issued any statement on the reported sale.
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Sources
- Prachachat Turakij — report on the buyers and the price
- Thansettakij — separate report naming the Piyasombatkul family
- Real Estate Information Center, GH Bank
- City Realty
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