Large building sales buoy Thailand property market in 2H 2010
Kanchana Paha | Mar 03, 2011
Thailand’s real estate investment market in the second half of 2010 remained buoyant with several major transactions being sealed, according to the latest report from Colliers International.
The THB35.5 billion (US$1.16 billion) sale of Carrefour retail stores to the French retail operator Big C Supercenter boosted up the Kingdom’s investment market sentiment last year amidst unfavourable conditions including political uncertainty and legal impediments.
Other transactions included sales of 302 units of Millennium Residence by City Development to Lee Don Assets at THB5 billion (US$165.8 million). L.P.N. Development managed to acquire two plots of land on Rama III (22,968 sqm) and Sukhumvit Soi 24 (5,690) for THB779.01 million (US$25.84 million) and THB387.33 million (US$12.85) respectively.
Rojana Property, the developer of the Madison condominium on Sukhumvit 41 bought a plot on Sukhumvit Road from Metrostar Property at THB512.96 million (US$17.01 million).
Two major commercial property transactions last year were sales of Pacific Place I and II buildings of Lehman Brothers to Thai Property at THB727 million (US$24.11 million), and a purchase of Siripinyo Building of the country’s leading developer Sansiri from Kasikornbank at THB540 billion (US$17.91 million).
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