BTS Group Holdings to spend more than 10 billion baht on mixed-use project Bang Na-Trat Road near Thana City
19 September 2019
BTS Group Holdings is spending more than 10 billion baht to develop a mixed-use project on 200 rai along Bang Na-Trat Road near Thana City to capitalise on light rail transit (LRT) expected to start construction next year.
Chairman Keeree Kanjanapas said the LRT, projected to span 18.3 kilometres, will connect the skytrain at Bang Na BTS station with a depot on the company’s five rai in Thana City.
“The time is ripe for our remaining plots in the Bang Na area to be developed after our building up Thana City, our first property project, 31 years ago,” he said. “Areas along Bang Na-Trat Road are very developed.”
On Bang Na-Trat Road in Samut Prakan’s Bang Phli district, BTS owns a block of 308.5 rai worth about 900 million baht. This is the company’s largest piece from a total of 489 rai worth roughly 1 billion baht in Bangkok and other provinces.
Of the 308.5 rai, 200 rai will be developed for a mixed-use project that will start construction next year.
BTS is designing a concept and master plan for the 200-rai plot. The company is also in talks with a few partners to join the development, which will have residences, hotels, offices and other facilities such as medical services.
The developer of the project will be SET-listed U City, one of BTS’s subsidiaries, Mr Keeree said.
U City has three new property projects in Greater Bangkok under development. The largest investment is Unicorn Phayathai, a mixed-use project on Phaya Thai Road, where it will invest 9.3 billion baht.
Scheduled for completion by 2022, the project will comprise 500 hotel rooms and 22,000 square metres of office space for rent, said Piyaporn Phanachet, U City’s chief executive.
The second-largest investment will be 5 billion baht for Verso International School on 168 rai near Thana City in the Bang Na area, with a break-even of 10 years expected.
U City plans to spend 3 billion baht to develop a luxury hotel on a plot where the Old Customs House, a historic building, was located on the banks of the Chao Phraya River.
U City also has three large plots near BTS routes for future development. The largest is a 51.7-rai plot in Khu Kot, Pathum Thani, where the Green Line extension will end.
Some 80% of U City’s revenue is from the hotel business, mostly from overseas. The remaining 20% is from a joint venture with SET-listed developer Sansiri under a five-year deal that ends next year.
Source: https://www.bangkokpost.com/business/1753854/bts-hyped-for-bang-na-mixed-use-project-others
