For those looking for residence or a Single House in Sathorn, Piyasombat Property Co. Ltd has recently unveiled its five-year plan, which involve an investment of at least Bt12B, in order to increase the company’s property portfolio by developing new property projects across Thailand.
The first key point of the five-year plan includes the development of the company’s very first mega-property construction located on a 5 rai plot of land in the Langsuan district in Chumpon. The mega-project will occupy a gross area totalling of 100,000m2 divided into 65 floors, which is a mixed-development project, with a six-star hotel located alongside high quality serviced apartments and offices. The schedule is set, with construction to start at the tail-end of 2018, and expected to end sometime in 2023 or early 2024.
According Piyasombat’s Managing Director, Yoauvaluk Piyasombatkul, the company also has plans of turning its Voravit Building, located on Surawong Road, into a new, 200-room three-star hotel. The change is expected to cost a total of Bt1B and is currently underway, with completion expected sometime around 2022.
Another new development for the company, will be the development of a three-star boutique hotel with 259 rooms at the Bt1B 2 rai plot in Silom Road which the company recently acquired in September of 2017. The project is also currently under-development and is expected to be completed and made operational sometime at the tail-end of 2019.
Piyasombat Property Co. Ltd. is the property arm of the Piyasombatkul business family, owners of one of the largest wood-based panel manufacturing companies in Southeast Asia, Metro-Ply Group. That particular company also happens to be Thailand’s first medium-density fibreboard manufacturer.
According to Yoauvaluk, a Pharmaceutical Sciences graduate, the family entered the property business by sheer coincidence, when it acquired from a family friend the Vongvanji Complex Building A during the Thai financial crisis in 1998. Following that fortuitous acquisition, the family then went into property by moving into and acquiring apartments and office buildings across the country, with some properties in the vicinity of Single House in Sathorn, with additional unused land plots in that area, among others.
Yoauvaluk says that, currently, the company is looking for a partner for the 50-rai development on Rattanathibet Rd. As for the future, she says that the family is looking to expand to major international hubs, like London or New York.