Bhiraj Buri Group has announced that its new Bhiraj Tower Grade A mixed-use development will be completed in Q1 2014.
A new mixed-use commercial development is set to rise in Bangkok. Bhiraj Tower, an office-cum-retail project offering over 50,000 sq ft of space, will be completed in the first quarter of 2014, said developer Bhiraj Buri Group.
The property is located on the main Sukhumvit Road opposite the Emporium department store, and will stand at 45 stories tall. Designed to meet international Grade A standards, the project will feature a column-free layout with floor plates ranging from 1,500 sq ft to 1,700 sq ft, ceiling heights of 2.85 m, a modern lobby with double-volume ceiling which allows more natural light, as well a state-of-the-art security and access-control system.
Bhiraj Tower will also be linked to the Phrom Phong BTS station via a covered walkway connected directly to its second floor.
According to Nithipat Tongpun, executive director & head of office services at CBRE Thailand, the property will be the sole Grade A office development to be completed in Bangkok's CBD from now till end-2014. CBRE added that as of Q2 2012, there was 1.22 million sq m of Grade A office space in Bangkok, while take up rates jumped by 10.3% year-on-year.
Grade A office rents in Bangkok rose for the fourth quarter in a row, advancing by 2.9% quarter-on-quarter and 7.9% year-on-year, exceeding its previous peak in 1992. The lack of new supply has fostered a rise in office rents to a level attractive enough for developers to launch new Grade A office projects.
Said Dr Prasarn Bhiraj Buri, president and ceo of Bhiraj Buri Group, "We hope that this new landmark will add tremendous value to our community and the Bangkok skyline. With regard to the office market, we see a trend for greater demand for high-quality office spaces and facilities that genuinely support employeesâ€™ working environments and lifestyles."