Former Dutch embassy site in Bangkok reportedly fetches over ฿20 billion
Thai business media identify two property groups as the buyers, with early plans indicating branded residences and a health and wellness project.
Two Thai property groups have reportedly paid more than ฿20 billion for the former Dutch embassy property in central Bangkok. Thai business media identified the purchasers as the Piyasombatkul group and a company under Chali Sophonpanich’s control.
Neither the embassy nor the reported buyers has made a statement about the transaction. The purchasing companies’ names, their ownership stakes and the dates of transfer have not been disclosed.
The freehold parcel occupies 19 rai, 3 ngan and 26.6 square wah, with access via Wireless Road and Soi Ton Son. Using a ฿20 billion price, reports put the cost at approximately ฿2.52 million per square wah. Valuers had estimated a market rate of ฿2.8 million to ฿3.5 million before the reported transaction.
Reports indicate that the purchasers intend to divide the property and undertake separate developments. Preliminary plans suggest branded residences as well as a health and wellness project.
Chali leads City Realty, whose developments include Emporium Tower, Chatrium hotels and Shrewsbury International School Bangkok. Reports identify him as part of the Sophonpanich family, not Bangkok Bank; the bank is not identified as a buyer. The Piyasombatkul group expanded from timber and plywood into property, hotels and offices, and is linked to Nirvana Development.
The Dutch government acquired the property in 1949 for ฿1.85 million. Its embassy now operates from offices at Dusit Central Park.
