Given the shifting dynamics in office space demand due to economic volatility, Thailand’s prime commercial sectors are anticipating a wave of domestic and international companies seeking prime spots in Bangkok’s Central Business District (CBD).
In response, Frasers Property (Thailand) Public Company Limited (FPT), a leading integrated real estate platform in the country, plans to upgrade its two Grade-A office properties, Sathorn Square and Park Ventures, with an Asset Enhancement Initiative (AEI).
This project, managed by Golden Ventures Leasehold Real Estate Investment Trust (GVREIT), is set to start in March 2024 and finish by October 2024, with an allocated budget of 200 million baht.
“With the market trending towards high-quality, flexible, and technologically advanced office spaces, we see a vital opportunity to elevate our offerings,” said Withawat Koottatep, First Executive Vice President of Commercial Development at Frasers Property Commercial (Thailand).
The AEI aims to bring these buildings up to global standards, catering to the varied requirements of tenants and boosting the portfolio’s appeal in light of the increasing office space availability.
Focusing on efficiency, visual appeal, and innovation, the initiative seeks to modernize facilities over ten years old, with a focus on health, sustainability, and environmental stewardship to position them as leading choices in Bangkok’s competitive office scene.
“Our objective is to maximize tenant satisfaction and quality of life, thereby maintaining an occupancy rate above 90 percent, which currently stands at approximately 92 percent.”
“This enhancement is key to attracting new international tenants and catering to eco-conscious businesses seeking to leverage our green certifications,” added Mr. Withawat.
With the expertise of Frasers Property Group worldwide, the AEI will concentrate on interior design, technology, and wellness. The renovation will modernize the buildings with a fresh design that improves space use.
Sathorn Square will incorporate square shapes with dynamic experiences, whereas Park Ventures will highlight its contemporary ecoplex charm.
The redesign of Sathorn Square will draw from its namesake, blending square features with neo-vibrant colors to enhance the atmosphere and workspace for office workers.
After the upgrades, features will include self-service check-in kiosks, facial recognition and QR code entry systems, an enhanced building management system (BMS), and updated elevators.
Innovative parking solutions will offer license plate recognition, digital stamps, mobile payments, and electric vehicle chargers.
Monitoring indoor air quality will improve the work environment and sustainability efforts, along with the use of eco-friendly materials, energy-saving lighting, and solar panels.
The project also encompasses wellbeing initiatives for both customer service and administrative personnel.
The retail area in Park Ventures will undergo a makeover with a contemporary design theme to foster a welcoming vibe.
“We believe the AEI will significantly strengthen FPT’s position in the office market, which is expected to see an additional 1.8 million square meters of space between 2024 and 2026.”
“This initiative underscores our commitment to offering top-tier services that combine innovative design, modern facilities, and sustainable practices,” Mr. Withawat concluded.
