BRITISH EMBASSY SOLD TO CENTRAL FOR £420M

BRITISH EMBASSY SOLD TO CENTRAL FOR £420M

It has been confirmed that the British Embassy in Bangkok will be sold to the shopping complex group, Central, it has been confirmed.

The Embassy which is sited on Wireless Road, covers a massive 25 rai which makes it a hot location for property prices.

The deal worth an estimated 16.6 Million Baht or £420M has been struck making it ‘The Biggest Land Deal’ in Thailand’s history said the ministry.

Originally the 1920s building was purchased by property firm Hongkong Land and Thai conglomerate Central Group.

THE BRITISH EMBASSY IN BANGKOK 

Embassy staff are due to relocate to the AIA Sathorn Tower by the end of the year.

“Our workforce in Bangkok will be moving into a state-of-the-art premises by 2019 and this can only enhance our trade links and bilateral relations in Thailand and throughout the region,” UK Foreign Minister Boris Johnson said in a statement.

Large parts of the current embassy were said to be unusable and the building was in need of significant refurbishment.

Simon McDonald, head of Britain’s diplomatic service, said the move was being made “in a tight fiscal environment” and it was right to take “tough decisions” to ensure the UK’s global presence.

Funds raised by the sale will be spent on up to 40 “modernisation projects” at British embassies around the world, the foreign ministry said.

 

Tos Chirathivat, chief executive of Central Group, earlier said the group “wants to develop a mixed-use project that links to our Central Embassy shopping project”, reported the Bangkok Post.

 

 

Credit Bangkok Post Read More