Thailand is about to gain three new cities: airport cities that is. The Airports of Thailand (AoT) has announced plans to invest 36 billion baht in building airport cities in Bangkok and Phuket, helping to mobilize the country to a whole new level.
The first phase of the airport city project in Bangkok will launch simultaneously with the launch of a new monorail system that will link the city’s two airports. The project is targeted to serve 100 million passengers in 2016. Phase two of Suvarnabhumi airport’s project will improve areas neighboring the airport stretching up to a five km radius.
In other news, prices of land in prime areas of Bangkok grew by more than 190 percent over the last two years, placing Thailand’s capital at the top of Knight Frank Asia-Pacific’s Prime Asia Development Land Index, which looks at what a reasonable developer would be expected to pay for development land. The index takes into consideration the gross development value of the potential scheme, costs (construction, professional, contingencies, and financial), required profit, acquisition costs and relevant taxes.
