After the international school Bangkok Prep relocated from its over 7-rai site adjacent to Thonglor BTS station in central Sukhumvit, the land became one of the most watched locations in the market. The key question was who would secure the development rights and what type of project would replace it.
The latest answer is the group called A Asset, which had previously revealed plans to develop this prime land into a luxury mixed-use project valued at around 12 billion baht, covering 100,000 square meters, temporarily named SKV53. The project's interest lies not only in its size or location but also in the company's strategic shift—from a business rooted in engineering and construction management to becoming a major property developer in Thailand for the first time.
Behind this mixed-use project was a negotiation process lasting more than two years with the landowner, a longstanding Thai family, during which several parties competed for the development rights.
"Anawat Chatsirikul," CEO of A Asset Group, stated that the landowner carefully considered development concepts that met their criteria before deciding to entrust A Asset with transforming this land parcel.
The challenge of this deal was not only securing the development rights for this prime location but also proposing a plan that would utilize the large land parcel meaningfully for the district and its surrounding community, aligning with the landowner’s expectations.
Additionally, this land is under a long-term leasehold contract of 30 plus 10 years. Management viewed this as a critical factor in business design and product positioning because buyers would not own the land freehold.
Therefore, SKV53 represents both an opportunity and a test for A Asset to build upon its international experience with its first project in Thailand.
A Asset was established in 2017, but behind it lies over 30 years of experience in real estate and engineering, anchored by PPSN, an engineering consultancy and construction management firm founded in 1989. Currently, "Anawat" is the second-generation leader, succeeding his father.
The company’s portfolio includes hospitals, hotels, shopping centers, and infrastructure projects such as the MRT Blue and Purple Lines, and renovations of Chiang Mai and Don Mueang airports. It has also worked on projects like Central World, Siam Square One, and Big C Super Centre.
Moreover, A Asset has joint ventures with BCONS, a Vietnamese real estate developer with several residential projects including BCONS Garden, BCONS Plaza, BCONS Sala, BCONS Polygon, and BCONS City 1. The group reports over 20,000 units developed and managed overseas, with a total project value around 165 billion baht.
These elements mean that entering property development in Thailand is more than launching a new brand; it is an extension of expertise in engineering, project management, and overseas real estate development experience.
However, working as a contractor or consultant for other projects differs from developing one's own projects, particularly in understanding buyers, branding, and managing assets post-launch.
“Our projects in Japan instilled a culture of attention to detail and long-term quality, while growth in Vietnam taught us about development systems, management, and creating spaces that grow with cities, exemplified by standout township projects like BCONS CITY. This experience and knowledge we are committed to applying and expanding upon in Thai projects from day one,” Anawat said.
The SKV53 project is conceptualized as a Green & Wellness Real Estate development on over 7 rai, valued at 12 billion baht, with a total usable area exceeding 100,000 square meters. The development plan includes:
A main 6-story building and two towers: Tower A with 39 floors designated as a 640-room hotel, and Tower B with 28 floors as a 220-unit residential building.
Other components include branded residences, branded serviced residences, a 5-star hotel, retail spaces, offices, a wellness center, a roof park, and 772 parking spaces. The project plans approximately 5,000 square meters of green space, some of which will be public areas.
The project concept seeks to integrate living, working, leisure, and health services in one location. Management notes that while Thonglor already has restaurants, cafes, wellness centers, and workspaces, these are scattered and face limitations in parking and green space.
Therefore, the project’s challenge is not only to add buildings in a residential-heavy area but to ensure that amenities and common areas provide real lifestyle benefits. The plan to use a hotel brand for both hotel and serviced residences may create differentiation. The company anticipates the branded residences will be priced at no less than 300,000 baht per square meter.
Market insight data shows Thonglor currently has over 1,300 condominium units for sale, priced across tiers: Premium at about 160,000–240,000 baht per square meter, Luxury at 250,000–380,000 baht, Ultra Luxury at 400,000–500,000 baht, and Super Prime above 500,000 baht.
These figures reflect a wide range of options for buyers but also open opportunities for projects that add value through product features and experiences—such as branded services, green spaces, or integrated activities.
Management notes leasehold projects typically sell at about 30% lower prices than freehold ones, and rental yields in the area range from 4.5% to 9.5% annually. This makes the project attractive due to pricing gaps and the land’s prime BTS-adjacent location, with plans for a direct skywalk connection into the development.
“Thonglor is already home to many quality projects and an integrated lifestyle. What we add is the opportunity to create new value by filling missing dimensions—large green spaces and a simple luxury lifestyle that is elegant yet understated,” said Anawat.
Anawat also assessed that land prices in Thonglor have grown by 7–8% annually, and with a new land appraisal expected in 2027, prices are likely to become even more attractive. Competition in the current market is not just about price but about how distinct and buyer-oriented projects are.
“While some may view the real estate market as weak now, we see ongoing activity in buying and selling. Today’s competition is less about price and more about how unique and fitting the products and projects are,” he added.
A Asset’s business philosophy is “Always Forward: Creating Sustainability,” emphasizing green space, wellness, sustainable design, and community awareness. For SKV53, these concepts will be tested in detail, from managing public spaces, linking greenery with buildings, to ensuring services and brands work cohesively.
Currently, the project is undergoing an Environmental Impact Assessment (EIA) application. The name SKV53 remains provisional, with details such as hotel brand, ownership conditions, and phased openings to be disclosed in due course.
Securing development rights for the land next to Thonglor BTS after over two years of negotiation gives A Asset a strong start. The next challenge is to transform its background in engineering and construction management into a project whose value is genuinely felt by buyers and the local community. This is the test of evolving from behind-the-scenes expertise to a developer creating products, experiences, and trust independently.
“We want A Asset to be remembered as a Thoughtful Development and Sustainable Living brand. For us, a good project creates value for its residents and positively impacts the surrounding area, people, community, society, city, and the world,” Anawat concluded.
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