BANGKOK — Thai conglomerate Siam Motors Group has launched a 3.5 billion baht ($106 million) office building in Bangkok, seeking to reduce reliance on its automobile business and bolster real estate operations.
Siam Patumwan House is located in the capital’s central Siam district and a five-minute walk from National Stadium station on the BTS Skytrain transit system. The 33-story tower offers 51,000 sq. meters of leasable area and has earned the LEED gold rating for sustainability-focused design. It is set to fully open its doors next year. Media was granted access to the building on Thursday.
Some tenants have already moved in. Japanese air conditioner maker Daikin Industries has set up a showroom, while musical instruments producer Yamaha has opened a showroom, studio and music school.
“This building really is our first development project. We were able to achieve this with cooperation with partner companies, including Japanese businesses,” Siam Motors President Prakasit Phornprapha told a news conference.
Formed in 1952, Siam Motors has partnerships with such Japanese manufacturers as Daikin, construction machinery giant Komatsu and Hitachi.
The Thai group is working to diversify beyond manufacturing. It has entered a hotel development tie-up with Singapore-based Pan Pacific Hotels Group.