The land price per square wah in the heart of Bangkok is set to smash records, with Central Group snatching up a plot on Ploenchit Road from the Sukosol family at 4 million baht per square wa (16 million baht per square metre).
This coveted three-rai plot, formerly the Morakot parking lot nestled between Central Chidlom and Soi Somkid, has been a hot topic among developers since 2018. An insider source revealed that the Sukosol family resisted previous offers but a new player has entered the game: the relentless rise in land and building taxes.
The game-changer came with the implementation of the land and building tax in 2020, now reaching its full-rate collection this year. Additionally, new appraisal prices introduced last year are nudging even the most stubborn landlords to reconsider their holdings.
The Treasury Department’s latest bombshell…
