Bangkok Retail Market - 1st half 2009

Market Research B A N G KO K R ATA I L M A R K E T B A N G KO K R E TA I L M A R K E T

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1 s t h al f

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2009

c o l l i e r s i n t e r n at i o n a l

| T H AILAN D

The Knowledge Report B AN G KO K r e ta i l M A R K E T |

1 st h a l f

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2009

BANGKOK RETAIL MARKET HIGHLIGHT • The unstable political atmosphere of continued protests by the red-shirt group caused shoppers to spend carefully, switching to necessity goods rather than luxury and durable goods. Tourist arrivals in Thailand also fell, further lowering spending.

Market Indicators 1h 2009 2h 2009F

SUPPLY DEMAND rental rate occupancy rate

• The total supply of Bangkok retail space as of 1H 2009 was 5,129,462 square metres.

• A total projected new supply of 1,136,886 sq m is currently under planning. Based on the above plans, in the second half of 2009 there will be an additional 409,823 sq m, with another 271,320 sq m to be added in 2010, and approximately 455,743 sq m planned for 2011 or later.

• The retail market experienced continued expansion in 1H 2009, with various brands showing confidence in the market and continuing to expand their branches in upcoming projects in 2H 2009.

• During the first half of 2009, the overall occupancy rate of retail space increased, to an average of 95.14% from just 94.67% in the last quarter of 2008.

• Shopping mall occupancy rates have gradually increased, from 94.06% in 2008 to 94.20% in 1H 2009, whilst the community mall occupancy increased to 95% in 1H 2009 from just 94.74% in 2008.

• The rental rate decreased in every retail location during the first half of 2009 due to landlords having to provide incentives to reduce tenants’ financial burden. This caused the sharp decline in the rental rate in the first half of 2009.

Highly populated areas with a strong pipeline of residential units should attract new retail retail development. Retail projects which have significantly relied on tourist demand will be affected by the lower number of arrivals.

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• Premium locations will be the main attraction for tenants and investors. With the increase in consumption as well as the consumer confidence index, the overall retail market has a reasonably bright outlook.

The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

BANGKOK RETAIL MARKET OVERVIEW With the government’s stimulus package of a THB2,000 cash handout, consumption was expected to increase during this period. However, employment uncertainty and the unstable political atmosphere of continued protests by the red-shirt group caused shoppers to spend carefully, switching to necessity goods rather than luxury and durable goods. Tourist arrivals in Thailand

also fell, further lowering spending. On the other hand, landlords changed their leasing strategy to achieve stable occupancy rates by offering special conditions to retailers on street-front retail space, offering high-profile, high-traffic locations at attractive rates to assist retailers in better positioning their brands.

Supply Trends Additional supply in the first half of 2009

• City Area

The additional supply in during the first half of 2009 was approximately 4,000 square metres of a community mall project as shown below.

Table 1 : Supply added in the city area in 1H 2009

Project name Metro Fashion

Retail Category

Location

Community Mall

Petchaburi Road

Total

Leaseable area (sq m) 4,000 4,000

Source : Colliers International Thailand Research

• Outer City Area

There were approximately 31,900 square metres of four retail projects added in the Outer City area during the first half of 2009.

Table 2 : Supply added in the Outer City area in 1H 2009

Project name China World The Eight Thonglor

Location

Leaseable area (sq m)

Shopping Mall

Wangburapa Road

14,000

Shopping Mall

Sukhumvit Soi 55

5,400

@Park Town In Town

Community Mall

Srivara Road

2,500

Bangkok Mediplex

Supporting Retail

Sukhumvit Soi 42

10,000

Total Source : Colliers International Thailand Research

2

Retail Category

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31,900

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• Suburban Bangkok

The additional supply of 114,381 square metres boosted the total supply in the Suburban Bangkok area during the first half of 2009.

Table 3 : Supply added in the Suburban Bangkok area in 1H 2009

Project name

Retail Category

Location

Leaseable area (sq m)

Tesco Lotus Plus

Shopping Mall

Srinakarin Road

20,000

Carrefour Shopping Mall

Shopping Mall

Romklao Road

10,500

Carrefour Romklao

Hypermarket

Romklao Road

10,000

Homework Ratchaphruek

Specialty Store

Ratchaphruek Road

38,000

Premiere Place

Community Mall

Srinakarin Road

3,500

@Park Ramintra 109

Community Mall

Ramintra Soi 109

2,500

Navamin City Avenue

Community Mall

Kaset-Navamin Road

23,881

The Paseo

Community Mall

Onnuch-Ladkrabang Road

6,000

Total

114,381

Source : Colliers International Thailand Research

Total Current Supply The total supply of Bangkok retail space as of 1H 2009 was 5,129,462 square metres. The majority was for shopping malls, accounting for 3,026,565 sq m of the total Bangkok retail supply,

followed by hypermarkets and community malls, accounting for 679,950 sq m and 420,735 sq m, respectively.

Table 4 : Total current supply of retail space,1H 2009

Retail Category

City Area (sq m)

Outer City Area (sq m)

Shopping Mall

897,730

Department Store

58,000

Hypermarket Specialty Store

Total (sq m)

North

West

East

658,872

599,545

164,190

706,228

3,026,565

231,842

0

0

0

289,842

40,000

184,450

175,500

140,000

140,000

679,950

4,300

60,000

72,000

99,000

62,500

297,800

0

74,200

25,748

10,000

12,000

121,948

40,754

116,061

72,607

112,767

78,546

420,735

Entertainment Complex Community Mall

Suburban Bangkok (sq m)

Supporting Retail

197,625

62,345

0

0

32,652

292,622

TOTAL (sq m)

1,238,409

1,387,770

945,400

525,957

1,031,926

5,129,462

Source : Colliers International Thailand Research

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

Figure 1 : Supply of retail space by category, 1H 2009

Source : Colliers International Thailand Research

Around half of Bangkok’s retail space is found in Suburban Bangkok and half in the City and Outer City areas.

Suvarnabhumi International Airport, the extension of the BTS route and the general expansion of the city.

Recent retail development has been particularly pronounced in the Eastern Zone of Suburban Bangkok, due to the opening of Figure 2 : Supply of retail space by location, 1H 2009

Source : Colliers International Thailand Research

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

Future Supply Despite the economic downturn and political uncertainty, developers continue with investment projects, even some which have postponed launches from 2H2009 to 2010. A total

projected new supply of 1,136,886 sq m is currently under planning.

Table 5 : Retail space scheduled for completion, 2H 2009-2013f and planned projects

Project name

Estimated

Retail Category

Location

Leaseable area (sq m)

Outlet Mall Chaeng Wattana

Shopping Mall

Chaeng Wattana

NA

Q3 2009

Digital Gateway

Shopping Mall

Rama I

5,500

Q3 2009

completion

Premier Place (Renovation)

Community Mall

Rama IX

20,000

Q4 2009

The Portico

Community Mall

Langsuan

3,119

Q4 2009

Esplanade 2 Rattana Thibet

Shopping Mall

Rattana Thibet

50,000

Q4 2009

Sunday Mall

Shopping Mall

Kamphangphetch 4

20,000

Q4 2009

K Village

Community Mall

Sukhumvit Soi 26

17,967

Q4 2009

Noble Remix

Community Mall

Sukhumvit Soi 34

9,000

2009

Impact Education and Life Style Centre

Community Mall

Chaeng Wattana

3,000

2009

Crystal Design Centre

Community Mall

Ekkamai - Ramintra

42,447

2009

Tops Market Place Sukhumvit 77

Community Mall

Sukhumvit Soi 77

6,800

2009

The Market Bangpho

Community Mall

Bangpho

12,000

2009

The Market Thewet

Community Mall

Thewet

2,300

2009

The Paseo

Community Mall

Nonthaburi

6,000

2009

The Paseo

Communiy Mall

Pathumthani

6,000

2009

Primary Prestige

Community Mall

Nawamin

2,000

2009

Monopoly Park

Community Mall

Rama III

2,045

2009

RS Fresh Air – Sanambinnam

Community Mall

Sanambinnam

NA

2009

OP Garden

Community Mall

Charoenkrung Road

2,800

2009

Tesco Lotus Rangsit Klong 2

Hypermarket

Rangsit

10,000

2009

Fashion Island Hybrid Mall

Shopping Mall

Ramintra

10,000

2009

Cyber World Tower

Shopping Mall

Ratchadaphisek

13,600

2009

Future Park Rangsit

Shopping Mall

Rangsit

60,000

2009

TCC Project on Silom Road

Shopping Mall

Silom Soi 5

NA

2009

TCC Project on Charoenkrung Road

Shopping Mall

Charoenkrung Road

NA

2009

Tawanna 2

Shopping Mall

Bangkapi

16,400

2009

Bangyai Square

Shopping Mall

Bangyai

65,945

2009

Energy Complex Building C

Supporting Retail

Viphavadee - Rangsit

19,700

2009

The Lighthouse

Supporting Retail

Charoen Nakhorn

3,200

2009

Homework Srinakarin

Specialty Store

Srinakarin

7,500

2010

Index Plus

Specialty Store

Bangna - Trad

15,000

2010

Community Mall

Narathiwas Road

5,000

2010

Tesco Lotus (Expansion)

Shopping Mall

Rama III

25,000

2010

Tesco Lotus (Expansion)

Shopping Mall

Rama IV

20,000

2010

Tesco Lotus (Expansion))

Shopping Mall

Rama II

20,000

2010

Tesco Lotus (Expansion)

Shopping Mall

Sukhumvit Soi 50

20,000

2010

Somerset Sukhumvit 55

Supporting Retail

Sukhumvit Soi 55

700

2010

Millennium Mall

Community Mall

Sukhumvit Soi 20

2,120

2010

Planned Project on Sriyan

Community Mall

Sriyan

NA

2010

The City Walk @ Bangkok

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

Table 5 : Retail space scheduled for completion, 2H 2009-2013f and planned projects

Project name

Estimated

Retail Category

Location

Leaseable area (sq m)

Pure Place

Community Mall

Ratchaphruek

15,000

2010

Pure Place

Community Mall

Suan Thon

5,000

2010

Pure Place

Community Mall

Ramkhamhaeng Soi 110

10,000

2010

Metro Sky

completion

Community Mall

Sukhumvit Soi 103/4

2,000

2010

L&H Sukhumvit 19

Shopping Mall

Sukhumvit Soi 19

35,000

2010

Sathorn Square

Shopping Mall

Sathorn

NA

2010

Gateway City Ekkamai

Shopping Mall

Sukhumvit Soi 63

33,000

2010

Central Life

Shopping Mall

Srinakarin

56,000

2010

Crowne Plaza Hotel

Supporting Retail

Sukhumvit Soi 27

NA

Q3 2010

Bangkhen Condominium

Supporting Retail

Bangkhen

NA

2010

The Trilogy

Community Mall

Ratchadaphisek

NA

2011

Central Rama 9

Shopping Mall

Rama IX

120,000

2011

Sam Pheng Trade Centre

Shopping Mall

Sam Pheng

80,000

2011

Platinum Fashion Mall Building 2

Shopping Mall

Pratunam

10,000

2011

Siam Square Block L

Shopping Mall

Rama 1

3,000

2011

Mor Chit Mall

Shopping Mall

Kamphangphetch

NA

2011

Gaysorn Plaza (Expansion)

Shopping Mall

Ratchaprasong

NA

2011

The Terminal

Shopping Mall

Sanphawut Road

11,300

2011

Le Luk

Supporting Retail

Sukhumvit Soi 71

NA

Q2 2011

Royal Rajadamri

Supporting Retail

Rajadamri

4,000

2011

Seacon Square

Shopping Mall

Srinakarin

42,000

2013

Yes Ratchaphruek

Community Mall

Ratchaphruek

NA

NA

Yes Udomsuk

Community Mall

Udomsuk

NA

NA

Nusasiri Rama 2

Community Mall

Rama II

6,443

NA

Sam Yan Centre

Shopping Mall

Sam Yan

NA

NA

Central Suan Lum

Shopping Mall

Rama IV

NA

NA

Central British Embassy

Shopping Mall

Ploenchit Road

160,000

NA

Planned Project on Sathorn Road

Shopping Mall

Sathorn

15,000

NA

Planned Project at Rangsit

Community Mall

Phaholyothin Road

400

NA

Planned Project on Ratchadapisek Road

Supporting Retail

Ratchadapisek Road

3,000

NA

Planned Project at Sukhumvit 101

Supporting Retail

Sukhumvit Road

600

NA

Century The Movie Plaza 2

Shopping Mall

On Nut

NA

NA

J&B

Shopping Mall

Petchburi Road

NA

NA

IDEO Udomsuk

Supporting Retail

Udomsuk

NA

NA

IDEO Phahonyothin

Supporting Retail

Phahonyothin

NA

NA

Somerset Grand Sukhumvit 23

Supporting Retail

Sukhumvit Soi 23

NA

NA

Total Remark : The planned projects are based on reports from developers and may be subject to delay.

Source : Developers’ announcements and Colliers International Thailand Research

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1,136,886

The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

Based on the above plans, in the second half of 2009 there will be an additional 409,823 sq m, with another 271,320 sq m to be added in 2010, and approximately 455,743 sq m planned for 2011 or later.

Retail developers’ continued use of sales strategies to increase consumer spending by arranging event activities and campaigns every month, together with a falling unemployment rate in 1H

2009, indicates confidence that the retail market will recover in 2H 2009. The new supply of retail space in Suburban Bangkok is projected at an additional 493,435 sq m by 2011, followed by the Outer City area with 387,745 sq m, and the City area with approximately 255,706 sq m.

Figure 3 : Future new supply of retail space by location

Source : Colliers International Thailand Research

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

With the city’s expansion to the east and north of Bangkok, numerous residential projects are continually being developed as a result of public developments such as Ratchapruek Road and other major arterial roads, and the planned red line mass transit system. This trend is further supported by the expansion of the new BTS route from Onnut Station to Baring Station (Sukhumvit Soi 107), which is scheduled to be completed by

2010 and the completion of the Industrial Ring Road connecting Phuchaosamingprai to Rama III and Prapadaeng. Some 191,200 sq m will be added to the Eastern Zone, or 39% of total new retail supply in Suburban Bangkok, while another 255,792 sq m is slated for the Northern Zone and 46,443 sq m for the Western Zone.

Figure 4 : Future new supply of retail space in Suburban Bangkok

Source : Colliers International Thailand Research

Shopping malls are mostly planned for the City and Outer City areas and tend to be part of mixed-use developments which could include other commercial or residential elements. The key players are well known and experienced developers. There are 228,500 sq m of shopping mall planned in the City area and

328,000 sq m in the Outer City area. In Suburban Bangkok, with the development of new housing projects, coupled with a growing lifestyle preference to shop close to residences, there is 123,090 sq m of community mall planned.

Figure 5 : Future new supply of retail space by location and category

Source : Colliers International Thailand Research

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

DEMAND TRENDS The retail market experienced continued expansion in 1H 2009, with various brands showing confidence in the market and

continuing to expand their branches in upcoming projects in 2H 2009.

Table 6 : Planned brand branch expansion in 2H 2009

Brand

Product

No. of stores planned to open in 2009

Mr.Bun

Fast Food

21

IT CITY

IT

5

IStudio

IT

2

Gourmet

Supermarket

1

AD TIME

Watch

4-5

Swatch

Watch

7

DQ Grill

Fast Food

3

Bridgestone

Autocare

NA

Boonthavorn

House Hardware

1

Source : Colliers International Thailand Research

Occupancy and Rental Rates During the first half of 2009, the overall occupancy rate of retail space increased, to an average of 95.14% from just 94.67% in the last quarter of 2008. A number of retailers engaged in the

distribution of foods, necessity goods, pharmaceuticals and cosmetics performed well.

City Area

The City area has a well diversified demand base, comprising international tourists, business travellers and Thais, and the overall occupancy rate has remained high, at 95.90% as at 1H 2009.

Table 7 : Supply, Take-up and Vacancy rate in the City area, 1H 2009

Retail Category

Supply (sq m)

Take-up (sq m)

Vacancy rate (%)

Shopping Mall

897,730

870,798

3.00%

Department Store

58,000

55,680

4.00%

Hypermarket

40,000

38,800

3.00%

Specialty Store

4,300

4,171

3.00%

Community Mall

40,754

38,309

6.00%

Supporting Retail Total (sq m)

197,625

179,839

9.00%

1,238,409

1,187,597

4.10%

Source : Colliers International Thailand Research

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

Outer City Area

The average occupancy rate in this area was approximately 93.78%, as of 1H 2009.

Table 8 : Supply, Take-up and Vacancy rate in the Outer City area, 1H 2009

Retail Category

Supply (sq m)

Take-up (sq m)

Vacancy rate (%)

Shopping Mall

658,872

599,574

9.00%

Department Store

231,842

231,842

0.00%

Hypermarket

184,450

175,228

5.00%

Specialty Store

60,000

60,000

0.00%

Entertainment Complex

74,200

72,716

2.00%

Community Mall

116,061

109,097

6.00%

Supporting Retail

62,345

52,993

15.00%

1,387,770

1,301,450

6.22%

Total (sq m) Source : Colliers International Thailand Research

Suburban Bangkok

The highest supply of retail space is in Suburban Bangkok. The occupancy rate is helped by the strong supermarket sector, which often acts as the anchor tenant for retail developments to attract other retailers and build traffic in the project. The occupancy rate is 95.52%.

Table 9 : Supply, Take-up and Vacancy rate in Suburban Bangkok, 1H 2009

Retail Category

Supply (sq m)

Take-up (sq m)

Vacancy rate (%)

Shopping Mall

1,469,963

1,386,665

5.67%

Hypermarket

445,500

435,762

2.19%

Specialty Store

233,500

231,943

0.67%

Entertainment Complex

47,748

45,361

5.00%

Community Mall

263,920

252,483

4.33%

Supporting Retail

32,652

29,386

10.00%

2,493,283

2,381,600

4.48%

Total (sq m) Source : Colliers International Thailand Research

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

Shopping mall occupancy rates have gradually increased, from 93.60% in 2007 to 94.20% in 1H 2009, whilst the community

mall occupancy increased to 95% in 1H 2009 from just 93.4% in 2006.

Figure 6 : Average occupancy rate of shopping malls and community malls, 2006-1H 2009

Source : Colliers International Thailand Research

Target shoppers in the retail market in the City area include the international tourists visiting Bangkok, due to the decreasing number of international travellers to Bangkok which caused the decline in shopper numbers in the City area; thus, landlords had

to provide incentives to reduce tenants’ financial burden. This caused the sharp decline in the rental rate in this area in the first half of 2009.

Table 10 : Average rental rate for retail space by location, Q4 2008 & 1H 2009

Q4 2008

1H 2009

Average rental rate

Average rental rate

(THB/sq m/month)

(THB/sq m/month)

City Area

1,400 - 2,500

1,200 - 2,100

Outer City Area

1,200 - 2,000

1,100 - 2,000

800 - 1,200

600 - 1,200

Location

Suburban Bangkok Area

Note : The average rental rate is based on the rent that an established brand can expect to pay for a medium location on the ground floor of a retail centre with an average size of 50 sq m.

Source : Colliers International Thailand Research

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

While location is the most important factor in determining rental rate, the rent that different types of retail business can afford and the size of the space are also important. The rental rate of retail space has decreased more in some business categories,

especially in the fashion, beauty salon and restaurant sectors, as many customers are putting off non-essential purchases. The approximate rental rate typically paid by each type of retail business is shown below.

Table 11 : Average rental rate for retail space by type of retail business, 1H 2009

Business Category Fashion Restaurant Banking Fitness Centre Coffee Shop Bookshop

Average rental rate (THB/sq m/month) 1,800 – 2,600 800 – 1,400 1,500 – 3,000 300 – 600 1,000 – 2,000 500 – 1,000

Supermarket

300 – 400

Beauty Salon

900 – 1,000

Services e.g. Mobile, Laundry, Post Office, Flower Shop

1,000 – 1,300

Source : Colliers International Thailand Research

Outlook:

The overall retail market has a reasonably bright outlook, with the increase in consumption as well as the consumer confidence index. Premium locations will be the main attraction for tenants and investors. We have seen some signs of economic recovery. Manufacturing output, particularly in the automotive and electronics industries and private consumption, has been impressive. The unemployment rate fell in July. Highly populated

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areas with a strong pipeline of residential units should attract new retail development. However, retail projects which have significantly relied on tourist demand will be affected by the lower number of arrivals.

The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

APPENDIX Retail Market Categories The retail market in Thailand can be divided into seven main categories, based on size, characteristics, goods sold, and pricing.

The different retail formats serve shoppers at different locations, depending on the availability of land and retail space as well as investment opportunities. These seven categories are: 1) Shopping Mall/Shopping Centre - a building or set of buildings that contains a variety of retail units, with interconnecting walkways enabling visitors to easily pass from unit to unit. Many shopping malls consist of department store, kiosks, shops and supermarkets. Shopping malls are sizable buildings, providing various goods and services, and normally placed in the core and sub-centre areas of Bangkok, such as Central World, Siam Paragon and MBK Centre.

also distinguishes specialty stores from department stores and supermarkets, such as Home Pro, Home Works and Index Living Mall.

6) Entertainment Complex - generally comprises entertainment facilities such as movie theatres, bowling alleys, karaoke, retail space, and restaurants, such as Major Cineplex.

7) Supporting Retail - a retail establishment which comprises shops located in office buildings or hotel buildings and generally support the building occupants with services such as restaurants, laundries, minimarts and supermarkets.

2) Department Store - a retail establishment specializing in a wide range of products without a single predominant merchandise line. Department stores usually sell such products as apparel, furniture, appliances and electronics, and additionally select other lines of products such as hardware, toiletries, cosmetics, photographic equipment, jewellery, toys, and sporting goods.

Department stores are sizable buildings, providing various goods and services, and are normally placed in the core and sub-centre areas of Bangkok, such as Central and Robinson.

3) Hypermarket - a retail establishment combining a department store and supermarket, hypermarkets provide a wide range of both food and non-food products. The result is a very large retail facility comprising a wide range of products under one roof, including full lines of groceries and general merchandise. The ideal superstore is able to fully serve customers’ basic needs. The hypermarket’s typical business model focuses on high-volume, and low-margin sales. Because of their large footprints (a typical Tesco Lotus covers 6,000-30,000 m², a typical Carrefour 8,50010,000 m²), they serve the needs of shoppers demanding large quantities of goods. However, retailing is also provided at affordable prices. In addition, several hypermarkets are located in suburban or outer areas, easily accessible by car.

4) Community Mall - a relatively new small retail format designed to meet the changes in customers’ needs and lifestyles.

Their customers prefer to shop at retail stores that provide onestop shopping near their homes. The community mall, where all of the space has been rented out, emphasizes easy access for people in its neighbourhood, within two to five minutes’ drive.

The mall offers a casual ambience, where customers can shop, drink coffee or eat snacks and dine in a relaxing atmosphere, and is normally located in the centre of community areas or near residential projects, such as J Avenue and The Crystal.

5) Specialty Stores - stores specializing in a specific range of merchandise and related items. Most stores have an extensive breadth and depth of stock in their speciality items and provide a high level of service and expertise. The pricing policy is generally in the medium to high range, depending on factors like the type and exclusivity of merchandise and ownership. This also depends on the type of stores - whether they are owner-operated, or a chain operation with the advantage of bulk purchasing and a centralized warehousing system. The wide range of merchandise

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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market

APPENDIX Retail Location • City Area This popular shopping area for Thais, tourists and expatriates includes Ploenchit Road, Wireless Road, Sathorn Road, Silom Road, Surawongse Road, Phayathai Road, Rama I Road and the section of Sukhumvit Road between Soi 1 and Soi 39 to the north and Soi 2 to Soi 26 to the south, Petchaburi Road (both sides) between Phayathai Intersection and Sukhumvit Soi 39 to the north, as well as Rama IV Road between Sukhumvit Soi 26 to Phayathai Intersection to the south.

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• Outer City Area This area is convenient because of its proximity to many of the residential areas as well as some commercial buildings, e.g. office buildings and local attractions. The area encompasses Sukhumvit Road (from Soi 39 to Soi 71), Petchaburi Road (from Sukhumvit Soi 39 to Klongtan intersection), Ramkamhaeng Road (from Klongtan intersection to Bangkapi intersection), Ladprao Road, Vibhavadi Road (from Dindaeng to Laksi intersection), Ratchawithi Road, Krung Kasem Road, Charoenkrung Road, Charan Sanit Wong Road, Ratchada-Thapra Road, Somdej Phrapinklao Road, the beginning of Barommarachachonnani Road, Itsaraphap Road and Sirindhorn Road. The area also covers Narathiwas Ratchanakarin Road, Rama III Road and Rama IV (from Sukhumvit Soi 26 to Sukhumvit Soi 46/1).

Contact information THAILAND: Patima Jeerapaet Managing Director

Risinee Sarikaputra Director | Research

Colliers International 17/F Ploenchit Center Klongtoey Bangkok 10110 Tel: 662 656 7000 Fax: 662 656 7111

• Suburban Bangkok This is the area that lies on the border of Bangkok and is crowded with many housing projects with easy access to the City area.

Suburban Bangkok can be divided into three parts: Northern Zone, Western Zone and Eastern Zone.

Northern Zone is the area that starts from Laksi Intersection on Vibhavadi Rangsit to the north, and Chaeng Wattana Road, Kaset-Nawamin Road, Ladplacao Road, Ramintra Road, Ratana Thibeth Road, to Chaophraya River on the west.

Eastern Zone is the area that starts from Sukhumvit Soi 71 to Bangna-Trad Road, Samrong, Theparak and Sukhaphiban I, II and III. Western Zone is the area that encompasses Ratburana Road, Suksawat Road, Prachauthit Road, Rama II Road, Ratchaphruek Road and Phetchakasem Road.

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