JOSEPH ARANETA GAMBOA l December 14, 2022 l Business Mirror
BANGKOK—Changing demographics and an evolving real estate market are creating demand for high-quality, integrated and walkable communities in major urban areas worldwide. The rise of mixed-used developments is most evident in this capital city of Thailand, where its benefits extend far beyond enhancing the social good.
Two such mega-projects–the “Dusit Central Park” and the “One Bangkok”—are located on Rama IV Road, the city’s landmark artery that has become synonymous with Bangkok’s breakneck evolution.
“Rama IV Road makes the perfect alignment and direct interlink with main avenues in Bangkok,” said Marciano Birjmohun, director of the Singapore-Thai Chamber of Commerce.
The upcoming Dusit Central Park is embedded on a 3.7-hectare property overlooking the Lumpini Park, Bangkok’s foremost central green lung. It was where the iconic Dusit Thani Hotel once stood but has since been demolished to give way to the mixed-use venture across Silom Road, Bangkok’s equivalent of New York’s Wall Street.
On the other hand, One Bangkok will be the most expensive real estate project in Thai history upon its completion in 2027. It is envisioned to become the largest integrated development in Bangkok’s central business district, while its 92-floor Signature Tower will be one of the tallest skyscrapers in Southeast Asia.
Over at Muang Thong Thani, a northern suburb of Greater Bangkok situated in Nonthaburi province, lies the Impact commercial complex consisting of an arena, convention center, exhibition halls, hotels and restaurants. The Impact Convention and Exhibition Center itself is eight times the size of SMX Convention Center at the Mall of Asia complex in Pasay City.
Birjmohun believes that mixed-use developments add more value to stakeholders. According to him, “they represent the future of our communities, not just in Bangkok, but everywhere.”
Digitizing the property sector
BACK in Manila, the PropTech Consortium of the Philippines (PropTech PH) commemorated its first anniversary with the theme, “Celebrating the Digital Transformation of the Philippine Real Estate Industry.” The event was recently staged at the Manila Marriot Hotel and it highlighted the digitalization partnership project between PropTech PH and the state-run Home Development Mutual (Pag-IBIG) Fund.
Amid the pandemic, the consortium was launched last year by eight member organizations from the property sector to promote a more efficient, advanced and innovative Philippine real estate industry. Among the thought leaders spearheading PropTech PH are Emma M. Imperial, Justo A. Ortiz, Rosemarie Bosch-Ong, Josephine Romero, David L. Rafael, Amor Maclang, Ricardo F. Lagdameo, Catherine S. Saldaña and Sylvester Wong.
These innovative industry veterans aim to digitally transform the sector and eradicate obsolete processes that slow down the growth and progress of property developments. The integration of technology with the industry will positively impact present concerns and future challenges on property planning, construction, financial solutions and swift transaction processing which will mitigate the effects of climate change, poverty, housing backlogs and corruption.
Green technologies in community development and building construction are now being given priority with added incentives from various government agencies. The focus now is on clean and renewable sources of energy to benefit homebuyers and the environment. Modern apps and digital solutions are being adapted by financing institutions so they can fast-track transactions and reduce the number of complaints from stakeholders.
PropTech PH’s roadmap to 2023 is focused on achieving a sustainable and transformative real estate industry for the benefit of the greater market. As the country’s premier property technology community, it will continue to unite developers, building tech manufacturers, designers, suppliers, brokers, banks, policymakers and digital innovators to create a resilient and smart nation.
*** Joseph Gamboa is the chair of the Finex Media Affairs Committee and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror. #FinexPhils www.finex.org.ph