KRONOS SATHORN, an ultra-luxury office building located in the prime business district of Sathorn, Bangkok, with a project value of over 4 billion baht, proudly announces its latest achievement by winning the prestigious award for Best Luxury Office Development at the Dot Property Southeast Asia Awards 2023. This award recognizes the highest standards in regional real estate development, affirming the project's global recognition and excellence.

Currently, the office and retail spaces have about 40% occupancy, with a target to increase this to 70% by 2024. The company has revealed plans to aggressively pursue tenants and outlined the competitive landscape for office rentals in 2024, particularly in the city center. Grade A office buildings, especially new projects, continue to see sustained demand as companies return to office work and multinational corporations increase their investments in the country. Three key success factors that meet tenant needs include a prime location, modern technology, and an atmosphere that caters to lifestyle preferences.

Mr. Natee Panichchiva, Chairman of Paiboon Business Co., Ltd., commented on the project's success: "With our commitment to developing an office building in the heart of the CBD that not only serves as a business hub but also reflects a distinctive lifestyle and offers a balanced living experience, we are immensely proud that KRONOS SATHORN has been recognized at the regional level, winning the Best Luxury Office Development award at the Dot Property Southeast Asia Awards 2023. Our office features a unique design under the concept of 'THE MANHATTAN ON SATHORN', developed in collaboration with leading design consultants in architecture, landscape architecture, engineering, and building structure, including Palmer & Turner, Thai Obayashi, and Project Asia. One of our core differentiators is providing comprehensive amenities that adapt to modern trends, catering to new work styles that emphasize flexible collaborative spaces, as well as prioritizing Wellness and Work-Life Balance, such as the in-building fitness center 'EQUILAB' and the beautiful café 'AYLA COFFEE & MORE', which serves health drinks and premium snacks for tenants and visitors to enjoy before discussing business."

KRONOS SATHORN is a 28-story ultra-luxury office building located on North Sathorn Road, one of Bangkok's key business areas, with a total area of 28,765 square meters and rental space per floor ranging from 1,150-1,270 square meters. The building features a column-free layout and ceiling heights ranging from 3-6 meters, with parking for 321 vehicles. A highlight is the 27th floor, which offers 1,000 square meters of rental space with a large 300-square-meter terrace showcasing city views, the Chao Phraya River, and a large clock installed at the top of the building. Currently, KRONOS SATHORN has rental rates starting from 900-1,200 baht per square meter, while the average rental rate for Grade A offices in the CBD is around 1,184 baht. The building has already secured tenants from various sectors including Embassy, Finance & Banking, Consulting, Law Firm, Technology, Fitness, Perfume Lab, Car Rental, Education, and Real Estate, receiving positive feedback from large businesses and multinational corporations that have chosen KRONOS SATHORN as their office location, reinforcing confidence in the project as a business landmark that meets the needs of leading companies both in Thailand and globally.

“Currently, KRONOS SATHORN is in negotiations to sign contracts with approximately 6 new clients from sectors including Embassy, Insurance, Finance & Banking, Law Firm, Healthcare, and Logistics, all seeking a prime city center location in an ultra-luxury building to impress their business contacts. In 2024, the company plans to target corporate clients both domestically and internationally across 11 business sectors, including Embassy, Insurance, Finance & Banking, Law Firm, Logistics, Consulting, Technology, Digital Economy, Online Entertainment, Healthcare, and Aviation, offering convenient pre- and post-lease services along with flexible lease agreements tailored to tenant needs. The project also plans to open a Wellness floor that gathers businesses and services promoting tenants' health, such as spas, salons, and fitness studios. Additionally, leading brands have previously chosen to utilize the unique spaces within the project that offer stunning city views and convenient transportation, making it a successful venue for events. This year, we are confident that we will gain the trust of many more brands, expecting to increase occupancy to 70% by the fourth quarter of 2024, as targeted,” Mr. Natee concluded.

Looking ahead, the overall rental office market in 2024 is expected to be highly competitive among Grade A office buildings, especially new projects in the CBD that will gradually open throughout the year, increasing supply in the market. However, the rental rates for upper-market buildings are still expected to grow well, with continuous positive signals since the second quarter of 2023. Grade A buildings in the CBD are projected to experience the most growth. Research from various agencies indicates that popular buildings must incorporate 3 key success factors that meet tenant needs: convenient location, modern innovations and technologies, and an atmosphere that aligns with lifestyle preferences. Most new office buildings opening in the past 1-3 years have these elements, making them more attractive to tenants compared to traditional office buildings.

For inquiries or to rent space at KRONOS SATHORN, please contact us at 065 789 5888 or email [email protected], or visit our website at https://kronossathorn.com.