This coming 2020, the skyline of the city of Bangkok will not be the same again. This is because of the forthcoming city plan which is to be implemented then. Various property developers are already coming together at meeting room in Bangkok in order to discuss the potential changes. Others have decided to not make any big decisions right now such as pushing through new developments and purchasing more lands.
Prior to this, the City Planning Department has already expressed its desire to raise awareness for Bangkok as a compact city surrounded with seamless borders. This is responsible in making sure that the center of the city is not detached from the midtown as well as the suburban areas. The new plan is still undergoing revision while there are public hearings set to happen in the middle of the year. The original version was given the green light in 1992 and it is now facing its fourth revision since then.
There are a few major changes that were announced to the public including land zoning controls being changed, floor area ratios which are to be increases and new measures to be followed with regards to developments located close to the largest mass transit stations of the country. All of these sectors are expected to have an impact in the overall real estate market.
The floor area ration refers to the total area the building is allowed with respect to the total size of the site. As of writing, The highest FAR allowed is 10:1 while bonuses can reach a maximum of 20 per cent as long as a number of features are to be part of the final building design. With this in mind, developers can build projects that are 12 times the size of the whole site. Majority of the places in Bangkok does not even acknowledge the FAR since theirs is lower than 10:1 ratio.
If these new measures are to be followed in the future, the property market will have to set another discussion at a meeting room in Bangkok because this entails that the nation will be driven by the supply and demand and not the government’s will.