Spring Tower lures multinational firms with long-term leases thanks to its effort to meet international standard

Real Estate Press Releases Tuesday September 10, 2019 09:31
Bangkok--10 Sep--Ngandee Thaweesuk

Aspiration One Co., Ltd., the property developer of the 2.5 billion baht of Spring Tower, predicts a bright future in office rental spaces with continued growth thanks to growing demand of multinational companies investing in Thailand. They have made a long-term leasing agreement thanks to its strength of international building standards. With such positive feedback, the firm also looks to launch a real estate investment trust (REIT) to raise capital for two additional projects in potential locations in this year-end.

Nalinee Ngamsettamas, chief executive officer at AIRA Capital Plc and chairwoman Aspiration One Co., Ltd. said the office market outlook has grown significantly over the past eight years with the most recent agreement inked by the global collaborative space called "Wework". The move has shown an impeccable quality of Spring Tower and a huge potential of Ratchathewi area to become a new central business district (CBD) in the future.

Spring Tower is located on approximately 3-rai plot at the Ratchathewi intersection, providing Grade A rental spaces for workspace started from 9th to 27th floor. The 27-storey building is valued around 2.5 billion baht, targeting multinational company (MNC) and local major corporations. Presently, around 35% of total office spaces are occupied.

"This location is considered a new business district with a huge room to grow in the future. The building's design is inspired by the combination between modernity and art, delivering the uniqueness of Thainess. It is a great honour that a major part of this building was contributed by Thailand's two greatest architectures - Nontiwat Chanthanapalin, the national artist (painting) and Praiwal Dakliang, a renowned realistic artist. Environmentally, the tower is also certified by the international standard on environment of LEED GOLD, reaffirming its environmentally- friendly office building position.

It sits on a gem location with three-minute from BTS Ratchathewi station and one station from Airport rail link and BTS Siam station. It is easy to access from both Phayathai and Petchaburi road. By car, it can be reached within one kilometre from Yommarat tollgate and surrounded by other tollagtes, including Uruphong, Petchaburi, Victory Monument. The commute will be a lot easier in the future as MRT orange line, a zero distance to the premise, will be open in the next few years.

Spring Tower is owned by Aspiration One Co., Ltd. , a joint venture among three parties - Thailand's leading contractor Sangfah Construction, the SET-listed property developer Sena Development Pcl and the country's leading financial institute AIRA Capital Plc. This collaboration will strengthen business operation thanks to their specialisation and expertise, leading to the interests of those companies seeking a modern space to empower business growth. With great potential of project location and international standards of building, it has lured global companies to sign leasing agreement of four stories, supplying more than 6,500 square metres.

High ceiling in the lobby area gives a light and airy feel and add grandeur to entryways from the first step. Security system and elevator access are managed by destination control system, letting visitors to go over only the specified destination, ensuring the highest security measures for all tenants. Structure is designed in line with column-free design principle with 16.85 metres width. While floor-to-floor is 4.1 metres height and 3 metres for floor-to-ceiling, maximising spaces to meet all sizes of tenants.

Spring Tower is a LEED-certified green building at gold level, using solar control glass to reduce thermal insulation, keeping energy consumption to a minimum, while sunlight reflection will be reduced, resulting in a better visibility in Ratchathewi neighbour. In addition, the office tower will provide a wide range of facilitation, including coffee cafe, food centre, convenience stores, etc. The ninth floor offers a ceiling height of 7.10 metres, which is fit fitness centre for health conscious persons. On the highest floor, there will be a rooftop restaurant that offers a panoramic view of Bangkok.

Furthermore, the firm also plans to develop at least two projects of office towers at potential locations, which will meet business purposes of value generation. This aims to interest investors, raising funds from REIT for business expansion. The planned projects are scheduled to finalise by the end of this year.

About developer

Aspiration One Co., Ltd. was established on Sept 2015 with a registered capital of one billion baht. The company was granted the long-term (30 + 30 Year Contact) lease land at Ratchathewi intersection from the Crown Property Bureau to develop the office tower under the brand of Spring Tower. Aspiration One Co is formed by the collaboration of three parties - AIRA Property Plc. (60% of shareholding), SENA Development Pcl. (25%) and Sangfah Construction Co., Ltd. (15%). Spring Tower is the first property development project of AIRA Group, aimed at diversifying risks, driving growth and generating revenue in the long-run. Property sector has a positive trend and robust growth thanks to the influx of foriegn investors is expected to make additional investment in Thailand in the next few years.


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