RML unveils ‘OCC’, the tallest grade A+ luxury office building in Thailand Garnering overwhelming response office-retail space occupancy rate and customer interest of 70%, targeting full occupancy in 2024
RML (Raimon Land Public Company Limited), a leading luxury and ultra-luxury real estate developer, unveils the first look sneak peak of ‘OCC (One City Centre)’, the tallest grade A+ luxury office building in Thailand with a total of 61 storeys standing 275.76 meters worth 8,800 million baht, jointly developed with Mitsubishi Estate, global real estate giant from Japan . Designed under the concept of ‘REIMAGINE YOUR WORLD’, OCC is slated to be an ultimate happy workplace and world-class lifestyle destination. Strategically located right next to the BTS Ploenchit station with a sky bridge directly connecting to the building, along with a green space of more than 5,000 square meters transformed into a new public park in the city center, and a Sky Bar on the top floor of the building overlooking breathtaking panoramic view of Bangkok, the recently unofficially opened OCC has now become a popular check-in spot of urbanists in Ploenchit district. The building has achieved office and retail space occupancy rate as well as customer interest of approximately 70%, and is expected that, after the completion of the BTS sky bridge, tenancy will be full by early 2024.
Korn Narongdej, Chief Executive Officer of RML, said that “The office building market in Bangkok in 2023 is expected to see a constant positive prospects. According to CBRE, in the first quarter of the year, a total of 9.38 million square meters of office space is available for rent in Bangkok, divided into 400,000 square meters of grade A+ office buildings in CBD and 900,000 square meters of grade A office buildings in CBD, and 520,000 square meters of grade A office buildings in non-CBD locations. While the supply of rental space in grade A+ office buildings is quite minimal, the demand, on a contrary, continues to increase. Given this, RML sees the opportunity to launch OCC, a grade A+ luxury office building, which is set to be officially unveiled to the public on 1 July 2023, which is just the right time to capture current market demand.”
“Developed under the concept of ‘REIMAGINE YOUR WORLD’, OCC will be a quintessential landmark, a central hub for both business and lifestyle in the heart of Ploenchit that vitalizes the pulse of modern urbanites by giving them an enjoyable working life in tandem with everyday lifestyle moments. Given the project concept that covers every aspect of city dweller’s daily needs, OCC, which is now available at an average rental rate of approximately 1,500 baht per square meter, has received an overwhelming tenancy response. Currently, the occupancy rate for office space and retail space and as well as interest from tenants account for 70%, of which 80% are world-renowned companies and 20% are famous Thai firms. Some disclosable leading companies that have signed the lease agreement are Mitsubishi Estate, Mitsubishi Heavy, Mitsubishi Power, Marubeni, JustCo, CBRE, Amadeus, Cortina Watch, and Kokuyo. Famous retail establishments that are ready to open in the second quarter are such as DEAN & DELUCA, a famous café chain from the US; Au Bon Pain, a leading US bakery-café chain; %Arabica, a very famous café chain from Japan; Ksana, an exquisite matcha green tea cafe from Japan; BLK.BOBA, a popular organic pearl tea café; Focaficial, a premium bakery brand from Italy; and Lawson, a leading convenience store chain from the US.
In the fourth quarter, we plan to open a Sky Bar on the 61st floor and a restaurant on the 58th floor, both coming with a never-before-seem innovative dining concept, as well as a food court operated by Kinnie Food, bringing together a wide range of famous eateries and restaurants on offer at an affordable price. We are confident that after the completion of the BTS sky bridge, OCC will be fully occupied in early 2024, and once the building is fully operated, RML will see an increase of recurring income by 15-25% within for the next 3-5 years, bringing a constant financial growth to the company in the long-term future.”