BANGKOK Land is on the verge of pulling off a coup that could resurrect its moribund satellite city on the outskirts of the Thai capital.
The government is likely to make a decision next Tuesday on whether the Asian Games can be based in Muang Thong Thani, an unpopular site.
Although the deal is a coup for Bangkok Land's ambitious chief executive Anant Kanjanapas, it also appears to indirectly confirm that the 640-hectare project in the northern outskirts of the capital has been a slow seller. The Hong Kong-style city has so far failed to attract many customers, perhaps because Bangkok is not yet ready for close-packed high-rise living some distance from the city centre.
Without achieving a critical mass of buyers, Muang Thong Thani has been described by at least one property analyst as 'a dreadful place, lacking character and soul. The fact that no one's living there doesn't help'.
Nevertheless, if it can attract the Asian Games, Bangkok Land can divert from the negative aspects the project, guarantee better occupancy and improve transport links.
However, the deal is that Bangkok Land will invest some three billion baht (about HK$930 million) in a 12 billion baht sports complex on 680 acres of Muang Thong Thani. Construction is scheduled to start next month.
