The future looks promising for Bangkok's property market, especially as office space is running short and new supply is limited. Such a positive outlook bodes well for the newly completed Sathorn Square development. Sathorn manages to preserve the old while including spacious piazzas and 120,000 square metres of saleable office, residential and hotel space in five towers plus a retail complex. The 2.5-hectare Golden Land development is on a prime site at the corner of the Sathorn and Narathiwat road junction and counts as its neighbours the local headquarters of Bank of China, Citibank and Standard Chartered. At the heart of Sathorn Square will be three 120-year-old, two-storey, Italian-designed villas originally built for Lord Sathorn and then transformed into a hotel before the Soviet Embassy took over in 1945. Sathorn Square's offices, in particular, should be in high demand. Less than 10 per cent of grade-A office space is vacant at present, agents said. 'There is limited new supply and a growing economy has resulted in rapidly rising rents,' said James Pitchon, CB Richard Ellis Bangkok's executive director. 'So far we have only seen recommencement of work on projects that stalled during the crisis,' he said. It is a similar story with condominiums. 'Investors who are looking for rental yield have got to look very carefully to make sure the product they are buying matches the needs of the rental market. It's almost an all-expatriate market you're renting too,' said Mr Pitchon. In an attempt to recreate old Bangkok, Golden Land is building a tree-fringed canal with boats. There will also be cafes dotted around the meticulously restored villas. The development, in a nod to the villas Italian architects, draws inspiration from Rome's Spanish Steps and Milan's Galleria. Pedestrian bridges will link the complex with the adjacent Skytrain station.