Sopon Pornchokchai, president of Agency for Real Estate Affairs, said land near to BTS Siam station in Siam Square costs 660 million baht per rai or 1.65 million baht per square wah. This is because the location is served by two Skytrain lines and is also at the centre of several leading department stores.
Land prices in Siam Square have topped Thailand's most expensive since 2006. Prices at the end of 2012 stood at 1.5 million baht per square wah.
According to the Agency for Real Estate Affairs, the rising price of land price in Bangkok is due to a relaxation of city planning regulations, particularly on the western side of the capital, where old agricultural zones have been reclassified as residential zones, to allow new developments.
Nationwide, average land prices increased 4.6% on average in 2013. Mr Sopon said that average increase of land prices in 2013 was higher than the 3.7% rise seen in 2012, but he insisted that the boost was not the result of an improving economic situation.
Land at Siam Square is rarely traded because it is mainly owned by Chulalongkorn University. The valuation is partly based on rents.
The Agency for Real Estate Affairs has conducted a survey on land prices nationwide since 1985. Its surveys show that land prices in Greater Bangkok have risen constantly for the past 13 years.