The top 3 key factors are location, location and location. Location is key, but needs a “key-tag” i.e. psf price level, which needs to factor in GRR and office building grade. Grade-A psf would be much higher than grade-B

• On one extreme, SG is great location but I rule it out because of psf price level.
• On the other extreme, Land-banking locations are cheap but hopeless.

Diamond island office location is less mature than bkk1 but could be popular with Chinese companies..

PPCC psf ought to be lower than any gradeA office in bkk1 area. Note BridgeSoho is not real office.

If you were to consider MIH as a high-yield bond (with a 95% put option), then location wouldn’t matter in theory.