Bangkok will regain new life through major development project due to be completed later this year
Bangkok is about to see some major development as plans are put into play to create a “ world-class lifestyle shopping and residential destination.”
A joint venture has been signed between CP Group and Magnolia Quality Development and Siam Piwat, operator of Siam Centre and Siam Discovery, and the project will cost roughly 35 billion Thai baht, the equivalent of US$1.2 billion.
Siam says, “We are preparing the master plan, which will be based on an in-depth survey of 5,000 respondents aged from 18 to 60 who live within a 20-kilometre radius of the project. Consisting of Thais, expatriates and foreign tourists, the respondents will share their valuable ideas and requirements on what they would like to have in the project when it has been developed.”
Completion of this 6.4 hectare project is due for later this year and there are hopes that it will help to bring more life back into Bangkok, owing to the project’s size and excellent location as it is “firmly placed at the centre of the city’s river life”, according to Siam.
Siam will ultimately own half of the project, the other half being owned by CP Group and Magnolia Quality Development. Chief Executive Officer for Magnolia, Tipaporn Chearavanont, says, “we want the new property development, which will include a residential project, to be among the first choices for foreigners who want to live in Bangkok.”
The location of the development is excellent. Surrounded by an array of 5 star hotels, it also benefits from being a mere 5 minutes from the Silom and Sathorn business districts and is easily accessible by boat from the Chao Phraya River or the BTS Skytrain.
Chearavanont says that the main aim of the project is to “create a physical and an emotional landmark; not just another building or commercial venture, but something that can further enhance Bangkok’s stature in the region and the world; something that will become a new attraction in the city for both local and international visitors. That’s because we have seen that iconic landmarks on a city’s main river can move that city forward – whether in Paris, London, Shanghai or Sydney.”