- Largest property development ever undertaken in Thailand by the private sector aims to be an iconic symbol of national pride
BANGKOK, July 2, 2014 /PRNewswire/ -- The owners of a property development that aims to be an iconic symbol of national pride for Thailand and represents the largest investment ever made by the private sector in a property endeavour in the country, today, presented the first details of the mega-development's key components and announced that the dramatic new riverside landmark being constructed in Bangkok is to be named ICONSIAM.
The 750,000 square metre gross floor area (GFA) development, for which piling has just begun, includes two glamorous retail complexes covering 525,000 square metres, two super-luxury waterfront residential condominium buildings of 70 and 40 floors, a riverside event plaza of over 10,000 square metres, as well as seven attractions that are the first of their kind in Thailand and which are called the 'Seven Wonders at ICONSIAM.' Among the attractions is Southeast Asia's longest land-based multi-media water-and-fire feature at over 400 metres in length.
The developers also announced that they have raised their investment to US$1.54 billion (Bht 50 billion), up 40% from the time when the decision to develop the plot was first announced, in response to strong interest in the development's concept and the expansion of the project's land area from 16 acres to 20 acres.
ICONSIAM, due for completion in 2017, is being developed by three of Thailand's most successful businesses, including Siam Piwat - owner and operator of prestige retail developments such as Siam Paragon - Magnolia Quality Development Corporation, a top-end residential developer with projects such as Magnolias Ratchadamri Boulevard, and multi-national conglomerate Charoen Pokphand Group.
Mrs. Chadatip Chutrakul, CEO of Siam Piwat Co., Ltd., said, "We are creating the most sensational property development that this country has ever seen that will change the axis of activity within Bangkok as well as boost the city's appeal as a top global destination. It combines the best of the world with the best of what Thailand has to offer. ICONSIAM is also pioneering revolutionary new ideas at the forefront of retail development. For example, the world's most iconic brands will build their own iconic brand mansions inside our retail complexes, with the mansions designed to represent the heritage and essence of each brand."
Ms. Tipaporn Chearavanont, CEO, Magnolia Quality Development Corporation Ltd., said, "ICONSIAM is like a new city and embraces residential, retail, and cultural components. It is located at the heart of a broad catchment area for international and local customers, with 3 million residents, 200 upscale residential projects and more than 10,000 rooms in 50 world-renown hotels within a five kilometer radius."
She said, "The Magnolias Waterfront Residences at ICONSIAM will set new benchmarks in residential development in Thailand and are among the world's best residential properties. They are targeted at people who are a part of a seamless global community operating without national boundaries, and their expectations of quality, conveniences and services are at the highest levels, regardless of whether they are living in London, Tokyo, New York, or Bangkok."
The site has 400 meters of river frontage, the longest of any property in central Bangkok.
Mr. Narong Chearavanont, Senior Executive Assistant to Chairman of Charoen Pokphand Group Co., Ltd., said, "ICONSIAM also is at the heart of one of the biggest collaborations between the private sector and the public sector to revitalise Bangkok's world-renown Chao Phraya River. More than 30 important establishments with riverfront sites along 10 kilometers of the river will collaborate with joint promotions, activities, and shared river boat services. They aim to make the river into a global-scale attraction to further boost Bangkok's appeal as one of the world's most desirable destinations as well as enhance its standing as a hub city in the new ASEAN Economic Community. The establishments include retailers, hoteliers, river transport operators and sites of historical and cultural significance."
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SOURCE Siam Piwat Co., Ltd.