Twin malls in $1.5bn Thai riverfront project
Two large shopping centres will anchor a US$1.5 billion riverfront development in Bangkok, billed as “a new national landmark”.
IconSiam, officially launched Tuesday July 1, is a joint venture between Siam Piwat, Magnolia Quality Development and the Charoen Pokphand (CP) Group. It’s the focal point of an even grander public-private sector partnership plan to revitalise a 10km stretch of the famous Chao Phraya River.
Siam Piwat, owner of the giant Siam Paragon, Siam Centre and Siam Discovery shopping centres in downtown Bangkok, will develop the retail component, comprising two malls totalling more than 500,000 sqm of retail space. The company promises malls of an international standard featuring new retailers not yet represented in Thailand.
“The world’s and Thailand’s most iconic brands will design and construct their own iconic structures inside our retail complexes,” explained Siam Piwat CEO Chadatip Chutrakul to an audience of 200 journalists Tuesday.
“These ‘brand mansions’ will be designed by each brand owner to represent the unique heritage and individual essence of each brand,” she said.
“Visitors will be able to walk leisurely among these various ‘brand mansions’, which, collectively, will deliver a stunning, other-worldly experience.”
The two centres will house more than 500 stores and 100 restaurants from 30 countries when the project is completed in 2017. Tenants are already being sought.
Foundation works have commenced on the 20 acre (8 hectare) site sandwiched between the Peninsula Bangkok and Millennium Hilton five star hotels, and across the river from the iconic Mandarin Oriental and the Shangri-La. It will have a 400 metre river frontage with a public walkway.
Two luxury apartment buildings – one 70 storeys tall, the other 40 – will tower over the project which also includes a museum of cultural treasures and a 400 metre long multi-media water and fire feature, both aimed at luring tourists to the site. These are billed as two of “Seven Wonders at IconSiam”, first of their kind attractions the balance of which the development partners say they will reveal in October.
“Together they aim to give IconSiam the most diverse set of mega-attractions available anywhere in the country and ensure it becomes the most desirable destination for all visitors to Thailand and from around Thailand,” explained Tipaporn Chearavanont, CEO of Magnolia Quality Development Corporation.
The development consortium believes the project is ideally located to draw customers, both locals and visitors alike.
“IconSiam is in the heart of a broad catchment area for a large number of international and local customers, with 3 million residents, 200 upscale residential projects and more than 10,000 rooms in 50 world-renowned hotels within a five kilometre radius. It is five minutes by car from the Silom and Sathorn CBDs and is the most convenient destination for those living in the western part of Bangkok.
“Visitors can access IconSiam by rail, car or by boat from a combined 650 trips per day. And in the next three to five years, several major transport infrastructure programs in the vicinity are to be completed.”
IconSiam is the largest private sector property investment yet undertaken in Thailand.