Bangkok’s giant riverside IconSiam retail development is to be extended by a further 88,000 sqm as foreign brands queue to take space.
The developer, IconSiam Ltd, led by director Chadatip Chutrakul, hosted a press briefing updating the project Tuesday in which she announced a 30 year lease had been secured for adjacent land on Charoen Nakhon Rd, opposite the current construction site of IconSiam. The total gross floor area of the mall will now be 525,000 square metres.
The expansion – which comes more than a year out from the opening date in late 2017 – will add a further US$110 million to the development cost, taking it to $1.538 billion (54 billion THB).
More than 500 retailers and eateries will be taking space in the project; 20 per cent of the brands – as yet unnamed – will be making their Thai debut.
Two malls will be built on the site, which also includes residential towers and entertainment venues. IconSiam (the main retail and entertainment venue) will cover 500,000 sqm while Iconluxe, the luxury wing including two-tier ‘maison’ style luxury flagships, will cover a further 25,000 sqm. The two mega-complexes have separate parking spaces and facilities but share visitor traffic throughout.
Japanese luxury department store Takashimaya will anchor the main mall with a 35,000 sqm store, its first in Thailand.
Chutrakul said after discussing the project’s concept with major retailers worldwide, their confidence and commitment to book retail space for large flagship stores had prompted the company to invest in the second phase of the project.
IconSiam will start formally renting out space in its two retail complexes from now on and plans to announce anchor tenants within the next three months.
“Despite the world’s economic uncertainty, we are proceeding with the project at full speed. We increased our investment because we have confidence in Thailand. IconSiam will make a great contribution to the country support the economy of Thailand. It is also a pilot project that links with the public sector, with us planning to support mass transit systems as well as urban development and urban regeneration. The project will attract substantial investment from international investors and retailers,” said Chutrakul.
She believes IconSiam will “open a new chapter in the history of Thailand”.
“It represents a great property endeavor that is the most complete and spectacular ever undertaken in Thailand. IconSiam will be the most compelling, must-see destination drawing Thai people from around the country and international visitors from the around the world. We are creating a new benchmark of excellence in every aspect. It combines everything one needs to live a way of life of the future – the best in residential offerings, a complete range of products and services as well as innovations to keep one comfortable, and unprecedented advanced communications. IconSiam will be at the centre of a plan to unveil the glory of the Chao Phraya River as a global destination.”
IconSiam is a joint venture between Siam Piwat Co, the owner and operator of Siam Center, Siam Paragon, and Siam Discovery; Magnolia Quality Development Corporation, the owner and developer of luxury quality residential and mixed-use projects; and multi-national conglomerate Charoen Pokphand Group.
