BANGKOK, April 23, 2012 /PRNewswire-Asia/ --
- Project is largest commercial development ever undertaken by private sector in Thailand
- Thai conglomerate CP group partners with Siam Paragon's Siam Piwat and Magnolia Quality Development Corporation
- Opening 2015
- Project to enhance Bangkok's appeal as top global destination
Siam Piwat, the owner and operator of Siam Paragon, Siam Discovery, and Siam Center, together with Thai agro and telecoms conglomerate CP group and Magnolia Quality Development Corporation recently announced that they will jointly build a US$1.1 billion riverside retail, residential and lifestyle complex with completion slated for 2015.
The project is the largest commercial development ever undertaken by the private sector in Thailand and promises to be a new city landmark.
The new retail, residential and lifestyle complex is located on one of the biggest riverside plots of land in central Bangkok, covering around 6.4 hectares (approximately 15.8 acres) with 400 metres of river frontage, and is situated between the Peninsula Hotel and the Millennium Hilton.
Ms. Chadatip Chutrakul, Managing Director of Siam Piwat Co., Ltd., said, "The site is within minutes of many five-star hotels and can be reached by boat from the river, road, or by the city's skytrain system. It lies close to Bangkok's central business district and is accessible to a broad range of visitors, whether they be people living along the north and south banks of the river who will have easy access by boat, or those working and living in the business districts of Silom, Sathorn, Sampeng, Naradhiwas Rajanagarindra, as well as residents in the Thonburi and Rajapruek areas."
She said, "Our undertaking represents a historic paradigm shift in the design of commercial developments in Thailand: it is now about fulfilling one's lifestyle needs at the place one has chosen to go for relaxation – rather than relaxing at the place one has chosen to go to shop."
"People will come to our project because of the exhilaration they will feel from being in a place that is not only naturally breathtaking, but also combines the essence of Thai culture with state-of-the-art architecture and systems, as well as a richness of retail and other offerings that will be unrivalled in Thailand," she said.
According to Ms. Chadatip, the development is being designed "first and foremost, as a destination of inspiring natural beauty where people will want to go to relax. And then, into that destination, is put the functional components – whether they be retail outlets or residences, or anything else for 21st century living."
Ms. Chadatip said that the project details are currently being finalized and that bookings for retail space would be taken at the end of this year (2012).
Ms. Tipaporn Chearavanont, CEO, Magnolia Quality Development Corporation Ltd., said,
"We will create a physical and emotional landmark that will enhance Bangkok's stature in the region and the world. The development will become a new attraction and an iconic destination in the city for both local and international visitors, on a par with the iconic waterside landmarks of Paris, London, Shanghai or Sydney."
"Now, as Thailand prepares to enter the AEC in 2015, is the right time for us to bring this land to life. With its size and location it can help revitalise Bangkok's charm as a great city of the world and reinforce the city's attraction as a top regional hub for tourism and business," she said.
According to Ms. Tipaporn, the project will create direct and indirect employment for around 350,000 people during the next four years.
The partners said that they expect the project to reinforce foreign investor confidence in Thailand by showing the confidence that Thais have in the future potential of Thailand through such a large investment commitment.
For further information, please contact:
Siam Piwat Co., Ltd.: Sireetorn Niyomsen – tel: +662-658-1000 ext 234
Bangkok Public Relations Ltd.: Pairoj Pachanapreeda – tel: +662-664-9500 ext 115
SOURCE Siam Piwat Co., Ltd.