Bt200bn worth of projects expected to turn Bangkok into 'city-lifestyle destination' this decade by combining shopping, residential and office functions
New mega-property projects worth more than Bt200 billion combined in Bangkok are expected by observers to turn the capital into a city-lifestyle destination within Asean.
At least four developers have announced that major projects will be kicking off this year, and that they will be completed within five to seven years. The companies have been preparing the projects over the past two or three years.
Central Pattana is investing more than Bt10 billion to develop CentralWestGate in Bang Yai district. The project will comprise a shopping centre, condominium and office building.
The Mall Group has set aside Bt50 billion to develop six new shopping centres in Bangkok and the provinces. Three of them will be located in the capital, with one of the complexes – the Bt20-billion Bangkok Mall Bang Na – to be constructed at the Bang Na-Sukhumvit intersection.
The mixed-use project will comprise a shopping mall, residential units and offices.
Siam Piwat – the operator of Siam Centre and Siam Discovery Centre – in partnership with Magnolia Quality Development Corp and Charoen Pokphand Group, the joint owners of leading property projects, will develop a Bt50-billion mix-use project called IconSiam, on Charoen Nakorn Road.
The project will commence construction this year, and is scheduled for completion in 2017.
Meanwhile, the State Railway of Thailand plans to open bidding for development of the Makkasan complex on 500 rai (50 hectares) of land worth Bt300 billion, located close to the Airport Link’s Makkasan station.
The planned project comprises an exhibition hall, retail area, entertainment complex, office building, serviced apartments and a luxury hotel.
Another state agency, the Port Authority of Thailand, hopes to develop 223 rai in Khlong Tae for a mixed-use project, comprising an office building, logistics and warehouse facilities, and a shopping complex.
The Crown Property Bureau will reopen bidding to develop 80 rai at the Armed Forces Academy’s Preparatory School on Rama IV after Central Pattana, which won the earlier contact to develop the land, cancelled the deal due to a project delay.
The main idea of the bureau is to develop the area as a mixed-use project comprising office, retail and residential buildings. The project could involve an investment budget of more than Bt20 billion.
Moreover, Ploenchit intersection in the heart of the capital also has property firms developing retail, condominium and office projects together worth more than Bt100 billion.
They include Central Pattana, which is developing Central Embassy on Ploenchit Road; Univentures, which is developing the Park Venture office and hotel building in the same location; and Noble Development and Sansiri, which are both developing condominium projects in the area.
These companies are also targeting Ploenchit intersection as a new city-lifestyle destination in the capital.
Meanwhile, other locations for potential development are detailed in the accompanying graphic.
They include the plan to move the Correction Department’s Khlong Prem facility, sited close to Bang Khen junction, so that the land can be redeveloped as a mixed-use project.
There is also a plan to develop land at Phaholyothin, located close to Mo Chit Skytrain station, into an area for commercial and other buildings.
All the major property investment projects kicking off around Bangkok and its suburbs this year, and due to be completed by the end of the decade, will transform the city into a new-style shopping destination, while also changing the idea of developing real estate into one of focusing on mixed-use projects to serve the lifestyle of those who need to live close to where they work and shop.
“This is the urban lifestyle, that has to have the workplace and living place in the same area,” said Property Perfect president and CEO Chainid Adhyanasakul.
These developments also will change Bangkok into an Asean city-lifestyle destination, according to property experts.