Two to develop Rama IV site

Economy August 22, 2014 01:00

By The Nation

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THE Crown Property Bureau (CPB) has awarded Univentures and TCC Assets (Thailand) Co, the property arm of beverage tycoon Charoen Sirivadhanabhakdi, the right to develop a multibillion-baht mixed-use complex on 90 rai (14.4 hectares) on Rama IV Road in Ba

The Pre-Cadet School was once located on the land, which is at the intersection of Rama IV and Wireless roads.
The project has been described as the catalyst for changing the landscape in that part of the city.
Univentures and TCC Assets will have the lease for the complex. The lease agreement, signed yesterday by both parties, is for 30 years – with an option to renew it for an additional 30 years.
Envisaged to serve as a new strategic landmark for Bangkok, the project will consist of a cultural venue, hotels, residences, commercial offices, a low-rise retail and entertainment complex, and education or medical-care facilities. Those projects will cover 62 rai.
The remainder of the land will feature open space, including green space and open-air public-event areas. 
While the cost of the development was not disclosed, it is a multibillion-baht project.
A representative of the CPB said the bureau had carefully evaluated bids for nearly a year. 
The representative said the CPB weighed up not only direct economic factors, but how the project would influence the future development of Bangkok and what type of development would best serve the interests of the public, as well as ancillary factors such as traffic flow and the provision of public areas.
Of the 21 bidders, the Univentures-TCC Assets consortium stood out not only because of its strength in financial resources but more importantly because its proposal met the CPB’s vision of what the development should be in accordance with the needs of the public. 
The representative said Univentures’ and TCC Assets’ local and international experience meant the bureau was confident the companies would be able to create a unique urban centre that would generate a positive social and economic impact on the city in a sustainable manner.
Univentures chairman Panot Sirivadhanabhakdi said the consortium would collaborate and capitalise on the specialised skill-sets that both companies had in order to ensure their shared vision became a reality. 
He said the consortium aimed to contribute to the city’s new landscape. 
In 2005, Central Group won the right to develop a mix-used project worth more than Bt20 billion on the land but it never went ahead and the deal was cancelled in 2012.