Phase 1 of US$1.54b Thai mega project launched

BANGKOK: Three Thai developers, Siam Piwat Co Ltd, Magnolia Quality Development Corp Co Ltd and Charoen Pokphand Group Co Ltd have launched the first phase of their joint venture mega mixed development project, Iconsiam. This project is said to be the largest integrated development when fully completed.

Iconsiam’s first phase sits on 20 acres (8.09ha) of land by the Chao Phraya River in Bangkok, which is about 40 minutes from the Suvarnabhumi International Airport. The US$1.54 billion (RM4.93 billion) first phase has a total gross floor area (GFA) of 750,000 sq m. It will comprise two malls, two high-end condominiums and an event park. It will also feature seven precedent-setting attractions called The Seven Wonders at Iconsiam.

“The reason for this development is to enable Thailand to compete with other mega projects in the global arena that will bring recognition to Thailand,” said Siam Piwat chief executive officer Chadatip Chutrakul during the launch of Iconsiam on Tuesday.  

“The planning of this mega development was not easy. We have been planning this project for two years with the government, and public and private industries to ensure its smooth progress and success.”

The land area for the development of Iconsiam was originally 16 acres but was increased to 20 acres through acquisitions of surrounding properties. Chadatip said they are looking to acquire more land for further phases of the mega integrated development.

The two retail complexes for Iconsiam’s first phase will comprise one luxury retail experience. Covering 525,000 sq m, the 10-storey retail complexes are situated back-to-back.

“Once the malls are completed, there will be more than 500 shops, 100 restaurants from 30 countries, and many services and products that are going to be available for the first time in Thailand. There are also venues capable of hosting world-class performances and gatherings,” said Chadatip.

The malls are set to be launched in the third week of July and will be ready for lease in October.

The two high-end residential towers at Iconsiam will be 70 and 40 storeys high and they are dubbed as The Magnolias Waterfront Residences at Iconsiam.

The 70-storey condo will contain 379 units with built-ups from 60 sq m to 346 sq m. The 40-storey condo will have 140 units consisting of sky villa and duplex sky villa.

“We have not finalised the built-ups for the 40-storey tower,” said Magnolias Quality Development chief executive officer Tipaporn Chearavanont. No selling price was disclosed and will be revealed at a later date. The Magnolia Waterfront Residences will be launched at end-July, Tipaporn added.

The construction stage for the project started in March 2014 and it is set to be completed in 2017.

Iconsiam will also be accessible via river transportation. The project will have three piers linked to the mall and residential towers and a pier for private yachts.

An artist’s impression of Iconsiam by the Chao Phraya River in Bangkok.

This article first appeared in The Edge Financial Daily, on July 4, 2014.