Thailand-based TCC Assets (Thailand) and Frasers Centrepoint Limited will develop a $3.5-billion destination site in Bangkok, which will feature five luxury hotels and be the largest project ever seen in the Thai capital.
BANGKOK, April 3, 2017 -- TCC Assets (Thailand) Co., Ltd. and Frasers Centrepoint Limited ("FCL") will jointly develop 16.7 hectares in the heart of Bangkok into one of the world's "must-visit" destination city districts. The project will create Thailand's first fully integrated district that is built on people-centric principles and a focus on environmental sustainability and smart-city living.
The project, called 'One Bangkok', is the largest private sector property development initiative ever undertaken in Thailand with an estimated investment value of approximately US$3.5 billion. The project promises to become a new global landmark when its first components open in 2021.
Mr. Charoen Sirivadhanabhakdi, Chairman of TCC Group and FCL, said, "The fundamental aim in the planning and design of One Bangkok is to enhance Bangkok's stature as a key gateway city in Asia."
'One Bangkok' is a fully integrated "city-within-a-city" district. When all components are completed in 2025, it will have a gross floor area of 1.83 million square metres, comprised of five Grade A office towers built to LEED and WELL standards, five luxury and lifestyle hotels, three ultra-luxury residential towers, a comprehensive array of retail offerings within differentiated retail precincts, and a rich variety of civic areas, and art and culture facilities. Eight hectares of its total land area of 16.7 hectares is dedicated to greenery and open spaces.
The land is leased from the Crown Property Bureau and enjoys a prime location right next to Bangkok's largest central park -- Lumphini Park -- with direct linkages to the city's mass transit systems, as well as easy access to the expressway network.
Mr. Charoen said, "We are honoured to be entrusted by the Crown Property Bureau to turn this important plot of land in the heart of the city into a showpiece district. It is a responsibility that I am privileged to carry and I affirm my commitment to ensure the creation of something exceptional and transformational."
He added, "With One Bangkok, I hope to enhance global confidence in Thailand as the epicenter of ASEAN and a key gateway and lifestyle city in Asia, as well as bring prosperity to all associated with the project, whether as tenants, owners, or business partners."
"To accomplish this game-changing endeavour, I have placed my confidence in two TCC Group companies that perfectly complement each other, combining the financial strength and local knowhow of TCC Assets with the enormous international property development expertise of Frasers Property," Mr. Charoen noted.
One Bangkok is being developed by a joint venture between TCC Assets (Thailand) Co., Ltd., holding 80.1%, and Frasers Property Holdings (Thailand) Co., Ltd., holding 19.9%.
Frasers Property is the international property brand of FCL, a full-fledged multi-national real estate company with more than US$17.6 billion in assets.
Mr. Panote Sirivadhanabhakdi, Group CEO of FCL said, "No single development of this scale and diversity has ever been undertaken in Thailand. One Bangkok will be a vibrant lifestyle destination that will affirm Bangkok's position among the most desirable cities in the world to live, do business, and to visit. It will attract top-level local and multinational companies to set up their AEC headquarters in the district as Bangkok's most prestigious corporate address, and their employees and visitors will enjoy an unrivaled ecosystem of facilities and lifestyle experiences available here."
He added that One Bangkok's design will be sensitive to its social and cultural context, incorporating Thailand's heritage, and make the district an integral part of the city.
Ms. Su Lin Soon, a highly reputed and experienced real estate professional and Chief Executive Officer of One Bangkok, said, "Accessibility, connectivity, and sustainability are top priorities in our urban planning. New quality standards, international best practices and diversity in the mix of uses and architecture are fundamental features of the master plan, designed by Skidmore, Owings & Merrill. Supported by local expertise from Plan Associates, and A49, the master plan combines both international and local experiences from the most influential architectural and urban planning firms."
She added, "One Bangkok will also be the first district in Thailand to be built entirely around sustainability principles and to LEED for Neighbourhood Development Platinum standards."
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