Thai billionaire Charoen Sirivadhanabhakdi to build $3.5 billion Bangkok project
TCC Assets (Thailand) Co., Ltd. and Frasers Centrepoint Limited (“FCL”) will jointly develop 104 rai (16.7 hectares) in the heart of Bangkok into one of the world’s “must-visit” destination city districts. The project will create Thailand’s first fully integrated district that is built on people-centric principles and a focus on environmental sustainability and smart-city living.
The project, called ‘One Bangkok’, is the largest private sector property development initiative undertaken in Thailand with an estimated investment value of over THB 120 billion (approx. US$ 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, which will comprise next generation office buildings, luxury and lifestyle hotels, a comprehensive array of retail and leisure offerings within differentiated precincts, ultra-luxury residential towers, a rich variety of civic areas, art and culture facilities, as well as 50 rai (8 hectares) of greenery and open spaces out of the total land area of 104 rai (16.7 hectares). The land, leased from the Crown Property Bureau, enjoys a prime location at the corner of Wireless Road and Rama IV Road with direct linkages to mass transit systems, right next to Lumphini Park.
Mr. Charoen said, “We are very 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 great prosperity to all associated with the project, whether as tenants, owners, or business partners.”
One Bangkok will be 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 (approx. THB 605 billion) in assets. It has earned a reputation for developing successful large projects that are inclusive and contribute to the cities in which they are built.
On the other hand Frasers Centrepoint Limited has on 31 March 2017 entered into a joint venture agreement with TCC Assets (Thailand) Co., Ltd. (“TCCAT”) to establish a new joint venture company, One Bangkok Holdings Co., Ltd. (“OBH”) in Thailand.
Source: Frasers Centrepoint