Massive mall for Bangkok's riverside | IR News

Massive mall for Bangkok's riverside

Posted Date: 25/04/2012

By InsideRetail.Asia

A massive lifestyle development has been confirmed for Bangkok's riverside, including a large shopping mall.

Siam Piwat, the owner and operator of Siam Paragon, Siam Discovery and Siam Center, has teamed with Thai agro and telecoms conglomerate CP Group and Magnolia Quality Development Corporation to jointly build a US$1.1 billion riverside retail, residential and lifestyle complex with completion slated for 2015.

The project is the largest commercial development ever undertaken by the private sector in Thailand and promises to be a new city landmark.

The new retail, residential and lifestyle complex is located on one of the biggest riverside plots of land in central Bangkok, covering around 6.4 hectares (approximately 15.8 acres) with 400 metres of river frontage, and is situated between the Peninsula and Millennium Hilton hotels.

"The site is within minutes of many five-star hotels and can be reached by boat from the river, by road, or by the city's skytrain system. It lies close to Bangkok's CBD and is accessible to a broad range of visitors, whether they be people living along the north and south banks of the river who will have easy access by boat, or those working and living in Silom, Sathorn, Sampeng, Naradhiwas Rajanagarindra, as well as residents in the Thonburi and Rajapruek areas," said Chadatip Chutrakul, MD of Siam Piwat.

"Our undertaking represents a historic paradigm shift in the design of commercial developments in Thailand: it is now about fulfilling one's lifestyle needs at the place one has chosen to go for relaxation - rather than relaxing at the place one has chosen to go to shop," she added.

Chutrakul said the project details are currently being finalised and the leasing of retail space would commence at the end of this year.

According to Tipaporn Chearavanont, CEO of Magnolia Quality Development Corporation, the new landmark will be on par with the waterside landmarks of Paris, London, Shanghai or Sydney.

The project will create direct and indirect employment for around 350,000 people during the next four years.

GB

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