Focus on Chao Phraya Region
Several of Thailand’s biggest property developers will be banding together for a THB 35 billion development project that aims to reveal the true beauty of the Chao Phraya region, especially through the employment of mixed-use development at the region’s scenic river, thus improving Thailand’s status as a prime destination for rest, recreation, and business. The consortium is made up of Siam Piwat, CP Group, and the Magnolia Quality development. The partnership between Magnolia Quality Development, CP Group, and Siam Piwat will be responsible for developing outstanding commercial, residential, and retail facilities at the Chao Phraya region. This will mainly come from Siam Piwat’s expertise as the operator and owner of the country’s biggest chains of retail malls, Siam Center, Siam Paragon, and Siam Discovery.
Thailand’s Greatest Commercial Development Project
The project being undertaken by Siam Piwat, Magnolia, and CP Group is being considered as Thailand’s biggest commercial development project ever led by the country’s private sector, with over 40-rai of plot set to sprawl across one of the most beautiful locations at the Chao Phraya. According to Siam Piwat CEO, Chadatip Chutrakul, the development project only happens once in a lifetime, and represents a historic paradigm shift in the country’s commercial development projects: it unifies the basic lifestyle needs and relaxation into a single destination. The Chao Phraya region is the perfect location for such an undertaking due to the naturally beautiful view and the inherent business potential in the location. Due to being close to Bangkok’s central business district,
Chao Phraya is accessible to potential customers through the south and north banks of the river. Foreigners and Thais who are working and residing in the business districts of Sampeng, Silom, Sathorn, Naradhiwas Rajanagarindra, as well as those living in the Rajapruek and Thonburi areas will be able to access the forthcoming chain of malls by boat. The location was selected primarily due to its very strategic location in the Western side of Bangkok.
Chao Phraya’s Untapped Potential
The land and river part of the Chao Phraya region have been previously overlooked by the past generation, with its potential being left untapped. The gaggle of developers that have banded together for the project ensures that it will turn into a highly sought after prestige address that proudly carries Thailand’s heritage. Magnolia Quality Development Corporation CEO, Tipaporn Chearavanont, says that their undertaking aims to build an emotional and physical landmark, which will not be treated as just another commercial venture or building. The project will instead enhance Bangkok’s stature in the world, with their new venture turning into a new milestone and attraction for both local and international visitors. The project is still without a name, but there are already talks that it will adopt sustainability design principles, with the developers coordinating with relevant government authorities on the preservation of natural beauty and the surroundings. The project is scheduled for completion in 2015, and is expected to generate almost 350 thousand jobs for the country during its development.