Urban Mega Project In Bangkok Taking Shape
 
Investvine, A Company of Inside Investor, Ltd.
Oct 16, 2019
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The $3.8-billion fully integrated mixed-use district One Bangkok in the center of Thailand’s capital is taking shape. Works have begun after the developer revealed the master plan for the country’s by far largest urban development project back in August this year.

The new district, which will have a gross floor area of 1.83 million square meters, will comprise five Grade A office towers including a 430-meter, 90-floor supertall skyscraper, four differentiated retail precincts, five luxury and lifestyle hotels and three luxury residential towers.

According to Su Lin Soon, One Bangkok’s CEO, the first batch of a total of 110 luxury apartments will launch in early 2020. This will be followed by the first office tower – the skyscraper – to be completed in 2023 and the first hotel scheduled to open in the same year, while the rest will be gradually finished by 2026.

The project’s master plan allows for 1,100 hotel rooms at five different towers, ranging from boutique, business, luxury, luxury lifestyle and super-luxury, aiming at 80 per cent foreign guests. One of the hotels will be a Ritz-Carlton with 259 rooms at the lower levels of the high-rise tower. Above the hotel will be office space, and the tower’s upper levels will house condo units sized from 130 to 220 square meters.

For the more than 500,000 square meters of office space, the main target tenants will be multinational corporations, which will account for 70 per cent of the lettable area. The rest will be from domestic firms. The developer expects about 60,000 people working in the area when in full swing.

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.

“When completed, One Bangkok will provide more than 60,000 people a place to work, shop, play and create, Su Lin Soon said, adding that the expected daily footfall will be 200,000 people attracted by the new landmark district that seamlessly connects offices, retail, hotels, residences, cultural and social spaces around a central 10,000-square meter public plaza and greenery.

One Bangkok is being developed by a joint venture between TCC Assets Thailand, holding 80.1 per cent, and Frasers Property Holdings Thailand holding the remainder. Frasers Property is a Singapore-based multinational real estate company with more than $17.6 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.

Behind both TCC Assets and Frasers Property as investors in One Bangkok stands Thai tycoon Charoen Sirivadhanabhakdi, the founder of Thai Beverage and chairman of conglomerates TCC Group and Fraser and Neave, active in the beverage business, property development, sports and retail.

US-based architectural firm Skidmore Owings & Merrill, known for its high-prestige projects Burj Khalifa in Dubai and the One World Trade Center in New York, as well as Thai architectural firm A49 are involved in designing the mixed-use development.

 
 
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