Liquor tycoon Charoen Sirivadhanabhakdi plans to develop a new mixed-use project to be called “One Bangkok” on the 104-rai of land that formerly housed Suan Lum Night Bazaar on the corner of Witthayu and Rama IV roads.
The development will be a joint venture by two companies owned by Mr Charoen, TCC Assets (Thailand) Co and Frasers Centrepoint Limited (FCL).
According to the company announcement, One Bangkok will be the largest private sector property development in Thailand with an estimated investment value of a least 120 billion baht. It is promoted as a “new global landmark” with the first components to open in 2021.
One Bangkok will comprise 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 of greenery and open spaces out of the total land area of 104 rai, according to the statement.
TCC Group secured the lease to the land from the Crown Property Bureau in 2014.
The site was home to the old Suan Lum Night Bazaar from 2001 to 2011. The market was shut down after its lease expired.
Mr Charoen, chairman of TCC Group and FCL, said the fundamental aim in the planning and design of One Bangkok was to enhance Bangkok’s stature as a key gateway city in Asia.
TCC Assets (Thailand) Co will hold 80.1% and Frasers Property Holdings (Thailand) Co 19.9%. Frasers Property is the international property brand of FCL, a multi-national real estate company with more than 605 billion baht in assets.
Panote Sirivadhanabhakdi, group CEO of FCL, said One Bangkok aims to attract top-level local and multinational companies to set up their AEC headquarters in the district as Bangkok’s most prestigious corporate address.
Su Lin Soon, chief executive officer of One Bangkok, said all components should be completed by 2025. One Bangkok’s 1.83 million square metres of gross floor area will comprise five Grade A office towers, five luxury and lifestyle hotels, three ultra-luxury residential towers and a comprehensive array of retail offerings.
More than 60,000 people were expected to work and live at One Bangkok, she said.