Thai Billionaire Charoen Plans $3.5 Billion Bangkok Development
(Bloomberg) -- Thailand’s richest man, Charoen Sirivadhanabhakdi, is planning a $3.5 billion property development in central Bangkok that will include offices, homes and shopping malls.
Charoen’s TCC Group and its Singapore unit Frasers Centrepoint Ltd. will develop the project, said Panote Sirivadhanabhakdi, group chief executive officer of Frasers Centrepoint. ‘One Bangkok,’ covering 16.7 hectares (41 acres), will be the largest mixed-use development in Thailand, he said.
“We aim to develop this project to be Thailand’s landmark,” Charoen Sirivadhanabhakdi said at a press conference in Bangkok on Monday. “I hope this project will house the headquarters of major global companies which will further expand growth to the country.”
The land has been leased from Crown Property Bureau and the first stage of the project is expected to open in 2021. TCC Assets (Thailand) Co. will hold an 80.1 percent stake in the development while Frasers Property Holdings (Thailand) will own the remainder, the statement said.
The 1.83 million square meter project, which is expected to be completed by 2025, will comprise five Grade-A office towers, five luxury and lifestyle hotels, three ultra-luxury residential towers and an array of retail outlets, according to the statement.