A spate of large-scale mixed-use projects are taking shape in Bangkok, as developers seek to incorporate more productive use of land space in the Thai capital and capitalise the surging demand for live, work and play.
Central Bangkok is the focus of several major mixed-used projects, among which is Dusit Central Park, a 36.7 billion baht (US$1.2 billion) joint venture project from major Thai hotel development company Dusit Thani and retail and property giant Central Pattana.
Located on Bangkok’s biggest greenfield Lumpini Park at the corner of financial junction of Silom and Rama 4 roads, Dusit Central Park will comprise the 39-storey, 250-room reimagined Dusit Thani Bangkok, Dusit’s flagship hotel which just closed earlier this year; a high-end shopping complex; luxury residences and office buildings. The entire project is expected to complete in 2024.
Coming up on the same Rama 4 Road is the 120 billion baht One Bangkok, which is owned by Charoen Sirivadhanabhakdi, founder of Thai Beverage – which controls the country’s largest brewery known for its Chang brand – and chairman of Thai conglomerate TCC Group and Fraser and Neave.
Slated to launch in 2025, Bangkok One is touted to be the most expensive mix-used and real estate development in the country. The project is created for multiple uses in response the need of hotel room, office space, accommodation as well as a convention hall and theatre.
Charoen is also developing other two projects on the same road, namely Samyan Mitrtown, worth 85 billion baht, and The Praq at a cost of 20 billion baht. Both developments are expected to open in 2020.
Speaking at a press conference yesterday, Suphajee Suthumpun, group CEO of Dusit Thani, said the surge of mix-use projects in Bangkok is a response to high demand, especially business organisations and urban people living in the metropolitan.
“We consider that our project is a super core hub in Bangkok that will link with four major areas – Thonburi, Charoenkrung plus Chinatown Yaowarat, Sukhumvit and Ratchaprasong. We are getting into the right direction to become a new hub for urbanised communities,” Suphajee said.
More mix-use projects, ranging from small to large scale, can be expected to open in Bangkok, said Wutthiphon Taworntawat, managing director of Urban Hospitality Group. “Investing in mix-used can gain return of investment faster than single use and also able to draw more traffic all year round,” he said.