BANGKOK, June 6 – Five of Thailand’s largest businesses have joined hands in the investment of over Bt50 billion to develop Ploenchit City on the capital’s Wireless Road .
The collaboration is between the Bank of Ayudhya, Central Embassy Project, Noble Development, Park Ventures (The Ecoplex on Witthayu) and The Nai Lert Group.
The powerhouse project’s long-term construction goals include department stores, condominiums, and financial institutions.
Due for completion in 2016, the project reflects a more highly developed transport system and will show the potential and readiness of the Thai private sector in order to attract investors and tourists to visit the Ploenchit-Witthayu area.
Ploenchit City aims at being acknowledged as Bangkok’s new landmark for high-end business for investment and trade, strengthening the country’s economy, promoting tourism, and supporting ASEAN Economic Community (AEC) in 2015. Payback for the project is expected to be achieved within 5-10 years.
Chart Chirathivat, managing director of Central Embassy Project, said that the five business groups are not concerned with the country’s political situation even though such area is the capital’s centre for trade and business, and is near Ratchaprasong area, where Thailand’s worst political disorder occurred last year.
He said the groups believed that the country’s policy on economy and trade will improve no matter which parties win the upcoming national election on July 3.