A sensational 35 billion baht development that promises to unlock the beauty of the Chao Phraya river and position Bangkok as one of the region’s most desirable destinations was announced in March by a powerful partnership between Siam Piwat – the owner and operator of Siam Paragon, Siam Center, and Siam Discovery – and Magnolia Quality Development, together with the CP Group.
Set on a spectacular 40-rai plot that is positioned at one of the most beautiful, central locations on the river, the development promises to become a dazzling destination within the city. It will include a rich combination of everything essential for 21st century living, outstanding retail facilities, and a magnificent residential condominium. The project is set to be the largest and grandest commercial development ever undertaken by the private sector in Thailand.
Executives of Siam Piwat and Magnolia Quality Development, together with the CP Group pose at a press conference to announce the new 35 billion baht development.
“This is a ‘once-in-a-century’ occasion”, said Chadatip Chutrakul, CEO of Siam Piwat Co., Ltd. “Our sensational new undertaking represents a historic paradigm shift in the design of commercial developments in Thailand: it is now about ‘fulfilling your lifestyle needs at the place you have chosen to go for relaxation’ she said.
Chadatip added, “This land is blessed with a breathtakingly beautiful view and great business potential. It lies close to Bangkok’s central business district with the broadest reach to potential customers, whether they be Thais living along the north and south banks of the river who will have easy access by boat, or Thais and foreigners working and living in the business districts of Silom, Sathorn, Sampeng, Naradhiwas Rajanagarindra, as well as residents in the Thonburi and Rajapruek areas, and a large number of tourists staying at 5-star hotels all around the development. It is a really strategic location in western Bangkok.”
She said the emerging trend in differentiating a development is to leverage unique locations and to offer an extraordinary experience at that location.
“We are pioneering this new era in the design of such developments in Thailand, leaving behind the phase of ‘mixed-use’ developments and moving forward to what I call the era of ‘magnificent location’ developments.”
Tipaporn Chearavanont, CEO, Magnolia Quality Development Corporation Ltd., said, “This land, firmly placed at the centre of the city’s river life, has been lying full of untapped potential. It has witnessed the evolution of Bangkok and life along the Chao Phraya River for centuries. And it will now become a hugely sought after prestige address that is priceless, and one that proudly carries that heritage.”
Tipaporn continued, “We want to create a physical and an emotional landmark; not just another building or commercial venture, but something that can further enhance Bangkok’s stature in the region and the world; something that will become a new attraction in the city for both local and international visitors. That’s because we have seen that iconic landmarks on a city’s main river can move that city forward – whether in Paris, London, Shanghai or Sydney.”
Tipaporn said that Magnolia has placed a lot of emphasis on integrating sustainability into any project in which it is involved, so that communities and the environment are enhanced by its projects, and, as an example, she cited discussions that were already underway with the BMA on preserving the natural beauty of the surroundings.
“The project is a milestone undertaking in our country that will further enhance the stature of commercial developments in Thailand and place it on a global stage,” she noted.
According to Tipaporn, the project will create employment for around 350,000 people during the next four years.
Project details are scheduled to be finalized and bookings for retail space taken at the end of this year, with construction to be completed in 2015.