Firm leases 5-rai plot opposite project
Iconsiam Co has increased its investment by another 4 billion baht for more retail space in response to the long waiting list of foreign investors wanting to expand their businesses at its shopping project.
Director Chadatip Chutrakul said the company recently secured a 30-year lease for an additional five-rai plot on Charoen Nakhon Road, opposite the current construction site of Iconsiam.
The total land area for Iconsiam will reach 55 rai with an investment budget rising to 54 billion baht. The total gross floor area will reach 525,000 square metres.
“More than 100 foreign companies including restaurants, entertainment and fashion firms want to invest in our project. This shows their confidence in the Thai retail market,” she said.
The company is studying the development of a new retail phase, which will start construction by the end of this year and be completed in 2017, simultaneously with the overall project.
Construction of Iconsiam is about 20% complete. Iconsiam plans to target Thais for 65-70% of its customers.
The project will offer a complete range of products and services from more than 500 retailers from around the world. Several of the restaurant brands will be new to the country, including a three-Michelin-star eatery.
Also planned is a rooftop garden with open-air eateries overlooking the Chao Phraya; an 8,000 sq m area dedicated to food, fashion and handicraft specialities from all corners of Thailand; a multipurpose auditorium for meetings, concerts and shows with 3,000 seats; Thailand’s first world-class museum complex; a 400-million-baht water-fire-sound-and-light feature; and a riverside park and event plaza covering 10,000 sq m.
It also comprises two luxury waterfront residential condominium buildings of 70 and 50 floors, one of which carries the Mandarin Oriental Residences brand and Iconluxe, providing luxury brands for fashion, jewellery and watch-making over 25,000 sq m.
The company will open booking for its retail space soon. Iconsiam expects to draw 250,000 visitors a day.
The Bangkok Metropolitan Administration said Iconsiam has allocated 2 billion baht to support the construction of the first phase of the new skytrain Golden Line, linking Saphan Taksin station to Charoen Nakhon Road near Taksin Hospital.
Iconsiam is a joint venture between Siam Piwat Co, the owner and operator of Siam Center, Siam Paragon, and Siam Discovery; Magnolia Quality Development Corporation, the owner and developer of luxury quality residential and mixed-use projects; and multi-national conglomerate Charoen Pokphand Group.