In the 2012 Emerging Cities Outlook (ECO) study by Kearney and The Chicago Council on Global Affairs, Bangkok scored 4.9 out of 10 with regard to GDP growth, middle class growth, infrastructure improvement and ease of doing business growth. As one of the region’s fastest moving metropoli, Asia’s City of Angels has seen significant upscale development in the last 3 years, and major developers in Bangkok are now adding mixed used projects in key locations to the portfolio of offerings.
The CBD may seem saturated, but space has been found for three new mega-projects that will transform the Bangkok skyline. MahaNakhon has, for some time, been billed as the most significant complex of contemporary architecture and urban design in Thailand. Pace Development Corporation PLC., the developer of the THB19 billion (US$612 million) mixed use project, recently signed a THB5.4 billion (US$174 million) loan agreement with Siam Commercial Bank to construct the remainder of what will become the city’s tallest building, home to a 10,000 sqm retail centre, restaurants, cafes, a 24 hour marketplace and The Ritz- Carlton Residences.
The CBD may seem saturated, but space has been found for three new mega-projects that will transform the Bangkok skyline. MahaNakhon has, for some time, been billed as the most significant complex of contemporary architecture and urban design in Thailand. Pace Development Corporation PLC., the developer of the THB19 billion (US$612 million) mixed use project, recently signed a THB5.4 billion (US$174 million) loan agreement with Siam Commercial Bank to construct the remainder of what will become the city’s tallest building, home to a 10,000 sqm retail centre, restaurants, cafes, a 24 hour marketplace and The Ritz- Carlton Residences.
More recently, a THB35 billion (US$1.1 billion) iconic mixed-use development on a 16,000 sqm riverside plot between the Millennium Hilton and the Peninsula Hotel was launched. The project is a joint venture between CP Group, Magnolia Quality De- velopment Corporation and Siam Piwat, the owner and operator of Siam Paragon, Siam Centre and Siam Discovery.
Magnolia is also behind another mixed use mega-project, Ratchadamri Boulevard, which will offer luxury residences and the first Waldorf Astoria Hotel in South East Asia. “The bold design was created around the core theme of ‘Fulfilling the legacy of Ratchadamri’,” says Iain Hardie, director, international project marketing and sales. “It’s a landmark motif which will change the aesthetic of the whole city with a super luxurious product in a very prime location of Bangkok, emphasising design aspects which are at the cutting edge of what is capable today.”
Meanwhile, just around the corner at Sathorn Square, another location on the city’s property hotlist, Golden Land Property Development PLC, is redefining the CBD with a collection of landmark developments that includes a 40-storey Grade A office and retail tower, the 123 unit luxury Infinity Condominium and the soon to launch, 403 room W Bangkok, part of which will occupy the former Russian Embassy building.
“Mixed use developments will work only if elements such as design, having the right operators and management, work,” says Aliwassa Pathnadabutr, managing director of CBRE Thailand. “It does not mean that any developer can follow the trend and build a mixed use development anywhere – it needs to be the right location and on a large scale site. Circulation and efficient traffic management are also essential to ensure a project’s success.”
by Property Report
Magnolia is also behind another mixed use mega-project, Ratchadamri Boulevard, which will offer luxury residences and the first Waldorf Astoria Hotel in South East Asia. “The bold design was created around the core theme of ‘Fulfilling the legacy of Ratchadamri’,” says Iain Hardie, director, international project marketing and sales. “It’s a landmark motif which will change the aesthetic of the whole city with a super luxurious product in a very prime location of Bangkok, emphasising design aspects which are at the cutting edge of what is capable today.”
Meanwhile, just around the corner at Sathorn Square, another location on the city’s property hotlist, Golden Land Property Development PLC, is redefining the CBD with a collection of landmark developments that includes a 40-storey Grade A office and retail tower, the 123 unit luxury Infinity Condominium and the soon to launch, 403 room W Bangkok, part of which will occupy the former Russian Embassy building.
“Mixed use developments will work only if elements such as design, having the right operators and management, work,” says Aliwassa Pathnadabutr, managing director of CBRE Thailand. “It does not mean that any developer can follow the trend and build a mixed use development anywhere – it needs to be the right location and on a large scale site. Circulation and efficient traffic management are also essential to ensure a project’s success.”
by Property Report
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