IconSiam – the huge riverside development project currently under construction in Bangkok – has unveiled an additional US$110 million investment on a neighbouring plot of land.
Work on the project, which is “set to become one of the most exciting destinations in the world” when completed in late 2017, began last year at its site between the Hilton and Peninsula hotels on Bangkok’s Chao Praya River.
The new investment will see the existing 750,000m² site expanded by an additional 10,000m² after IconSiam Co recently secured a 30-year lease for an additional plot on Charoen Nakhon Road, opposite the project’s current construction site.
The new plot will be for retail space, with IconSiam Co Director Chadatip Chutrakul commenting, “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.”
The entire huge development will include two towers of luxury residences, one of which will be branded and managed by Mandarin Oriental, as well as two large shopping malls containing an estimated 500 retailers and 100 restaurants.
Other attractions will include a rooftop garden with open-air dining facilities; an 8,000m² space dedicated to Thai brands; a 3,000-seat auditorium for meetings, concerts and shows; a museum complex and a riverside park; and a 400-metre-long “water, fire, sound and light feature” that will stretch along the waterfront.
“Nothing has ever been built in Thailand that combines so many world-class features, and with so many of them being done for the first time in Thailand and even in Asia. We’re creating a must-visit destination that will be a magnet for the country and draw hundreds of thousands of visitors a day from around the world and from around Thailand,” said Ms Chutrakul.
Construction of Iconsiam is about 20% complete and will join other recent developments along Bangkok’s Chao Praya River, including Asiatique – the large riverside night market, which opened in 2012.