Siam Piwat, operator of Siam Centre and Siam Discovery Centre; Magnolia Quality Development Corporation; and Charoen Pokphand Group – all owners of leading property projects – have entered into a joint venture to develop a massive riverside project called Iconsiam. The partners recently shared in The Nation that they have raised the development budget from THB 35 billion to 50 billion, banking on a sharp recovery of the Thai economy. Siam Piwat owns 50 percent of the JV, while Magnolia and CP Group own the other half.
A mixed-use complex on Charoen Nakhon Road in Klong San district, Iconsiam will be comprised of 750,000 square metres of gross floor area, of which about 525,000 square metres has been allocated for two luxury and mainstream retail buildings; the rest will be comprised of two 70-storey and 40-storey waterfront luxury condominium towers.
The project also includes seven attractions that are the first of their kind in Thailand,the so-called “Seven Wonders at Iconsiam”, including Southeast Asia’s longest land-based multimedia water-and-fire feature at more than 400 metres in length. Iconsiam represents the largest investment ever made by the private sector in a real estate endeavour in the country.
About THB 10 billion of the additional investment is for expanding land in the area from 40 rai to 50 rai (8 hectares). The development is expected to open in 2017 and break even in more than 10 years.
