TCC Group Unveils $3.5B Mega-Project in Thailand
- Apr 05, 2017
By Gail Kalinoski
A Thai billionaire is planning a $3.5 billion, 41-acre mixed-use development in Bangkok that he says will become a global landmark and “enhance Bangkok’s stature as a key gateway city in Asia.”
One Bangkok, a 19.7 million-square-foot project, is being developed by TCC Assets (Thailand) Co. Ltd., and Frasers Centrepoint Ltd., and will be a “city-within-a-city district.” Charoen Sirivadhanabhakdi, chairman of both companies, is the richest man in Thailand, according to Bloomberg. The project will be a joint venture of the two companies with TCC Assets holding 80.1 percent and Frasers Property Holdings (Thailand) Co. Ltd., owning the remaining 19.9 percent. Frasers Property is the international property brand of FCL, a multinational real estate company with more than $17.6 billion in assets.
The upcoming mega-development will comprise five office towers built to LEED and WELL standards, five luxury and lifestyle hotels, three ultra-luxury residential towers, retail and a variety of civic, art and cultural facilities, when all its components are completed in 2025. Nearly 20 acres will be green and open spaces. The first part of the project—the largest private sector property development in Thailand history—is expected to be ready by 2021.
“Our vision is to create a place that people can love and want to spend time in, which everyone in the city will feel is an integral part of our city. Once completed, it will be a global landmark that will enhance Bangkok’s and Thailand’s stature on the world stage,” Sirivadhanabhakdi said in a prepared statement.
The land is leased from the Crown Property Bureau, the quasi-government agency responsible for managing the country’s royal holdings, and is located next to Bangkok’s largest central park, Lumphini Park, with direct links to the city’s mass transit system and expressways.
The master plan is being designed by Skidmore, Owings & Merrill with local Thai firms Plan Associates and A49 assisting.
Su Lin Soon, CEO of One Bangkok, said it will be the first district in Thailand to be built entirely around sustainability practices and to LEED for Neighborhood Development Platinum standards.
“No single development of this scale and diversity has ever been undertaken in Thailand. One Bangkok will be a vibrant lifestyle destination that will affirm Bangkok’s position among the most desirable cities in the world to do business, and to visit,” Panote Sirivadhanabhakdi, Group CEO of FCL, said in prepared remarks. “It will attract top-level local and multinational companies to set up AEC headquarters in the district as Bangkok’s most prestigious corporate address, and their employees and visitors will enjoy an unrivaled ecosystem of facilities and lifestyle available here.”