By Kwanchai Rungfapaisarn
Siam Piwat, operator of Siam Centre and Siam Discovery Centre, in partnership with Magnolia Quality Development Corporation and Charoen Pokphand Group, the joint owners of leading property projects, is raising the budget for its massive riverside project
Iconsiam, the new riverside complex, will establish luxury and mainstream retail buildings as well as a world-class residential condominium in one place. The mixed development is expected to open in 2017 and break even in more than 10 years.
Half of the additional funds will come from Kasikornbank and Thanachart Bank, and half from its own cash. Siam Piwat owns 50 per cent of the joint venture and Magnolia Quality Development Corp and CP Group the other half.
About Bt10 billion of additional investment has been allocated to expanding land in the area from 40 rai to 50 rai (8 hectares). Located on Charoen Nakhon Road in Klong San district, Iconsiam will provide 750,000 square metres of gross floor area, of which about 525,000sqm will be for two shopping buildings and the rest for two 70-storey and 40-storey waterfront luxury condo towers.
The project includes seven attractions that are the first of their kind in Thailand and are called the “Seven Wonders at Iconsiam”. One is Southeast Asia’s longest land-based multimedia water-and-fire feature at more than 400 metres in length.
The property aims to be an iconic symbol of national pride for Thailand and represents the largest investment ever made by the private sector in a property endeavour in the country, Chadatip Chutrakul, chief executive officer of Siam Piwat, said yesterday.