Country Group unveils upmarket river project

Country Group Development (CGD) has unveiled a Bt32-billion project development on the north bank of the Chao Phraya River, consisting of a luxury residential block and two hotels.

The three main facilities will be the Four Seasons Private Residences at Chao Phraya, the Four Seasons Hotel Bangkok at Chao Phraya and the Capella Hotel Bangkok.

The properties are under development by a sister company of CGD – Chao Phraya Estate – on an overall plot of 36 rai (5.8 hectares) on Charoen Krung Road. The project is scheduled for completion in the final quarter of 2018.

Ben Taechaubol, director and chief executive officer of CGD, said yesterday that global brand Four Seasons Hotels and Resorts would manage one of the two hotels upon project completion.

CGD is entering the competitive Chao Phraya riverside area, where several giant developers earlier announced plans to develop super-luxury hotels and residences.

The under-construction IconSiam project will comprise a huge high-end shopping mall and residences, while the Manam Hotel is developing a high-rise residential building. A second shopping mall in the area, Asiatique 2, is also being planned.

"Despite many projects in the area, we see it as a positive prospect, and our project is different from all the others," Ben said, adding that any future political or economic issues would be considered when the situation demanded such attention.

The Four Seasons Private Residences Bangkok at Chao Phraya will account for the lion’s share of the development cost, at Bt19 billion. The 73-storey tower, which will be managed by Four Seasons Hotels and Resorts, will be a leasehold property on a 25-year contract.

The average asking price for residences in the tower block is Bt300,000 per square metre, which equates to more than Bt20 million for the smallest units, and up to about Bt300 million per penthouse unit, said the group chief executive.

"Key targets for the residences will be locals, at 55 per cent, while 45 per cent will come from overseas markets such as Singapore, Hong Kong, London and Dubai," he added.

The project is set to open for presales next week, but has already had a soft introduction in some markets, including Singapore.

The residential project is also claimed to be the world’s biggest Four Seasons Residence located on the bank of a river.

Michael Crawford, president for Asia-Pacific at Four Seasons Hotels and Resorts, said his group would also manage the Four Seasons Hotel Bangkok at Chao Phraya.

The property, which will have 312 guestrooms, will also feature the largest convention hall among hotels on the riverbank, he said.

Four Seasons Hotels and Resorts, meanwhile, will end its management contract with Minor Hotels at the Four Seasons Bangkok on Rajdamri Road next month. Minor Hotels will then rebrand the property under its flagship brand, Anantara, in March.

"Four Seasons Hotels and Resorts is continuing to operate hotels in Thailand as well as in many other countries worldwide, including China, Japan, Malaysia and South Korea. Thailand is a good destination for both leisure and business," Crawford said.

The other hotel being developed by CGD is the 101-room Capella Hotel Bangkok, in which all of the suites will face the waterfront. It will be Capella Hotel Group’s first managed hotel in the Kingdom, after openings in Mexico, Germany and Singapore.