Phase 2 of Asiatique The Riverfront to cost Bt10 billion, developer says
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TCC Land Asset World, owned by liquor tycoon Charoen Sirivadhanabhakdi, is earmarking more than Bt10 billion to develop the second phase of Asiatique The Riverfront, which includes a five-star hotel, convention centre and shopping mall, with completion se
Construction is scheduled to commence in 2018.
Located next to the current site of the largest open-air shopping mall, the new 16-rai (2.55-hectare) project will consist of a 800-key five-star hotel, 3,000 square metres of convention facilities and a |shopping arcade occupying 10,000sqm.
“This will help energise Asiatique The Riverfront to become a one-stop service retail and recreational destination in Bangkok,” Surasit Manawatanakij, asset manager 1 of TCC Land Asset World, said yesterday.
The company hopes that the new project will also enhance its capacity to accommodate international MICE (meeting, incentive, convention and exhibition) travellers in the near future.
The arrival of Asiatique has boosted the retail and hospitality businesses along the bank of the Chao Phraya River. For example, hotel-room occupancy in this area has surged to 80 per cent from 35 per cent.
Asiatique welcomes about 30,000 visitors on weekdays and more than 50,000 daily on weekends. To boost visitor traffic in the future, the company is planning to add a wharf under a Bt300-million project to accommodate more tourist boats and dining cruises.
It will build a floating fine-dining restaurant with a special design inspired by a royal vessel in the reign of King Rama V, and expand space up to 1,000sqm for a street fashion zone, Surasit said.
General manager Manop Kumsawang said that for the remaining months the company had budgeted at least Bt60 million for marketing campaigns and co-promotions with leading airlines.
More attractions planned
It aims to raise rents by 10-15 per cent per year for 1,500 stores thanks to full occupancy.
The company plans more shopping and visitor attractions in Bangkok and key tourist destinations such as Hua Hin, Pattaya and Chiang Mai.
In Bangkok, there will be other developments in Asiatique’s vicinity after the second phase. The company owns a 40-rai site on the opposite bank.
Pattaya will get an Asiatique that will replace the Montien Hotel. In Chiang Mai, the company also plans to develop this format on its own 70-rai site.
The company targets Bt500 million in revenue this year, up from Bt423 million last year.
