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Billions to be spent upgrading Ratchaprasong

By on Feb 06, 2015 in Hotel-Tourism, Office, Retail

images1RETAIL and property giants yesterday announced a combined Bt60 billion worth of investment to develop the Ratchaprasong area into one of the top downtown districts in Asia. The area will be set to rival Singapore’s Orchard Road, Japan’s Ginza and Hong Kong’s Central district.

Chai Srivikorn, president of the Ratchaprasong Square Trade Association, said new projects being developed by Central Group, Minor Group, The Erawan Group, Gaysorn Property Group, Platinum Group and other members of the association, would create “a major tourism phenomenon in Asia”.

Chai said the in the next three years, the Ratchaprasong district would increase its office building area by 149,000 square metres, its hotel accommodation capacity by 3,900 rooms, its residential space by 382 units, and its convention area by 40,320 square metres.

At present, the Ratchaprasong area has 884,200 square metres of retail space. It attracts 400,000 visitors per day or 146 million yearly, 80 per cent of whom are Thais. Of the foreign visitors, 80 per cent are Asian travellers. Ratchaprasong will capitalise on its “walkable urbanism”, by extending the “Skywalk” elevated pathway from the Ratchaprasong intersection to the Platinum Mall in Pratunam. Platinum Group president Somboon Wongrassamee said it had been entrusted by the Crown Property Bureau to lease its land situated adjacent to the Big C Rajdamri hypermarket to develop the 13-storey Market by Platinum project, which will cover an area of 226,500 square metres and house more than 3,000 shops.

Chai said Chinese tourists were among the main targets in terms of increasing the overall number of foreign visitors to the area in the next three years, but it would be “guesswork” to say how many of the targeted 64 million additional visitors would come from the Chinese market.

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