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Iconsiam to Comprise Two More Projects as Investment Cost Rises to Bt54 billion

By on Mar 24, 2016 in Property News, Residential, Retail

ICONSIAM Co has unveiled two additional projects under the Iconsiam project, bringing the total investment to Bt54 billion.

iconsiam project retail and condominium

An interior perspective of Iconluxe shows a 25,000-square metre super-luxury glass pavilion beside the Chao Phraya. Iconluxe will form part of the multi-component Iconsiam project.

Chadatip Chutrakul, a director of Iconsiam Co – owner of the Iconsiam project – said yesterday that it had recently leased a 5-rai (0.8-hectare) plot located opposite the site of the current project under a 30-year contract.

The company is conducting a study of how to develop the land and match it with the existing project, but the development will not be residential due to the fact that the plot is being rented, she said.

The company also announced the Iconluxe, a stunning 25,000-square-metre super-luxury glass pavilion that will be constructed beside the Chao Phraya River, forming part of the multi-component Iconsiam retail and lifestyle complex.

The new commercial area will be built with specially commissioned “ultra-transparent” glass that is pleated and wrapped around several stand-alone mansions, creating buildings within a building and a what the developer described as a “nirvana of luxury” with some of the world’s most prestigious brands in fashion, jewellery and watchmaking.

“Due to strong tenant interest, the group has expanded its total property size from 50 rai to 55 rai by securing land on the opposite side of Charoennakorn Road, and has increased its total investment budget by Bt4 billion, to Bt54 billion,” Chadatip said.

Although rental prices at the Iconsiam project will be higher than those at Siam Paragon, the company is confident of attracting more international brands to the country, she added.

“Despite the Thai economic gloom, foreigners feel confident in our project. About 20 per cent [of those interesting in renting] have never opened shops in Thailand before,” the director explained.

Japan’s Takashimaya, which set to open a store at the project after signing a joint investment deal with Iconsiam, is already beginning to work with suppliers in Japan, she said.

Iconsiam is expected to open its doors to the public at the end of next year.

Chadatip hopes the complex will draw up to 250,000 visitors per day, well above the conservative projection of 150,000. Some 30-37 per cent of the visitors are expected to be foreign tourists.

In order to promote Thailand as a global shopping and tourism destination, Iconsiam plans to showcase local handicrafts and unique items from all 77 provinces that visitors can browse and explore.

Three investors are developing the Iconsiam project: Siam Piwat, the owner and operator of Siam Centre, Siam Paragon and Siam Discovery; Magnolia Quality Development Corp, the owner and developer of luxury quality residential and mixed-use projects; and Charoen Pokphand Group, the multinational conglomerate.

Chadatip added that all 379 rooms at the project’s Magnolias Waterfront Residences had been sold within a month of being launched, showing the enormous interest in what is the country’s most expensive riverside residential property per unit to have sold out.

The project’s Residences at Mandarin Oriental Bangkok offers similar per unit prices. About 40 per cent of its units are still on sale.

Source: The Nation – 23 March 2016

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