Thai property company Magnolia Quality Development (MQDC) plans to increase its investment in the Forestias residential project on the outskirts of Bangkok from $3bn to $4.1bn, making it the largest in Thailand.
The property arm of the Charoen Pokphand conglomerate, MQDC will also increase the size of the project from 48ha to 64ha.
MQDC chair Thippaporn Ahriyavraromp said: "We are building the world’s first town that is purposefully designed for healthier living. It is being designed and built by some of the world’s most respected experts as well as leading global institutions to ensure that every aspect promotes a better quality of life."
Forestias will consist of villas and condominiums based around a 4.8ha forest, along with retail and office units, a sports complex, a five-star hotel, a theatre and a "Family Life Centre", which will have "edutainment" facilities. There will also be a 1.6km elevated walkway connecting these elements together.
The development is located some 15km southeast of central Bangkok in the Eastern Corridor that the government is hoping will become the country’s principal economic zone. Work is presently at the foundation building stage, which MQDC says is 90% complete. The first phase is scheduled for completion in 2022.
The expansion in the size of the development means that the scheme is now slightly larger than One Bangkok, a $3.9bn urban quarter being developed by TCC Group, maker of Chang beer and one of Charoen Pokphand’s main domestic rivals. Â
Charoen Pokphand, which is led by Thailand’s richest man, Dhanin Chearavanont, grew from a livestock farming and food processing business.
Image: MQDC’s rendering of the Forestias