Thai conglomerate TCC Group has begun construction of "the largest private sector property development initiative ever undertaken in Thailand" – a commercial complex in Bangkok with an investment value of $3.9bn and a floor area of 1.8 million sq m.
The One Bangkok complex will consist of five office towers, one of which will be among the 10 tallest buildings in Southeast Asia. They are expected to accommodate up to 500 companies employing up to 60,000 people, five hotels, three residential towers containing 1,359 condominiums and a "comprehensive array" of shopping malls.
The quarter, which was masterplanned by US architect Skidmore, Owings & Merrill, will be built on a 16.7ha site in the Rama IV district in the centre of the city on land obtained on a 30-year lease from the Thai crown. It will partially open in 2023, when the construction of the first buildings will be complete.
Charoen Sirivadhanabhakdi, the chairman of TCC Group, said: "The fundamental aim in the planning and design of One Bangkok is to enhance Bangkok’s stature as a key gateway city in Asia."
When the development was first announced in 2017, the company described One Bangkok as a "city-within-a-city" with 8ha of green space.
TCC Group is undertaking the project with Singaporean real estate company Frasers Property, which has a 19.9% stake, and is also owned by the Sirivadhanabhakdi family.
Sirivadhanabhakdi, 75, is the son of a Chinese street vendor. He made his fortune in Thai whiskey, and later beer, having founded the Chang (Elephant) brand. He branched into property development in the 2000s.
Image: TCC Group’s rendering of One Bangkok