TCC Group, owned by billionaire Charoen Sirivadhanabhakdi, will start constructing a new mixed-use project this year with 71,000 square metres for lease in the first phase on Rama IV Road near the Klong Toey intersection.
Su Lin Soon, chief executive of development for TCC Assets Thailand Co, a TCC Group subsidiary, said the project will comprise two phases. The first phase will have 60,000 sq m of lettable office space and 11,000 sq m lettable for retail purposes.
"We are clearing up the plot in order to start construction of the first phase by the end of the year, which will be completed by 2019," she said yesterday. "The second phase will add offices, retail space, hotels and serviced apartments."
The mixed-use project will be located on a 35-rai plot in the Thep Prathan area owned by the Crown Property Bureau (CPB) leased to TCC Group. It will be the second mixed-use project the group is investing in this year, following One Bangkok.
With an investment of over 120 billion baht -- the largest-ever property investment in the country, One Bangkok will have a total gross floor area of 1.83 million sq m, the country's largest construction area for one project.
It will comprise five Grade A office towers with a total lettable area of 500,000 sq m, five luxury hotels with a combined 1,000 rooms, and three 30-storey luxury residential towers with retail space.
A source in hotel sector said one of the hotels at One Bangkok will be managed by The Ritz-Carlton.
Ms Soon said office spaces at the Thep Prathan site will not compete with those at One Bangkok as the group will develop them in a different grade from the offices at One Bangkok, which will be more premium.
"Early next year we will launch a show unit for leasehold luxury condominiums at One Bangkok," she added.
One Bangkok will be located on a 104-rai plot on the corner of Wireless and Rama IV roads, close to the Lumpini MRT station and opposite Lumpini Park. Owned by the CPB, the plot was formerly used by Suan Lum Night Bazaar and the Pre-Cadet School.
"One Bangkok will become a centre of everything for communities on Rama IV Road. We have designed it to have an open space and green area of 50 rai, almost half of the project's plot to create livability," Ms Soon said at the 2017 IFLA Asia-Pacific Regional Congress held by the Thai Association of Landscape Architects.
On Rama IV Road, TCC Group also has three other property developments including Samyan Mitrtown, a mixed-use project with an investment of 8.5 billion baht being developed by SET-listed Golden Land Property Development Plc, in which the Sirivadhanabhakdi family holds a major share.
N.C.C. Management and Development Co, a TCC Group subsidiary, plans to invest 6 billion baht to renovate and develop an additional construction area of 180,000 sq m at the convention centre.
Opposite the centre, the 5-billion-baht FYI Center is an office building also developed by Golden Land.
TCC Group is also constructing Gateway Bang Sue shopping centre in the Bang Sue area with an investment of 4 billion baht, developed by TCC Land Asset World Co, one of its subsidiaries. Construction was 40% completed and the project will open next year.
