The owners of ICONSIAM will open a 4-billion-baht "Mixed-Use Lifestyle Town" opposite its existing shopping and housing development on the Chao Phraya River in the fourth quarter of this year.
According to Supoj Chaiwatsirikul, managing director of ICS Co, the developer and operator of the new project, customer traffic at Iconsiam is now back to pre-pandemic levels thanks to recovering consumer spending power and rising numbers of foreign travellers.
About 57% of ICONSIAM customers are middle-to-high-income individuals with a monthly salary of 50,000-70,000 baht.
"With better market sentiment, we are scheduled to gradually open our new ICS mixed-use lifestyle complex in the fourth quarter of this year," said Mr Supoj.
In front of the project is Charoen Nakhon Road, with convenience for private cars, buses, or the Gold Line Skytrain at the Charoen Nakhon Station, which connects to other stations.
The project also connects directly to Iconsiam near a bend in the Chao Phraya River, with 99 passenger piers surrounding it.
"This prime location where the project is situated is in an area with a large number of residential units located," said Mr Supoj.
"In the next few years there will be over 50 condominium projects with a total of around 25,000 units being added in this location. In addition, this location is surrounded by 5-star hotels, and the Ministry of Interior is to relocate its administrative centre to the Klong San area, suggesting that it is a growing business district. This has the potential to attract target groups, including working people, business owners, and the general public."
The 29-storey tower on a 5-rai plot of land on Charoen Nakhon Road, with a total service area of 70,000 square metres, is a joint venture between real estate and retail developer Siam Piwat, property developer Magnolia Quality Development Corporation, and agri-business giant Charoen Pokphand Group, who are key investors in Iconsiam.
Caroline Murphy, president of sales and business relations at Siam Piwat Co, said the ICS project comprises three components: retail, hotels, and offices.
The eight-storey retail building will open in the fourth quarter. It will house 200 partnerships in various areas, including supermarkets, beauty, fashion, IT, banking, and healthcare, along with 80 food brands.
The ICS tower will be opened in the first quarter of next year.
Jirathar Woraprangkul, managing director of Icon Hotel Development Co, said good signs of economic recovery and the return of the tourism sector had driven the Mice (Meetings, Incentive Travel, Conventions and Exhibitions) industry to grow significantly. Hotel rooms and services, therefore, will play an important role in supporting this business expansion.
The company has invested 1.3 billion baht to develop its hotel, which is managed by the Hilton Garden Inn chain.
