Property developer MQDC, owned by the youngest daughter of Dhanin Chearavanont, plans to develop a mixed-use project in the On Nut area to make upper Sukhumvit locations an appealing innovative hub following the development of Cloud 11.
Onza Janyaprasert, senior vice-president of project development, said the company's new project near the On Nut skytrain station follows the development of Cloud 11, a mixed-use project near Punnawithi skytrain station.
"We are planning the On Nut project," he said. "We aim to develop locations stretching from On Nut to Bang Na as an innovative district. It will be the largest innovation hub in Southeast Asia."
From On Nut skytrain station to the Bang Na intersection, the company will have three mixed-use projects. The first was True Digital Park on Sukhumvit Soi 101/1, which opened in 2019.
The second will be Cloud 11, valued at 40 billion baht, which will open by the end of 2024 and the third will be in the On Nut area.
Cloud 11, which is under construction, is located on a 27-rai plot opposite True Digital Park.
The plot is leased from TCP Group, the manufacturer and distributor of Krating Daeng energy drink, over a 34-year period, said Mr Onza.
With a gross floor area of 254,000 square metres, Cloud 11 will have a net lettable area of 50,000 sq m for retail and 60,000 sq m for office space.
The office area, with an average monthly rent of 850 baht per sq m, will open 24/7 to satisfy a new generation of tenants.
"Target tenants will be creators who are the drivers and future of the entertainment industry," he said. "We will build an ecosystem for content creation at Cloud 11 and we believe Web3 or 3D internet is coming."
Cloud 11 will be the second project, following the Forestias, to be merged with MQDC's metaverse known as Idyllias.
As well as the office and retail space, there will be two hotels. One will have 250 rooms and has been designed as a four-star smart hotel serviced by robots.
The other will be a five-star lifestyle hotel with 252 rooms. Both will be managed by an international hotel chain which has expanded into Thailand for the first time.
With four high-rise towers, Cloud 11 will also have spaces for educational purposes, a concert hall, a black box theatre and a rooftop park which will become Bangkok's largest on its completion.
