Bangkok: A Thai retail conglomerate has begun developing the most expensive tower project in the history of the Thai capital that will also be one of the tallest building in Southeast Asia.
Thai-based TCC and Singapore-listed Frasers Property have invested $4 billion for the project, according to a report released by Frasers.
The project, named One Bangkok, is being billed as a future landmark upon its full completion in 2026. One Bangkok’s Signature Tower will be 430 meters in height and 90 storey.
“One Bangkok will reshape and redefine Bangkok’s urban landscape in a positive and lasting way as the largest private sector property development initiative undertaken in Thailand,” said Panote Sirivadhanabhakdi, CEO Frasers Property Limited.
“We believe One Bangkok is an offering worthy of what Thailand’s capital can deliver on the world stage, and our goal is to see the country become the very epicenter of ASEAN,” he added.
The project will also include five office towers that can accommodate up to 500 companies, according to Frasers.
One Bangkok will be developed on one of the priciest areas of real estate in Thailand. Sitting in the middle of Bangkok, the prime property is owned by Crown Property Bureau.
Crown Property Bureau is owned by Thai King Maha Vajiralongkorn and holds property titles to over 6,500 hectares of land and 40,000 rental contracts across the country, according Business Insider.
The Thai king’s property in Bangkok alone is valued at $33 billion.