Thai national landmark ‘ICONSIAM’ marks first anniversary as game-changer destination, revitalising Bangkok’s riverfront and Thonburi district

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Thailand’s new riverside landmark destination, ICONSIAM, today, marked its first anniversary with national and commercial leaders who lauded the destination for creating a new axis of development along the Chao Phraya River that passes through Bangkok and for revitalizing the city’s Thonburi district.

Mrs. Chadatip Chutrakul, Director, ICONSIAM Co., Ltd. and Chief Executive Officer of ICONSIAM joint-venture partner Siam Piwat Co., Ltd., said, “ICONSIAM is a game-changing destination that has successfully turned the Chao Phraya River and the Thonburi side of the city into one of Bangkok’s business and tourism hubs, spreading prosperity to surrounding communities and businesses while becoming a key factor behind the rapid rise of Thonburi as a metropolis.”

Covering 750,000 square metres of floor space, ICONSIAM brings together, in a single, stunningly designed, riverside destination, vast and varied artistic and cultural offerings, an endless roster of activities, entertainment, restaurants, luxury residences, as well as extraordinary shopping possibilities that combine the best of the world with the best of Thailand.

“ICONSIAM is living testament to the power of collaboration between retailers, architects, designers, artists, artisans, community leaders, riverside businesses, the travel and tourism sector, and government agencies. It has resulted in the birth of a new national landmark that is the largest private sector property development project ever to open in Thailand, and a place that gives one more reason for visitors to Thailand to fall in love with our country,” she said.

The US$1.7 billion landmark is among the world’s most-awarded destinations, receiving prizes from prestigious international bodies, including the ‘World’s Best Design’ award from the World Retail Congress, and the top prize for ‘Best New Development’ from the International Council of Shopping Centers (ICSC) Asia Pacific awards programme, in October 2019. The ICSC also awarded ICONSIAM its top prizes for contributions to supporting small and medium sized enterprises through a new business model, as well as for best marketing and public relations.

Mrs. Chutrakul said, “ICONSIAM is contributing significantly to the strengthening of the Thai economy, creating over 300,000 jobs and attracting more than US$ 165 million in additional foreign investment from tenants for the development of their stores. The first Apple Store in Thailand is located at ICONSIAM, many international brands opened their first stores in Thailand, and multiple luxury brands established flagship stores at the destination.”

She said that, “Many stores at ICONSIAM report they are registering their second highest sales in a Thailand store, after their Siam Paragon outlets.”

Mrs. Aliwassa Pathnadabutr, Managing Director of CBRE Thailand, said, “This had always been a quiet district, off the radar of real estate developers. Now it’s become a golden area. ICONSIAM is a catalyst development that has sparked tourism, investment, and property development on the Thonburi side of the river. During the past five years, the value of land along Charoen Nakhon Road and its vicinity have, on average, doubled in value.”

“In the residential market, there were 12 new condominiums with 6,509 units in 2018, and 8 new condominiums with 5,538 units in 2019. Condominiums located in the vicinity of ICONSIAM on Charoen Nakhon Road and Klongsan Road have sold well,” she said.

Ms. Supawan Tanomkieatipume, President of the Thai Hotels Association, said, “ICONSIAM’s activities along the Chao Phraya River create new experiences for visitors to Bangkok, in the way the London Eye does in London, and the Botanic Gardens and the Marina Bay Sands does for Singapore. It has become a tourism magnet that attracts visitors from around Thailand and the world, stimulating the tourism sector and contributing to supporting the business of hotels.  We’ve seen occupancy rates of 5-star hotels along the Chao Phraya River increase to around 85-90%.”

Commander Prinya Rakwathin, President of the Association of Chao Phraya River Commerce and Business, said, “Economic benefits have spread to many businesses, well beyond ICONSIAM.  Business along the Chao Phraya River in Klongsan district and the surrounding Charoen Nakorn areas have immediately reaped benefits. Shops, restaurants and hotels are seeing a rise in traffic and sales with the Chao Phraya business community reporting an average 20% growth. Travel on the Chao Phraya River has also increased by 10-15%, and there are 10,000 more passengers on express boats per day.”

Mrs. Chutrakul said that, next month, ICONSIAM will open on its 7th floor the first modern conferencing complex on the Chao Phraya River that will also be Thailand’s technologically most advanced, helping to “further reinforce Bangkok’s position as a premier MICE (Meetings, Incentives, Conventions & Exhibitions) hub.”