Dusit Thani Plc, a leading hotel and property development company, will start work on a landmark mixed-use real estate project in partnership with Central Pattana Plc.
The project in Sala Daeng will feature a hotel, residences, retail areas and offices with a large green space.
The estimated project value is 36.7 billion baht, 60% of which will come from Dusit Thani and the rest from Central Pattana.
Suphajee Suthumpun, Group chief executive of Dusit Thani Plc, said the new project will be built with the aim of combining Thailand's unique heritage with international standards, while fully utilising space in the area to maximise its potential.
The project is intended to become a new Bangkok landmark in the same manner that Dusit Thani Bangkok made history 47 years ago, she said.
"Our goal is to develop a project that benefits both tourists and the general public. This land lies right at the epicentre of the metropolis in the heart of the business and retail district, as well as at the intersection of multiple mass transit systems such as the BTS and the MRT. The area also houses a number of high-end residences. It is also adjacent to Lumpini Park, one of Bangkok's most significant and popular public parks," said Ms Suphajee.
"This is a rare opportunity. Thanks to the reputations and capabilities of both Dusit Thani and Central Pattana, we are determined to create an icon embodying the graciousness of Thai heritage with world-class standards in the heart Bangkok," she said.
Ms Suphajee said they hope the project will exemplify the talents of Thai people and the strengths of Thailand's hospitality business, as well as its real estate and retail industries.
They further seek to make Bangkok a hub for high-end tourism and shopping, thereby enhancing the country's reputation worldwide.
Planning for the project is under way and further details will be announced as soon as they are finalised, likely before the middle of the year, she said.
In a related development, Dusit Thani Plc announced yesterday it had signed an agreement with the Crown Property Bureau to continue leasing the plot of land at the intersection of Silom Road and Rama IV, where Dusit Thani Bangkok was built.
The lease will be extended by 30 years with the right to extend for 30 more.
Built in 1970, Dusit Thani Bangkok is viewed as a symbol of modern Bangkok.
A prominent feature of the city's skyline, it has been marketed as a cornerstone of the city's transformation into a global metropolis during the globalisation era.
Chanin Donavanik, vice-chairman and chairman of the executive committee, said that as a leading hotel in Thailand for almost 48 years, Dusit Thani has dedicated itself to creating a world-class development which will strengthen its image as a renowned Thai brand.