Second Asiatique across the river

Second Asiatique across the river

Retail complex will include condos, hotel

Riverside Masterplan Co, the real estate arm of business tycoon Charoen Sirivadhanabhakdi, plans to develop a second Asiatique the Riverfront project on the Thon Buri bank of the Chao Phraya River.

Spending at Asiatique has exceeded 3 billion baht since it opened in April 2012. Between 30,000 and 40,000 people a day visit there on average, evenly split between foreign and local tourists. ANUSORN SAKSEREE

Mr Charoen bought 22 rai on Charoen Nakhon Road opposite the existing Asiatique, Thailand's first riverside mall, which is located on Charoen Krung Road.

The expansion is projected to be worth 2-3 billion baht.

Dhwat Sommanobhat, Riverside Masterplan's marketing and public relations head, said the second Asiatique is expected to be a high-rise project including a shopping mall, condominiums and a hotel.

The company is conducting a feasibility study, but the project is expected to be completed and commence operations in a few years.

"We want to position Asiatique as a global brand that attracts both local and foreign tourists. We are considering linking the two projects by either ferry boats or cable cars," he said.

Mr Dhwat said the new Asiatique would be different from Siam Piwat's planned shopping mall on Charoen Nakhon Road.

Siam Piwat, the operator of Siam Center and Siam Discovery, joined with Charoen Pokphand Group and Magnolia Quality Development Corporation to develop the new mall, which is expected to be a mixed-use facility with a retail plaza and condos worth a combined 35 billion baht on the west bank of Chao Phraya River, opposite the Mandarin Oriental Hotel.

Mr Dhwat said spending at Asiatique has exceeded 3 billion baht since it opened in April 2012.

Between 30,000 and 40,000 people a day visit there on average, evenly split between foreign and local tourists.

Rent makes up 60% of revenue, with the rest coming from rental space for events and the Ferris wheel, he said.

Asiatique hosts 1,500 shops and 45 restaurants.

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