A consortium comprising major property developer Univentures and TCC Assets (Thailand), both majority owned by the Sirivadhanabhakdi family, has been awarded the lease of one of the most sought-after sites in central Bangkok.
The Crown Property Bureau (CPB) has selected the group to develop the former Pre-Cadet School site covering about 90 rai on the corner of Rama 4 and Witthayu roads. The lease is for 30 years with a clause to extend it for another 30 years, the consortium said in a statement.
The agreement was signed on Thursday.
The group plans to build a culture centre, hotels, residences, office buildings, a low-rise retail outlet and an entertainment complex. The construction will cover about 60 rai with the rest to be developed as green space and open areas for organised events.
"We have full confidence in our potential to create a development masterpiece that perfectly combines business objectives with social responsibilities and serves as the city's new landmark in a prime location of central Bangkok," Panot Sirivadhanabhakdi, chairman of the board of executive directors of Univentures, said in the statement.
The bidding called by the CPB drew interest from 21 firms or groups.
The Pre-Cadet School has been moved to Nakhon Nayok province.