A consortium owned by whisky tycoon Charoen Sirivadhanabhakdi has been awarded a lease to develop a highly sought-after central Bangkok location, site of the former pre-cadet school on the corner of Rama IV and Wireless roads, into a new city landmark.
The location was also the site of the former Suan Lum Night Bazaar, which closed in early 2011.
Of 21 candidates qualifying for the bidding, the consortium comprising Univentures Plc and TCC Assets (Thailand) has been awarded the lease by the Crown Property Bureau (CPB).
The successful proposal includes a comprehensive development plan for the 90-rai site.
The lease agreement, signed yesterday by both parties, is for 30 years, with an option to renew for an additional 30 years. Value of the deal was not disclosed.
The project will consist of a cultural venue, hotels, residences, commercial offices, a low-rise retail and entertainment complex, and education or medical facilities on 62 rai of the land.
Open areas, infrastructure, green spaces and public event areas will cover the rest. The development is expected to be a multibillion-baht project, although no exact figures were given.
A CPB source said the agency had carefully considered proposals for a mixed-use complex at the intersection for almost a year.