SET-listed developer Frasers Property (Thailand) Plc (FPT) is renovating the former Silom Center building to become a new sandbox community in the central business district, named Silom Edge, with an investment of 1.8 billion baht.
The company's country chief executive, Thanapol Sirithanachai, said the development of a new office building to attract tenants and users is not only about design but also the concept as new trends are redefining office spaces.
"Trends including work-life blend, flexible working, the post Covid-19, cashless society and work collaboration have led to a rethinking of office spaces," he said. "We are revitalising the building with a sandbox community concept."
With this unconventional concept, Silom Edge will be a place that provides opportunities for experimentation of new innovations. It will offer flexible workspaces in the heart of Bangkok, catering to tenants who are digital natives, startups, online entrepreneurs and gig workers.
As FPT's first redevelopment project, Silom Edge will capture a wider segment of tenants and customers and aim to appeal to digital entrepreneurs and startups.
It aims to change Silom Road from the Wall Street of Thailand to Silicon Valley.
Frasers Property (Thailand) CEO Thanapol Sirithanachai.
"With Covid-19, there has been an acceleration in the growth of online businesses looking to expand their customer touchpoints and offer an omnichannel experience," said Mr Thanapol.
To meet the needs of the new generation, Silom Edge will also take on the concept theme -- "be different. be connected". It will offer spaces and lease contracts as a service and will create a sandbox platform to unleash the maximum potential.
"Samyan Mitrtown, which is our recent mixed-use development, proves that 24-hour working and studying is real," Mr Thanapol said. "We will offer extended operation hours for digitalisation life at Silom Edge."
The facilities will be also ready for a new business model for retailers -- O2O2O or online-to-offline-to-online.
With the be-connected concept, Silom Edge will promote people to conquer work-life integration. Its location on the corner of Silom Road and Rama IV Road in close proximity to Sala Daeng BTS station and Silom MRT station is extremely convenient.
The project will also open to cryptocurrency and cashless society and redefine endless business opportunities.
An artist's impression of Silom Edge which will offer spaces and lease contracts as a service and will create a sandbox platform to unleash the maximum potential.
Silom Edge will have a total construction area of 50,000 square metres and a net lettable area of 22,000 sq m which will comprise 12,000 sq m of office space and 10,000 sq m of retail space with 300 car parking spaces.
The 24-storey tower will be located on a 2.065-rai plot leased from the Crown Property Bureau for 30 years. Construction progress has reached the 65% stage and is scheduled for completion in September 2022.
"We saw a great opportunity to redevelop the property on the prime corner of Silom Road," he said. "Silom is undeniably one of Thailand's most important business districts where leading companies are located."
Mr Thanapol said FPT made a strategic decision to acquire and transform an existing property in the area into a mixed-use complex.
Aligning with FPT's sustainable growth strategy, the project is set to enhance the portfolio through diversification and recurring income generation. The revenue is expected to be recognised in the last quarter of next year.
The facilities will be also ready for a new business model for retailers --O2O2O or online-to-offline-to-online.