Asset World Corp unveils Yaowarat project
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Asset World Corp unveils Yaowarat project

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An artist's rendition of the Woeng Nakornkasem Yaowarat project being developed by AWC.
An artist's rendition of the Woeng Nakornkasem Yaowarat project being developed by AWC.

SET-listed Asset World Corp (AWC) has unveiled its new Woeng Nakornkasem Yaowarat project, valued at 16.5 billion baht, which took four years to plan, with construction projected to take five years.

AWC wants the project to become one of the world's top tourist destinations.

Wallapa Traisorat, chief executive and president of the company, said the development requires an extended timeline due to the construction of five underground storeys, including three levels of parking and two levels of retail space.

"Upon completion in 2029, the project will feature the largest underground retail space in Thailand," she said.

"It is also our first mixed-use development with the highest investment value to date."

With a gross floor area of 135,000 square metres, the project will feature 40,000-50,000 sq m of retail space and two luxury 10-storey hotels, including an InterContinental with 300 rooms and a Kimpton with 200 rooms.

As the project is situated in Thailand's Chinatown and targets families, AWC is incorporating a Chinese cartoon theme into the development to increase its appeal and draw family-oriented tourists.

"Family tourists are a highly promising segment, as we recorded high booking rates for our two- and three-bedroom hotel suites, particularly among visitors from the Middle East and China," said Mrs Wallapa.

"At Bangkok Marriott Hotel The Surawongse, some even booked those suite types for three consecutive months."

Woeng Nakornkasem Yaowarat is situated on a plot bordered by three major roads: Charoen Krung, Yaowarat and Chakkrawat.

AWC acquired the site in 2021 for 8.26 billion baht from TCC Woeng Nakhon Kasem, a company owned by the Sirivadhanabhakdi family, which previously won the land in a bidding process from the Paribatra family.

The company plans to invest 8.24 billion baht to develop the project, which is set to be completed by 2029, with phase one scheduled to open next year.

As the retail space opened for reservation yesterday alongside the first piling on the site, AWC aims for an annual yield of 5%, which is expected to rise to 8%, 10% and eventually 15% in the future, said Mrs Wallapa.

"As one of our river journey destinations, the project will connect with our Lhong 1919 project and the Oang Ang Canal," she said.

"We are also designing an electric tram in Chinese style to transport tourists through Chinatown."

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