On October, Prime Minister Yingluck Shinawatra of Thailand and Premier of the People’s Republic of China, Li Keqiang, recently presided over the signing ceremony for a THB 11.6 billion (US$373 million) Financial Framework Agreement (FFA) to develop a “Landmark Waterfront” project in Bangkok.
Country Group Development PCL (CGD) and the Export-Import Bank of China (China EXIM Bank) signed the FFA for a high-end residential and hotel project located next to the Chao Phraya River.
Following the signing, Beijing Construction Engineering Group, one of China’s top ten international contractors also emerged as the leading candidate to become the project’s main contractor.
Widely recognised as the Thai Crown Property Bureau’s last remaining “golden site” on Bangkok’s riverside, the Landmark Waterfront project will occupying an area of 36 rai (57,600 sqm), and will consist of two premium-branded hotels and a branded residential tower, scheduled for completion in 2017.
The residential tower will be the first luxury, 5-star hotel-managed riverside condominium in Bangkok, featuring 350 residence units with an approximate sales value of THB15 billion (US$480 million).
“Landmark Waterfront will be our flagship property,” said Country Group Development CEO Ben Taechaubo. “This project further solidifies Country Group’s leadership position in the finance and real estate sectors. We are confident that Landmark Waterfront will redefine the ultra-luxury market in Bangkok and more importantly, our development will contribute significantly to Bangkok’s ongoing wider riverfront revitalisation efforts.”