Five Ploenchit area businessmen recently joined forces in Bangkok to innovate the Ploenchit City landmark in what will be a new central business district of the city. The whole project is expected to be bigger than the Silom area after its completion. Meanwhile, this will need Ploenchit luxury hotel accommodation for all those wanting to see the new landmark.
The Central Embassy Project Managing Director, Mr. Chart Chirathivat, declared that it has joined forces with Noble Development, Unilever Ventures, Bank of Ayudhya and NaiLert Park Hotel for the launching of the project. Gathering in this business district was founded under the name Ploenchit City to intensify the business community in the Ploenchit Road area with the aim of creating a new landmark in Bangkok. Currently, there are five major projects planned as part of this effort with a total value estimated at 50-billion baht.
“Today, 14 projects have already been launched in the Ploenchit district and are valued at over one-billion baht. In the future, if there are those interested to join the Ploenchit City Group, we will enhance the value and attractiveness of the overall project. The partnership plans to establish an association for the Ploenchit area that will be opened to all interested businesses. The area should be bigger than Silom as it is complete with office buildings, hotel rooms, condominiums and retail spaces, which other business centers don’t have, be it in Rajprasong or the Silom area,” Mr. Chart said.
The most important element in the retail business is having high luxury import duties that average around 30%. The partnership is pushing the government to minimize the luxury tax so tourists can fashionably shop in Thailand. With the upcoming elections that is changing Thailand, it may delay such implementation plan. However, there are plans of the group to provide solutions from the government. This will include Ploenchit luxury hotel accommodation for travelers.
With respect to the continuing political issues, which resulted in demonstrations in the main districts, the partnership acknowledges this concern as the effect of recent past events in the businesses of these areas. However, they feel confident that the political leaders of the country will do something to prevent repetition of what happened in the past.