05 November 2003
A CITY RESORT HOTEL & LUXURY SERVICED APARTMENTS AT SIAM PARAGON-THE PRIDE OF BANGKOK TO BE DEVELOPED BY RICHEE INTERTRADE SUPPLY/NATURAL PARK/ SIAM SYNTEC CONSTRUCTION
Bangkok, November 5, 2003 — Richee Intertrade Supply Co., Ltd. has recently announced an agreement with Siam Piwat Co. Ltd. to sublease 18 rai of land (7.2 acres), on a 30 year basis, to develop a city resort hotel and luxury serviced apartments connecting to Siam Paragon. The project cost is expected to be over Baht 3,000 million or approximately US$75 million. Richee Intertrade Supply Co., Ltd. is a real estate developer with 75% owned by Natural Park Plc. and 25% by Siam Syntech Construction Plc.
During the past two years, several companies had approached Siam Piwat Co. Ltd. with the prospect of establishing an elegant accommodation site, which will be connected to Siam Paragon-The Pride of Bangkok. It was finally concluded to extend the land sublease to Richee Intertrade Supply Co., Ltd., a subsidiary of Natural Park Plc., to develop this significant project.
Richee Intertrade Supply Co., Ltd. is fully confident that its creation of the exclusive 300-room deluxe 5-star city resort hotel, including 150 units of luxury serviced apartments, will be a spectacular venue. This place of distinction will feature 50,000 square meters on 18 rai of land (7.2 acres), set among beautifully landscaped gardens right in the heart of town, connecting to Siam Paragon-The Pride of Bangkok, the world-class shopping and entertainment complex. With convenient access and spacious parking facilities, the property can also be reached via the rapid Sky Train. The Siam Station features a walkway leading directly into the complex.
A City Resort Hotel & Serviced Apartments at Siam Paragon
The emphasis on the architectural design will be contemporary Thai style. The deluxe hotel and luxury serviced apartments will be lavishly equipped with every convenience and the latest high technology. The aim is to create the first City Resort Hotel right in the heart of Bangkok. It will be an outstanding landmark, set on a prime location enhanced by the beauty of the natural environments with landscaped gardens and cascading waterfalls, with expected completion in 2007.
Richee Intertrade Supply Co., Ltd. is pleased with the opportunity to be closely associated with Siam Piwat Co. Ltd., the famed real estate developer, who has been granted the lease of 70 rai (28 acres) of the most prestigious land in the heart of town, strategically located between Rama I Road and the Pathumwan Intersection. During the past 37 years, Siam Piwat has accomplished the transformation of this particular spot into a vibrant shopping and entertainment area. They successfully operate the trendy Siam Center and Siam Discovery Center, Siam Tower and Siam Parking, together with the upcoming exceptional Siam Paragon, a joint venture with The Mall Group, which will be opened in 2005.
The decision of Natural Park Plc. to enter into this development project was based on their firm belief in three major issues criteria a high quality project, a strategic location, and a business that will generate long-term revenue for the company according to its sustainable growth strategy.
Natural Park Plc. has already launched six leading properties project at the total cost of Baht 6,100 million or US$ 153 million, which includes Natural Park Apartments on Sukhumvit Road 49, Natural Ville Executive Residence on Langsuan Road, The Platinum at the corner of Ploenchit Rd. & Soi Lang Suan, Chedi Hotel in Chiang Mai located on the former British Consular on the banks of the Ping River, Phuket Hotel overlooking the Kata Noi beach. Its latest project will be the distinguished Siam Opera, the first world-class theater on the 5th floor of Siam Paragon.
The development of the city resort hotel and luxury serviced apartments, when combined with the Siam Paragon project, which is a joint venture between Siam Piwat Co. Ltd. and The Mall Group, will result in an estimated total cost of Baht 15,000 million or approximately US$ 375 million. To date, it is the most ambitious project in Thailand and Asia, emphasizing the main concept of “The Pride of Bangkok,” which will enhance the tourism industry and also the
economy of the country. The combination of these two impressive projects, together with the adjacent popular Siam Center, Siam Discovery Center and Siam Office Tower, will be the most sought-after city center location, comprising almost one million square meter set on 70 rai (28 acres) of prestigious land. This remarkable all-round complex will feature quality products for the most elegant lifestyle, trendy fashion, fine dining and lively entertainment. The impact on this whole area will be the symbol of Bangkok’s pinnacle of success.