Mall owners create Siam Synergy
Oct 6, 2015
Three key Bangkok property owners have teamed to lead Siam Synergy, described as “a historic collaboration to propel Siam district towards becoming Thailand’s key strategic economic and commercial hub and one of the world’s most comprehensive and diverse lifestyle centers”.
One of the partners envisages the precinct becoming as well recognised internationally as Tokyo’s Ginza district.
Siam Synergy is led by three companies: MBK PCL, which operates the MBK Mall, Siam Piwat Co, which operates the three malls Siam Centre, Siam Discovery and Siam Paragon, and the Siam Square Business Group. They’ve signed a Memorandum of Understanding to strengthen their alliance in the district, including the public and private sectors and affiliated agencies, and to push forward various projects to further develop the area, in the heart of Bangkok.
In effect, the parties will create a CBD for Bangkok, something Thais and foreign visitors have never been able to truly define in the sprawling capital city.
As a first step, the leaders of the alliance will work with local authorities to carry out several new developments:
- The improvement and expansion of the Sky Walk connecting the National Stadium Station of the BTS and the Pathumwan Intersection will be improved and expanded to become linked in order to facilitate commuting and connect key tourist attractions within the Siam district. In addition, the Sky Walk will be improved with a new design and serve as an outdoor art exhibition venue, rendering it a hub of creativity and a must-see tourist landmark.
- The improvement of the security within the Siam district: To bolster safety and help commuters within the Siam district, the security standard will be lifted through various programmes such as the exchange of databases for joint surveillance between public and private organisations within in the area to prevent and intercept potential dangers. There will also be the sharing of knowledge on security protocols between the security teams of the major shopping centers in the district, as well as a joint on-site drill for the security teams within the district. A uniform security standard for the entire area will be established and implemented.
- Siam Discovery renovation project by Siam Piwat: With an investment of over 4 billion baht, Siam Piwat is planning a facelift for Siam Discovery to reinforce its position as “the leader of innovation” by breaking all the rules and creating a new chapter in the history of the retail business, following its historic innovation of Siam Center two years ago.
- Area development projects by the Siam Square Group: These will include the Suan Luang Square project, in which the area around Suan Luang and Sam Yan will be developed to serve as a model of a commercial community that retains its unique shop houses despite its more modern and improved appearance. Also included will be the Centenary CU Park and the Centenary CU Street projects, which entail developing the area to maximise the public benefit by adding green areas to serve as ‘new lungs’ for Bangkokians, create pleasant environments for communities, and provide recreational space for the public. In addition, the areas under these projects will also contribute to the urban eco-system by acting as natural water-draining zones that help drain rainwater to prevent flooding and waterlogging.
- MBK Center renovation project: With an investment of over 1 billion baht, the MBK center will be revamped to better accommodate the lifestyle of modern consumers. The overhaul will include both interior and exterior works, with an all-new expanded and improved storefront to create a modern image for the center. In addition, popular restaurants and leading fashion stores will be featured to offer a diverse range of products for visitors.
The group has developed a concept for the precinct: “The Metropolis of Diverse Modernity.”
The signing ceremony was honored with the presence of H.E. Kobkarn Wattanavrangkul, Minister of Tourism and Sports, who presided over the ceremony, who described the alliance as “the beginning of a major collaboration of the Siam Synergy allies… to become a major force in developing the tourism industry by propelling and fostering the continuous growth of this district which is considered the hub of Bangkok that is vital to the economy of the nation”.
From left: Mr. Boonsong Srisawangnet, Vice-president of the “Siam Square Business Group”; Ms. Kobkarn Wattanavrangkul, Minister of Tourism and Sports ; Mr. Suvait Theeravachirakul, Director and President of “MBK PCL”; Ms. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Co., Ltd.
“Entrepreneurs of large, medium, as well as small enterprises, along with public and private agencies, are the powerful force that has, for over 50 years, strengthened and nurtured the Siam district into a commercial hub at the heart of Bangkok. This district has generated tremendous revenues for the tourism industry and has presented an extraordinarily diverse range of products and services that satisfy every need. Today, the chief allies have joined forces under the name Siam Synergy, demonstrating their commitment to enhancing the competitive capacity of our tourism industry and creating an opportunity for growth and strengthening the position of this commercial district as one of the world’s most vibrant shopping, art, and entertainment hubs,” she said.
Representing the Siam Synergy alliance, Suvait Theeravachirakul, director and president of MBK said: “Every entrepreneur of every business type in the Siam District, including public and private sectors, are considered the major force that has fostered the continuous growth that the district is enjoying. This year is an opportune moment for the initiation of a partnership among leading entrepreneurs and public and private sector organisations to unify the area stretching from the Chaloem Phao Junction to the Banthat Thong Junction and the Hua Chang Bridge.”
“The principal objective of this partnership is to strengthen the entrepreneur network and enhance the competitive capacity of the district as Thailand’s key economic and commercial hub.”
Boonsong Srisawangnet, VP of the Siam Square Business Group, said that the district has strong economic and commercial potential and can be considered one of Bangkok’s golden locations, “comparable to major avenues in other countries such as the Ginza in Japan”.
“The Siam district is considered a vital connecting hub of Bangkok, linking various mass transit systems, including Bangkok’s most advanced and modern transportation. As a result, on a daily basis, the Siam district is visited by over 550,000 commuters and tourists, on average, which helps generate revenues and activities within the area.
“The synergy within the district will not only prepare the district for the advent of the AEC but also directly benefit the economic development of the country.”
Chadathip Chutrakul, CEO of Siam Piwat added that one of the most important factors that has continually attracted both local and international travelers to Siam as the center of entertainment and as a lifestyle destination is the fact every enterprise in the area, both public and private, have focused on developing products and services to be in line with new lifestyle needs that continuously evolve together with global trends.