The Company will construct a new building and transform the property into a luxury hotel with a total area of approximately 15,900 sq.m.
Bangkok, Thailand – Thailand’s Ministry of Finance and U City Public Company Limited have signed the contract to develop a state property known as “Rong Phasi Roi Chak Sam” after settling the agreement. Moving forward, U City PLC. announced its readiness to invest THB 3bn on developing this historical landmark into a luxury riverside hotel establishment with an aim to woo more upscale travelers while adding value for tourism in the local communities of Bang Rak District. This hotel is expected to open in 2025.
The development contract was signed by Mr. Kavin Kanjanapas, Director of U City Public Company Limited (U City), on behalf of a joint venture with Amanresorts Services Limited, and Silverlink Resorts Limited, and Ms. Amornrat Klamplob, State Property Development Advisor, the Treasury Department, Ministry of Finance.
The contracts cover a 30 years of the lease agreement on the State Property including all buildings within the compound of “Rong Phasi Roi Chak Sam”. According to the agreement, the joint venture is obligated to pay the rental fee to the Treasury Department at THB 1.6bn in total. U City will lead the development of the project, which involves the restoration of the heritage customs house buildings and construction of a new building, to transform the property into an upscale hotel.
Ms. Piyaporn Phanachet, Chief Executive Officer of U City Public Company Limited, unveiled the plan for the area of “Rong Phasi Roi Chak Sam” that the Company focuses on a development concept that aims to preserve the legacy of the 130-year-old historic building and reflects the charm of its traditional architecture.
The Company will construct a new building and transform the property into a luxury hotel with a total area of approximately 15,900 sq.m.
The new hotel will offer comprehensive facilities, which include a function room, meeting rooms, and restaurants. The project is aimed at enhancing the tourism business along the banks of Chao Phraya River and Bang Rak District with the total expected construction cost at approximately THB 3bn with business operation slated to begin in 2025.
The area of Rong Phasi Roi Chak Sam comprises heritage buildings dating back to 1888. The neoclassical building, which once served as a customs house, is 3 stories high with a 4-story high central hallway. The old customs house building had been recognized as a trade landmark on the banks of the Chao Phraya River for a century. The long-standing building has been telling countless stories not only the arts of architecture but the trade history of Siam and diverse communities in the area of Bang Rak District. In 1959, the area of Rong Phasi Roi Chak Sam was transformed into Bang Rak Fire Station which had been operated for 60 years before the station moved out to the new location.
Following the contract signing, U City will cooperate with archaeological experts and the Fine Arts Department to start on the excavation as well as recording the archaeological remains. It is expected that the excavation process, together with the restoration and the construction of the new building, will take approximately six years before the hotel operation starts.
“U City recognises the importance of the historical and cultural value which are inherited with Rong Phasi Roi Chak Sam. The Company is ready to start the restoration works and develop the prestige site through the concept that blends conservation with the dimension of contemporary and cultural dynamics, we aim to bring this historic building to life again and promote the value-added on tourism for local communities around the area,” said Ms. Piyaporn.
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