Five Ploenchit area entrepreneurs recently joined forces in Bangkok to create the Ploenchit City landmark in what will be a new central business district of the city. When the entire project is complete the area will be bigger than the Silom area, the city’s main business district currently.

Mr. Chart Chirathivat, Managing Director of the Central Embassy Project developed by Central Retail Corporation, announced that it has joined forces with the Nai Lert Park Hotel, Bank of Ayudhya, Unilever Ventures and Noble Development to launch this project. Aggregation in this business district was established under the name Ploenchit City to enhance the business community in the Wireless Road-Ploenchit Road area with the goal of making it a new landmark in Bangkok. At present there are five major projects planned as part of this effort and the total value of the projects is estimated to be 50 billion baht.

The projects will gradually roll out starting next year and continue until the year 2016 beginning with the opening of the Univentures project. This project is expected to be completed and opened in 2012 followed by the Central Embassy project opening in 2013 along with the Noble Ploenchit project. By 2016 the Swiss Hotel, Nai Lert Park Hotel and Bank of Ayudhya will have renovated their landscapes with a greener atmosphere echoing the entire area’s commitment to providing as green an environment as possible in conjunction with the creation of this enhanced area for businesses. This is a concept that all five projects will follow.

"Today, fourteen projects have already launched in the Ploenchit district and are valued at over one billion baht. In the future, if there are any projects interested to join the Ploenchit City Group this will only enhance the value and attractiveness of the overall project. The consortium has plans to establish an association for the Ploenchit area that will be open to all area businesses. Because In the future, we believe that Ploenchit City will be a larger business district than Silom because the area is complete with office buildings, 2,000 hotel rooms, 2,000 condominiums and about 700,000 square meters of retail space which other business areas don’t have, whether it is Rajprasong or the Silom area, "said Mr. Chart.

The most pressing factor in regard to retail businesses in the area is the issue of the high luxury import duty which averages still around 30%. The group has plans to continue pushing the government to reduce the luxury tax to attract tourists to fashionable shops in Thailand. Thailand is now facing a changing government with the upcoming elections and this may delay the implementation plan. However, the group will continue to push for a solution from the government.

In regard to the continuing political problems, which resulted in demonstrations in the main business district, the group recognizes that there is a concern because of the effect that recent past events had on businesses in the area but they are confident that the current political leaders in the country are doing everything possible to avoid a repeat of the past.