Bangkok luxury property developer eyes $300M project on Thailand’s largest island

Called ICONPHUKET, the development represents the group’s first major commercial expansion beyond the Thai capital, targeting rising demand from international tourists in Southern Thailand, according to a company statement.

It will be the commercial centerpiece of "Synthesis Ark Phuket", a broader 50 billion baht ($1.5 billion) mixed-use smart city development by CV Group of Companies covering more than 80 hectares.

An artist impression of the ICONPHUKET complex in Phuket, Thailand. Photo courtesy of Siam Piwat Group

Site groundwork is underway. ICONPHUKET is scheduled to open in 2029, with the full first phase of Synthesis Ark set to follow in 2032.

The project is envisioned as a "hybrid retail-attraction and entertainment destination, departing from the conventional shopping center model."

Phuket’s hospitality and property sectors have experienced strong demand since the pandemic, supported by direct international flights and continued foreign direct investment in residential and leisure infrastructure, according to The Nation.

Siam Piwat expects the project to attract between 80,000 and 100,000 visitors a day once completed.

The wider Synthesis Ark development will include residential condominiums, luxury villas, commercial office towers, hotels and healthcare facilities. It is expected to create between 50,000 and 80,000 direct and indirect jobs during construction and operations.

Siam Piwat occupies a dominant position in Thailand’s luxury commercial sector. It claims to control more than 70% of the country’s luxury retail space through its flagship Bangkok properties.