Siam Piwat bets big on Phuket with Iconphuket

Phuket, Thailand — Siam Piwat is set to invest a staggering 10 billion baht in ICONPHUKET, a retail, entertainment, and tourism destination slated to open its doors in 2029. The project, which will serve as the centerpiece of Synthesis Ark Phuket, is a 50-billion-baht mixed-use development by CV Group in Si Sunthon subdistrict. ICONPHUKET, described as a "hybrid retail-attraction and entertainment destination" with 12 attractions, will feature a third of its space devoted to entertainment and attractions, while over 40% will be dedicated to green and outdoor areas.

This marks Siam Piwat's first foray into development beyond Bangkok, a move away from their well-known properties such as Siam Paragon, Siam Center, and Siam Discovery. The company's Chief Executive, Chadatip Chutrakul, emphasized that ICONPHUKET is a first-of-its-kind development for the firm. Situated along Thepkrasattri Road between Phuket International Airport and Phuket Town, Synthesis Ark Phuket is a 491-rai development planned by CV Group.

The masterplan for Synthesis Ark encompasses a wide range of facilities, including housing, offices, hotels, retail, education, wellness, and lifestyle spaces. With construction projected to commence shortly, the development aims to attract 80,000 to 100,000 visitors daily upon completion and generate 50,000 to 80,000 jobs throughout its lifecycle. These figures represent company projections.

To ensure the project resonates with the local community, Siam Piwat has engaged with local communities, government bodies, and business associations. They intend to integrate the cultural identity and products of southern Thailand's 14 provinces into ICONPHUKET. The Nexus, the first district of the project, will feature offices, a hotel, retail, and lifestyle spaces, as well as wellness facilities.

The broader project's first phase is expected to be completed by 2032, with further details regarding ICONPHUKET to be unveiled in due course.