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

Bangkok-based luxury property developer CV Group of Companies is planning a $300 million development project on Thailand's largest island, Phuket. The project, named ICONPHUKET, represents the company's first major commercial expansion beyond the Thai capital and will serve as the commercial centerpiece of a broader 50 billion baht ($1.5 billion) mixed-use smart city development called Synthesis Ark Phuket.

Site preparation for ICONPHUKET is already underway, with the project slated to open in 2029, followed by the completion of the first phase of Synthesis Ark in 2032.

ICONPHUKET is envisioned as a hybrid retail-attraction and entertainment destination, deviating from the traditional shopping center model. The project is expected to attract between 80,000 to 100,000 visitors daily once completed. According to The Nation, Phuket's hospitality and property sectors have witnessed strong demand since the pandemic, driven by direct international flights and ongoing foreign direct investment in residential and leisure infrastructure.

Siam Piwat, a prominent player in Thailand's luxury commercial sector, expects the project to generate between 50,000 and 80,000 direct and indirect jobs during construction and operations. The broader Synthesis Ark development, which includes residential condominiums, luxury villas, commercial office towers, hotels, and healthcare facilities, is expected to create a significant number of job opportunities.

Siam Piwat, which holds over 70% of Thailand's luxury retail space, aims to capitalize on the growing demand for luxury properties in Southern Thailand.