The site of the former Suan Lum night bazaar in central Bangkok will be transformed into a major new high-rise complex.

TCC Assets and Frasers Centrepoint have revealed plans to jointly develop the 16.7-hectare plot of land in the Thai capital, close to Lumphini Park.

Billed as a “fully integrated city-within-a-city”, One Bangkok will comprise five office towers, five “luxury and lifestyle” hotels, three upmarket residential towers, a series of retail precincts, and spaces for art and culture. Almost half of the total land area will be dedicated to greenery and open spaces.

With a total investment of approximately US$3.5 billion, the first phase of the project is expected to open in 2021. The full project is scheduled to be completed by 2025.

“The fundamental aim in the planning and design of One Bangkok is to enhance Bangkok’s stature as a key gateway city in Asia,” said Charoen Sirivadhanabhakdi, chairman of TCC Group and FCL. “With One Bangkok, I hope to enhance global confidence in Thailand as the epicentre of ASEAN and a key gateway and lifestyle city in Asia, as well as bring prosperity to all associated with the project, whether as tenants, owners, or business partners.”

Panote Sirivadhanabhakdi, group CEO of FCL commented; “No single development of this scale and diversity has ever been undertaken in Thailand. One Bangkok will be a vibrant lifestyle destination that will affirm Bangkok’s position among the most desirable cities in the world to live, do business, and to visit. It will attract top-level local and multinational companies to set up their AEC headquarters in the district as Bangkok’s most prestigious corporate address.”

One Bangkok’s design will also incorporate environmental LEED and WELL standards, whilst also being “sensitive to its social and cultural context, incorporating Thailand’s heritage”, according to the developers.

The land, which is being is leased from Thailand’s Crown Property Bureau, will be directly linked to the city’s light rail networks and elevated expressways. Suan Lum night bazaar was one of Bangkok’s top tourist attractions before it closed in 2011.