Thailand’s largest integrated district, the $3.5-billion One Bangkok, broke ground at dawn Thursday, marking the start of a project that is set to transform Bangkok’s city-center.

The project, undertaken by TCC Assets Company Limited and Frasers Property Limited, has received Environmental Impact Assessment (EIA) approval, enabling the US$3.5 billion (THB120 billion) development to begin, according to a statement from the developer.

“Our ambition is to transform the Bangkok city center, creating a world-class district capable of attracting top-level multinational companies and a must-visit lifestyle destination for tourists and locals. This will enhance global confidence in Thailand as the epicenter of ASEAN, and a key gateway to Asia,”

“As a group, we are honoured to have been entrusted by the Crown Property Bureau to turn this important plot of land into a landmark development, and we are committed to ensuring that One Bangkok will be exceptional not only for its scale but also for its significance to Bangkok and Thailand,” said Panote Sirivadhanabhakdi, Group CEO of Frasers Property, during the dawn ceremony.

The joint venture between TCC Assets and Frasers Property will cover 16.7 hectares in prime central Bangkok. This is the largest private sector property development initiative ever undertaken in Thailand.

The project comprises five premium Grade A office towers built to LEED and WELL standards; five luxury and lifestyle hotels; three ultra-luxury residential towers; four distinctive retail zones; and a cultural hub and performance center.

Located at the corner of Wireless Road and Rama IV Road, adjacent to Lumphini Park, it will feature unsurpassed accessibility through direct connections to the city’s mass transit systems and easy access to the expressway network.

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Additionally, 80,000 sq. m. will create green areas and open spaces, including 40-meter wide landscaped green promenades along both Wireless Road and Rama IV Road, as well as a 10,000 square meter landscaped civic plaza at the heart of the district, forming a new urban center for social life.

The first component of One Bangkok is expected to open in 2022.