Central Retail Corporation (CRC), Bank of Ayudhya, Noble Development, Univentures and Swissotel Nai Lert Park hotel are launching Ploenchit City.
Chart Chirathivat, managing director of CRC's Central Embassy, said the new project would promote the Phloenchit intersection as a shopping landmark.
The five firms will allocate 150 million baht to 200 million baht each to build skywalk connections to each other's properties and to the BTS while improving the landscape.
"The number of shoppers visiting this area will reach 200,000 per day when all projects are completely opened in 2016, up from 50,000 shoppers currently," Mr Chart said.
Ploenchit City, he said, would be different from the Ratchaprasong intersection because it will comprise many kinds of high-end properties including condominiums, hospitality venues and shopping centres.
CRC will join Nai Lert Group to improve the road on Soi Somkid and build a footpath to connect Central Embassy with Swissotel Nai Lert Park.
Landscaping at the five partners' properties will be designed with a single theme, covering 2,000 square metres in front of Central Embassy, a 100-metre project in front of Noble Ploenchit, a 50-metre walkway near Park Ventures The Ecoplex, the area in front of the Bank of Ayudhya branch and Swissotel's 270-metre area close to Soi Somkid and Wireless Road.CRC expects to break even with the 10-billion-baht Central Embassy project within 10 years, while Univentures' Park Ventures will comprise an office building and a new hotel on Wireless Road.
According to a market survey by CRC, new investments in luxury hotel, residential and office buildings in the areas connecting Phloenchit and Wireless roads to Sukhumvit Soi 1 are worth about 100 billion baht so far. They will be gradually completed by 2016.
The number of residential units in the Phloenchit area is expected to increase to 5,000 units by 2016, up from 2,000 units now. New hotels under construction are Central Park Hyatt by CRC and The Okura by Univentures. They will take the number of hotel rooms in the area to 5,000, up from 2,000 now.
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