BANGKOK, 28 May 2019: Thailand’s Ministry of Finance, has appointed U City, a public listed company, to develop the former Customs House into an upscale hotel.
The company will invest around THB 3 billion on developing the historic 130-year old building into a luxury riverside hotel.
The property is located in the capital city’s Bang Rak district close to the Mandarin Orientel Hotel.
Due for completion by 2025 the company has a 30-year lease on the land which is owned by the Ministry of Finance through the Treasury Department.
The development contract was signed by U City Public Company Limited (U City), on behalf of a joint venture group led by Amanresorts Services Limited, and Silverlink Resorts Limited.
According to the agreement, the joint venture partners must pay a rental fee to the Treasury Department of THB1.6 billion.
