BANGKOK, 29 May 2024: One Bangkok, a luxury commercial real estate district jointly developed by TCC Assets (Thailand) and Frasers Property Holdings (Thailand) Company Limited, has announced a partnership with Isetan Mitsukoshi Holdings Co Ltd, Japan’s largest department store group.
This strategic collaboration marks a significant advancement for both parties and will shape the future of Bangkok’s retail and office business.
The joint venture revolves around two key elements: developing and operating Thailand’s first Mitsukoshi supermarket and food hall and co-investing in One Bangkok Office Tower 4. The project will attract top-level business people, investors, and tourists, both local and international.
One Bangkok will deliver an acclaimed food destination spanning over 4,600 square metres on basement level 1 of the Parade. Foodies and shoppers can expect a comprehensive range of international and local brands, including high-quality fresh produce, meat, and fish markets from exclusive farmer networks and trusted Japanese producers. On top of the supermarket assortment, the food hall invites shoppers to taste their favourite treats and meals from well-known and never-before-seen Japanese brands, pastry boutiques, cafes, and restaurants. This will bring together fully integrated and superior shopping experiences under ‘The Rhythmic Experience’ concept of the Parade, solidifying One Bangkok Retail as a must-visit destination.
Frasers Property Limited Group Chief Executive Officer Panote Sirivadhanabhakdi commented: “We are pleased to forge a strategic alliance with Isetan Mitsukoshi, a globally renowned company with a 350-year legacy. Their decision to bring a distinctive Japanese culinary experience courtesy of Mitsukoshi to One Bangkok will enhance our mixed retail tenants as a key anchor, giving Thai residents and international visitors an immersive, authentic Japanese tradition and experience. Uniquely, our joint venture goes beyond the enhancement of the retail landscape and extends to co-investment in One Bangkok Office Tower 4, which signifies significant steps towards our vision of creating a new urban core that enhances Bangkok’s business and lifestyle offerings.
The partnership between One Bangkok and Isetan Mitsukoshi Holdings extends to a co-investment in One Bangkok Office Tower 4, underscoring the district’s appeal to global office business, strengthening its ability to attract leading local and international companies with a preference for premium office space, placing high importance on employee well-being, sustainability, and smart technology. This strategic partnership and combined vision of One Bangkok and Isetan Mitsukoshi Holdings promises to reshape Bangkok’s future as an economic hub on the global stage.
About One Bangkok
One Bangkok is a fully integrated commercial district in the heart of Bangkok, with an investment value of over THB120 billion in a total land area of 108 rai.
Located at the corner of Wireless Road and Rama 4 Road with direct linkages to the city’s mass transit systems, One Bangkok comprises workplaces of the future, a new retail loop, luxury residences, five-star hospitality, a world-class LIVE entertainment arena, the presence of art and culture, and vast, welcoming public realm that covers 50 rai of the district.
About Frasers Property Limited
Frasers Property Limited is a developer, owner, and operator of real estate products and services across the property value chain. Listed on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and headquartered in Singapore, the Group had total assets of approximately SGD41 billion as of 31 March 2024.
About TCC Assets (Thailand) Company Limited
TCC Assets (Thailand) Company Limited (TCC Assets), established in 2013, is a property development company with a registered capital of THB30 billion. It is part of the TCC Group.
About Isetan Mitsukoshi Holdings Ltd
Isetan Mitsukoshi Holdings Ltd. is one of Japan’s largest corporate groups among companies engaged in the department store business. It has 20 department stores and approximately 130 small—to medium-sized stores in Japan as well as 25 stores outside Japan under four renowned brands: Mitsukoshi, Isetan, Iwataya, and Marui Imai. Mitsukoshi has a very long history in the retail business, dating back to 1673. It was the first company in Japan to declare itself a department store in 1904.
(SOURCE: One Bangkok).
