The 50-rai project on Charoen Nakhon Road consists of a two-building shopping centre with total space of 525,000 sq m and a 3,500-seat conference centre. Both require an investment of 28 billion baht.
The project also comprises two condominium buildings of 70 and 40 stories at a cost of 12 billion baht.
Among the project's highlights are the 10-billion-baht Seven World Wonders, which include a Thai historical heritage and wisdom museum and a multimedia show.
The project is slated to be completed in 2017 to celebrate His Majesty the King's 90th birthday and the 70th anniversary of His Majesty's accession to the throne.
Half of the 50-billion-baht investment will be bank loans.
Siam Piwat, the owner and operator of Siam Center, Siam Discovery and Paradise Park, as well as co-owner of Siam Paragon, will own half of the project while Magnolia Quality Development Corporation, a property arm of the CP Group, owns 25% and the CP Group the remaining 25%.
"We invest during an economic slump. We're the trendsetter because we're confident in Thailand. The country's here to stay no matter what .... Foreigners have confidence in us so we must be confident in ourselves," said Siam Piwat CEO Chadatip Chutrakul.
"Every time we have problems, things get better in 3-5 months. This is because this country has something. And this time we want to lead again," she said.