Siam Piwat Invests THB 10 Billion in ICONPHUKET, New Southern Thailand Landmark Set for 2029

Siam Piwat is making its first major expansion beyond Bangkok with a THB 10 billion (approximately US$300 million) investment in “ICONPHUKET,” a new retail, attraction and entertainment destination scheduled to open in Phuket in 2029. The project aims to become a new global landmark for Southern Thailand while connecting the economic, cultural and tourism potential of all 14 southern provinces to international audiences.

For more than six decades, Siam Piwat has been closely associated with some of Bangkok’s best-known commercial destinations. Its portfolio includes developments that have helped shape the Siam district, while the group is also one of the partners behind ICONSIAM on the Chao Phraya River.

ICONPHUKET marks a significant new chapter: taking the company’s destination-development model outside the capital and applying it to one of Thailand’s most internationally recognized tourism markets.

The project is expected to open in 2029.

Why Phuket?

Phuket is already one of Thailand’s most important international tourism destinations, attracting visitors across luxury travel, hospitality, wellness, yachting, lifestyle and long-stay markets.

For Siam Piwat, the island offers an opportunity to create more than another shopping destination. The company intends to use ICONPHUKET as a platform connecting Phuket with the broader economic and cultural potential of Thailand’s 14 southern provinces.

The ambition is to bring together local identity, wisdom, arts, culture and entrepreneurship and present them through contemporary experiences capable of reaching international visitors.

In this sense, ICONPHUKET is being positioned as a “Gateway to the Southern Potential”  using Phuket’s global visibility to encourage travelers to discover more of Southern Thailand.

THB 10 Billion for a New Hybrid Destination

ICONPHUKET represents an investment of THB 10 billion, or around US$300 million, and is being developed under a Hybrid Retail-Attraction & Entertainment Destination concept.

Rather than following the conventional shopping mall model, the project is designed to combine retail, entertainment, attractions, culture and tourism within a single destination.

Approximately one-third of the development is planned for attractions and entertainment, with 12 world class attractions forming a central part of the project.

The strategy reflects a broader transformation in destination retail, where visitors increasingly expect experiences beyond shopping  from entertainment and culture to dining, recreation and immersive attractions.

ICONPHUKET is therefore being designed as a place that can offer different experiences throughout the year rather than functioning primarily as a retail center.

Architecture Inspired by Phuket and Southern Thailand

The architectural concept draws inspiration from the natural landscape of Southern Thailand, including the flowing forms of Phang Nga Bay, Phuket’s coastline, mountains and limestone cliffs, while incorporating elements of local cultural heritage.

The project also places significant emphasis on outdoor environments and green space.

According to Siam Piwat’s plans, more than 40% of ICONPHUKET will be dedicated to green and outdoor areas, creating spaces intended for relaxation, recreation and exercise for visitors and surrounding communities.

This combination of architecture, landscape and entertainment is intended to create a destination that reflects its location rather than simply replicating a Bangkok retail model in Phuket.

Targeting Up to 100,000 Visitors a Day

Once fully operational, Siam Piwat expects ICONPHUKET to attract approximately 80,000 - 100,000 visitors per day from Thailand and overseas.

The scale of that ambition reflects Phuket’s position as an international tourism gateway and the project’s intention to become an attraction in its own right.

Rather than visiting ICONPHUKET only to shop, travelers are expected to come for entertainment, attractions, food, cultural experiences and leisure  potentially extending the amount of time and spending generated by visitors on the island.

Part of the THB 50 Billion Synthesis Ark Phuket

ICONPHUKET will become a major commercial and tourism anchor within the much larger Synthesis Ark Phuket, a mixed-use development by CV Group of Companies in Si Sunthon, Thalang district.

The wider development covers 491 rai and represents a stated investment of more than THB 50 billion. It is envisioned as a “city within a city,” integrating offices, retail, hotels, residences, wellness and other lifestyle components.

Synthesis Ark Phuket is being developed around a 15-minute neighborhood concept, with the aim of placing living, working, learning, wellness, recreation and everyday services within convenient reach.

Its location along Thepkrasattri Road in Si Sunthon, Thalang, provides connectivity between Phuket International Airport and Phuket Town.

The wider masterplan includes residential developments, offices, hotels, serviced residences, educational facilities and health and wellness components, alongside its retail and lifestyle offerings.

The overall Synthesis Ark Phuket masterplan is targeted for completion in 2032, while its NEXUS precinct is expected to open earlier.

Building a New Economy Around Southern Thailand

One of the more distinctive elements of ICONPHUKET is Siam Piwat’s “Co-Creation & Collaboration to Win” approach.

The company plans to collaborate with public and private organizations, business networks and entrepreneurs from across Southern Thailand to bring the identities and strengths of the region’s 14 provinces into the development.

The goal goes beyond showcasing southern products inside a shopping destination.

By introducing visitors to the food, craftsmanship, culture, creativity and destinations of different provinces, ICONPHUKET could serve as a starting point that encourages tourists to travel beyond Phuket.

This forms part of a broader Cluster Economy concept  connecting businesses and destinations across the South so that tourism expenditure and economic opportunities can circulate more widely across the region.

Up to 80,000 Jobs Expected Across the Development

Siam Piwat expects the project to support approximately 50,000 - 80,000 jobs, from the construction period through full operation.

The development is also expected to create opportunities for SMEs, community enterprises and local producers from Southern Thailand to reach both Thai and international consumers through a large-scale destination platform.

For Phuket, the project arrives as the island continues to evolve beyond its traditional beach-tourism identity toward a more diversified economy encompassing luxury hospitality, wellness, long-stay living, international education, retail and lifestyle development.

Siam Piwat Takes Its Destination Strategy Beyond Bangkok

Chadatip Chutrakul, Chief Executive Officer of Siam Piwat, has positioned ICONPHUKET as part of the company’s philosophy of creating destinations capable of competing on an international level.

The strategy is not simply to develop another large project, but to create something distinctive enough to become closely associated with its city  similar to the role the company’s existing destinations have played in Bangkok.

With ICONPHUKET, that ambition is now moving south.

The THB 10 billion development brings together retail, tourism, entertainment, culture and local economic development within the much larger Synthesis Ark Phuket masterplan.

If delivered as planned, its opening in 2029 will mark more than Siam Piwat’s first major move outside Bangkok. It could also become a significant new platform for positioning Phuket and Southern Thailand as an integrated global destination for tourism, lifestyle, wellness and investment.

 

Source : facebook page Siam Paragon