BANGKOK, May 27, 2024 /PRNewswire/ -- One Bangkok, a fully integrated smart and sustainable 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 the first Mitsukoshi supermarket and food hall in Thailand and co-investing in One Bangkok Office Tower 4 solidifying One Bangkok's position as a global destination, which will attract top-level businesspeople, investors, and tourists, both local and international.
One Bangkok and Isetan Mitsukoshi signing ceremony
Aiming at setting a new standard for Bangkok's food and grocery shopping experience, providing indulgent world-class selections for One Bangkok dwellers and all food enthusiasts, a one-of-a-kind "Depachika" concept supermarket and food hall will be located within One Bangkok Retail. The acclaimed food destination will span over 4,600 square meters on basement level 1 of the Parade, offering discerning customers an immersive and tantalising culinary experience. Foodies and shoppers can expect a comprehensive range of international and local brands, including high-quality fresh produce, meat, and fish market from exclusive farmer networks, as well as from 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.
Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property Limited, emphasises the significance of this partnership, stating, "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 an immersive authentic Japanese tradition and experience to Thai residents and international visitors. Uniquely, our joint venture goes beyond the enhancement of retail landscape but extends to co-investment in One Bangkok Office Tower 4 signifying significant steps towards our vision of creating a new urban core that enhances Bangkok's business and lifestyle offerings."
Toshiyuki Hosoya, President and CEO of Isetan Mitsukoshi Holdings Ltd., expressed his excitement for the joint venture with One Bangkok that "As we target customers from around the world, Asia is considered a highly significant region for us. Thailand especially has strong ties with Japan and a large customer base which appreciates the quality of Japanese products and shares the values held by Isetan Mitsukoshi's Department Store and we believe that Bangkok has a high potential to drive the value even further. The One Bangkok project, with its progressive approach in all aspects, including design and sustainability, aligns perfectly with our company's vision and exemplifies the innovative, forward-thinking development we aim to be part of. By bringing our long-established culture and tradition, we are confident that Isetan Mitsukoshi will enrich the One Bangkok project, offering a unique and valuable experience."
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 smart and sustainable district in the heart of Bangkok, with an investment value of over THB 120 billion in total land area of 108 rai. Located at the corner of Wireless Road and Rama 4 Road with direct linkages to the city's burgeoning 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. Well-equipped with Smart City and sustainable infrastructure, One Bangkok is the first LEED for Neighborhood Development Platinum project in Thailand and striving to obtain WELL Building Standard for supporting human health and wellness.
About Frasers Property Limited
Frasers Property Limited ("Frasers Property" and together with its subsidiaries, the "Frasers Property Group" or the "Group"), is a multi-national developer-owner-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 has total assets of approximately S41 billion as at 31 March 2024.
Frasers Property's multi-national businesses operate across five asset classes, namely, residential, retail, commercial and business parks, hospitality, industrial and logistics, residential and retail. The Group has businesses in Southeast Asia, Australia, the EU, the UK and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in over 20 countries and more than 70 cities across Asia, Australia, Europe, the Middle East and Africa.
Frasers Property is also the sponsor of two real estate investment trusts ("REITs") and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties, respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, the Group has two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust, which is focused on commercial properties.
The Group is committed to inspiring experiences and creating places for good for its stakeholders. By acting progressively, producing and consuming responsibly, and focusing on its people, Frasers Property aspires to raise sustainability ideals across its value chain, and build a more resilient business. It is committed to be a net-zero carbon corporation by 2050. Building on its heritage as well as leveraging its knowledge and capabilities, the Group aims to create lasting shared value for its people, the businesses and communities it serves. Frasers Property believes in the diversity of its people and are invested in promoting a progressive, collaborative, and respectful culture.
For more information on Frasers Property, please visit frasersproperty.com or follow us on LinkedIn.
About TCC Assets (Thailand) Company Limited
TCC Assets (Thailand) Company Limited (TCC Assets), established in 2013, is a fully integrated property development company, with a registered capital of 30 billion baht. It is part of the TCC Group, one of the most well-known companies in Thailand. TCC Assets' investment model focuses on creating added value to assets through product and service development. TCC Assets, subsidiary company, and affiliated company focus on the development of residential real estate projects, office building and retail space, along with hotel business and services related to IT.
For more information on TCC Assets, please visit www.tccassets.com
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 with 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 retail business since 1673. It was the first company in Japan to declare itself a department store in 1904.By providing reliable quality and service from our long history, we have earned the trust and confidence from customers not only in Japan, but from around the world. In recent years, through a variety of initiatives, we aim to connect our strengths of brands, customers, human resources, real estate, domestic and overseas stores, and business through the power of IT, stores, and people to create the new era of retail business.
