Mohamed Alabbar, founder and chairman of Emaar Properties and Eagle Hills, has announced plans for a USD 5 billion mixed-use development in Bangkok, the capital of Thailand.
Eagle Hills is the Abu Dhabi-based developer behind the Maldives Waterfront and Marina project in Rasmalé.
According to Property News International, Alabbar said it is possible the project could include the world’s tallest building.
In interviews with Thai media during a recent visit to the country, Alabbar said his company spent four years studying economic opportunities in Bangkok. He said 18 months of discussions with the Thai government were held to reach an agreement on the project.
Eagle Hills will make the first investment in the project. Emaar Properties is set to invest later, at the stage of developing retail businesses and hotels.
Alabbar said the project will be built on leased land of between 32,000 and 48,000 square feet. It will include housing, shops, office buildings and hotels.
He said the work will take between three and five years to complete. The first year will be spent finalising detailed designs and securing permits, and construction is expected to begin within 18 months of the project’s start.
Alabbar said the centrepiece of the project will be a tall tower. He wants to build an unusually tall tower and, if the government permits it and regulations allow, would like to build the world’s tallest building as part of the project.
He said Thai architects will have the opportunity to take part as designers, and that the whole project will be designed to showcase Thailand’s cultural heritage. Thai contractors will also be given opportunities.
Alabbar also said Thai investors will be able to partner with him on the project. He expressed interest in developing a resort on Thailand’s coast, saying he prefers to work through joint venture companies with landowners rather than buying land from them.
