Asset World Corp Public Company Limited or AWC Sign the historic waterfront land lease agreement. “Long 1919” from Wang Lee Company Limited for 64 years with an investment budget of 3,436 million baht to create a “The Integrated Wellness Destination” Managed by The Ritz Carlton Hotel Company Under the concept of “The River Journey”, developed into a landmark waterfront health center internationally. to an important destination for health lovers from around the world
“The Integrated Wellness Destination” of AWC at Lhong 1919
For details of the project are as follows
- It is a project of AWC that is invested through AWC by Riverfront Company Limited (a subsidiary in which AWC directly and indirectly owns 100%).
- such lease agreement as a lease Land and buildings with Wang Lee Company Limited to lease land and buildings located on Chiang Mai Road, Khlong San District, Bangkok. It is currently the location of “Long 1919” is located on the Chao Phraya River opposite Talad Noi. with a total leased area of approximately 8 rai over a period of approximately 64 years
- The total project value is approximately 3,436 million baht, comprising a total rental fee of 1,269.2 million baht and investment in project development of approximately 2,166.8 million baht to develop quality projects that meet new standards for the Thai tourism industry. create a phenomenon “The Integrated Wellness Destination” along the Chao Phraya River is an important destination for health lovers, attracting many health tourists from around the world.
- In this project, AWC will join hands with The Ritz-Carlton as executives.
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Wang Lee Company Limited, the lessor agrees to hand over the leased space within December 31, 2021 and register the lease for 30 years. (starting from 1 January 2026 to 31 December 2055) together with the landlord’s pledge to extend the lease for another 30 years (starting from 1 January 2056). until December 31 in which the lessor agrees to not charge rent for the project development period, which starts from the date the lessor delivers the leased area until December 31, 2025.
- family side Sirivadhanabhakdi I think that the acquisition of the Lhong 1919 area will be linked to other AWC projects located along the Chao Phraya River, in line with the concept of “The River Journey”.
Photo from FB Long1919
Emphasize that the “old buildings” of Lhong 1919 are still preserved as before.
Mr. Wuttichai Wanglee Managing Director of Wang Lee Co., Ltd. said about this cooperation. It is a development of a family landmark property that is the center of family pride. we are confident We are delighted to be joining forces with a close alliance such as AWC to continue to develop this piece of land in a stable and sustainable way. It is very important to be involved as a trusted partner to build this international quality project.
And the important point is that the agreements of these two families agree that Three-storey old wooden building, ancient Chinese architecture in the form of a building in the style of “San He Yuan” with the main building in the middle with two wings in the shape of a U that was built from the beginning of Rattanakosin is still there. Develop the land in the area Parking lots and other surrounding areas
“The signing of the Land and Building Lease Agreement with Wang Lee Co., Ltd. shows the cooperation of AWC and its alliance network in raising the real estate value. which the Wang Lee family Land owners trust in jointly creating long-term value with AWC, developing historic sites to value Thailand as a global health tourism hub. This will be linked to other AWC projects located along the Chao Phraya River, in line with the concept of “The River Journey”, an important waterfront tourism experience in Thailand.” youWanlapa said
