Riverside Wellness Sanctuary

Riverside Wellness Sanctuary

Asset World Corporation Public Company Limited (AWC), Thailand’s leading integrated lifestyle real estate group, is raising the standard for the Thai tourism industry with its latest acquisition; the long-term lease of Lhong 1919, a historic riverside spot, from Wang Lee Company Limited. AWC will invest Bt3.43 billion developing the site into a luxury resort, which will be managed by The Ritz Carlton Hotel Company, under the River Journey concept. When completed, the prime area will become a world-class riverside wellness sanctuary that will attract health enthusiasts from around the world.

 

Wallapa Traisorat, Chief Executive Officer and President of Asset World Corporation Public Company Limited, said, “The signing of the land and property lease contract with Wang Lee Company Limited demonstrates AWC’s partnership in building a better future together and creating long-term value for the wellness tourism sector. AWC values the trust placed in us by the Wanglee family, in co-creating and developing a historic location to be an integrated wellness destination. Together, AWC’s existing riverside projects will connect along the Chao Phraya River embankment to form the River Journey concept, a truly unique riverfront experience for Thailand.”

 

With a total land size of more than 8 rai (3.1 acres), Lhong 1919 dates back to the reign of King Rama IV (1851 – 1868) and is situated on the banks of the Chao Phraya River opposite Talad Noi.

 

Vuttichai Wanglee, Managing Director of Wang Lee Company Limited, said the partnership to develop the landmark property is the family’s pride. “We trust our partner, AWC, whom we have had a long and close relationship with. The plans to develop the land for the long-term will create value for the local community and by partnering with The Ritz-Carlton, we will create a world-class destination. We are truly pleased to cooperate in this partnership as a trusted partner to develop a world-class, high-quality project.”

 

Wang Lee Company Limited has agreed to deliver the property by 31st December 2021 and register the lease for 30 years from 1st January 2026 to 31st December 2055. Additionally, Wang Lee Company is committed to a lease extension for another 30 years (starting from 1st January 2056 to 31st December 2085). In addition, Wang Lee Company Limited agrees to a rent-free grace period during the project development period which starts from the date the lessor delivers the leased property until 31st December 2025.

 

Source: Asset World Corporation.

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