3,436 Million Baht will be invested to build “The Integrated Wellness Destination” by The Ritz-Carlton under the River Journey concept, aiming to be a landmark of world-class urban sanctuary and wellness.
Asset World Corp Public Company Limited or AWC raises the standard for the Thai tourism industry by signing a lease to rent Lhong 1919, the historic riverside spot, from Wang Lee Company Limited for more than 64 years. More than 3,436 Million Baht will be invested to build a luxury wellness resort, which will be managed by The Ritz Carlton Hotel Company under the River Journey concept, aiming to be a world-class riverside urban sanctuary and wellness that will attract health enthusiasts from all over the world.
Mrs. Wallapa Traisorat, CEO and President of Asset World Corp Public Company Limited or AWC, Thailand’s leading integrated lifestyle real estate group, reveals that, on 22 November 2021 AWC by the Riverfront Company Limited (a wholly-owned subsidiary of AWC) signed a land and property lease contract with Wang Lee Company Limited to rent land and property located on Chiang Mai Road, Khlong San, Bangkok, now the location of Lhong 1919 for approximately 64 years. The total land size of more than 8 rais is situated by the Chao Phraya River opposite to Talad Noi. The total investment value of this transaction is approximately 3,436 Million Baht consisting of a total rental fee of 1,269.2 Million Baht and investment in project development approximately 2,166.8 Million Baht to develop a new high-quality project for Thailand’s tourism sector by building a riverside wellness resort that is promised to become a destination for health and wellness travelers from around the globe.
“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 wellness tourism industry. AWC really appreciate the trust given by The Wanglee family, in co-creating value and developing a historic location to be the integrated wellness destination connecting to other AWC projects situated by the Chao Phraya River under the River Journey concept that will create unique riverfront experience for Thailand”, states Mrs. Wallapa.
Mr.Vuttichai Wanglee, Managing Director of Wang Lee Company Limited states that this co-operation is the development of the family’s landmark property, the family’s pride. We trust our partner, AWC, whom we have had a long and close relationship with, to develop the land for long-term value with the global partner, The Ritz-Carlton, joining hands to 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, the lessor, agrees to deliver the leased property within 31 December 2021 and register the lease for 30 years (starting from 1 January 2026 to 31 December 2055). Additionally, the lessor is committed to a lease extension for another 30 years (starting from 1 January 2056 to 31 December 2085). The lessor agrees to a rent-free grace period during the project development period which starts from the date the lessor delivers the leased property until 31 December 2025.