AWC is Investing in New Assets in Chang Khlan Area, Central of Chiang Mai, as Part of 'Lannatique', Supporting Chiang Mai Towards Becoming a Sustainable Global Tourism Destination

30 April 2024
  • Shareholders have approved for investments in ‘Chiang Mai Night Bazaar’, 'Kalare Night Bazaar’ and 'The Plaza Chiang Mai' assets located strategically at Chang Khlan's area, in the center of Chiang Mai. The total investment value is over THB 11,950 million.
  • As part of ‘Lannatique’, a new destination that blends Lanna art and culture, music, vibrant performances, and a plethora of shops and restaurants, offering happiness and an array of culinary delights, the assets will be developed into hotels under the luxury brands and the first Chiang Mai hotel with a water park, supporting Chiang Mai to become a leading global destination.

Bangkok, 30 April 2024 - Asset World Corp Public Company Limited (AWC), Thailand’s leading integrated lifestyle real estate group, announced significant progress in the development of 'Lannatique,' a high-quality real estate project aimed at establishing a world-class arts, culture, and lifestyle tourism destination in the heart of Chiang Mai, in alignment with AWC's GROWTH-LED Strategy. Shareholders have approved investments in strategically located assets in Chang Khlan area, in the center of Chiang Mai, including ‘Chiang Mai Night Bazaar’, ‘Kalare Night Bazaar' and 'The Plaza Chiang Mai' projects. These investments are set to enhance Chiang Mai as the top destination, with the development of luxury-branded hotels and Chiang Mai's first hotel with a water park. ‘Lannatique’ is designed to be a lively hub that melds Lanna art and culture with an array of entertainment including music and vibrant performances along with a variety of shops and restaurants, offering a spectrum of culinary delights and entertainment. With a total investment exceeding THB 11,950 million, these projects not only catering to various lifestyle needs, but also inspire joy and happiness, enhancing Chiang Mai's position as a global destination for sustainable tourism.

Mrs. Wallapa Traisorat, CEO and President of Asset World Corp Public Company Limited (AWC), stated that " AWC firmly believes in the value of exceptional Thai arts and culture, including the cherished Lanna arts with their longstanding significance. We are delighted to contribute to Chiang Mai as a world-class center for arts and culture through our portfolio of high-quality real estate projects and strengthen Chiang Mai’s position as a world-class center for arts and culture through our high-quality real estate projects. Currently, our operations in the area include three hotels and one retail establishment in Chang Klan area. Our ambitious 'Lannatique' future project is in progress, featuring three additional hotels, including the first Chiang Mai hotel with a water park, a variety of shops, restaurants, and tourist attractions. This initiative is designed to bolster Chiang Mai’s status as an artistic and cultural tourism destination with the concept of integration of all forms of art into the area, bridging values from the past to inspire the future. Through collaborations with over 10 global partners, we create significant tourism highlights for Chiang Mai destination. Our shareholders have endorsed investments in ‘Chiang Mai Night Bazaar’ ‘Kalare Night Bazaar’ ‘The Plaza Chiangmai’ projects, which are integral to the 'Lannatique’. This expansive endeavor will commence the opening of its first phase by the end of 2024, followed by subsequent phases scheduled to be completed within 5 years. It aims to foster the growth of the real estate and tourism industries, promote job creation, and stimulate the local economy to strengthen Chiang Mai's position as a world-class sustainable tourism destination."

AWC has an investment plan for the development of the "Lannatique", emphasizing uniqueness in arts, food, tourist attractions, and entertainment. These are designed to cater to the diverse lifestyles of both local tourists and travelers from around the globe. Our target audience encompasses culture enthusiasts, art aficionados, friend groups, couples, and families of all generations. There are three main concepts of “Lannatique”. Lanna culture and contemporary art, establishing the largest art center showcasing the rich arts and culture of Lanna, Ten Essential Traditional Craftsmanship, contemporary art, international art, digital art, and innovative design to establish a center of inspiration and beauty for art enthusiasts worldwide, encompassing investors and art collectors from across the globe. Integrated various lifestyle and entertainment, develop the largest integrated lifestyle and entertainment destination in the northern region, featuring music, vibrant performances, and abundant fun. This destination will include the region's first water park in hotel and a lifestyle market complete with a food lounge, offering happiness and culinary delights. Sustainable Development is the cornerstone of developing projects aimed at creating value for a better future for all stakeholders, including the environment, community, society, and economy, fostering sustainable growth together.

“AWC is committed to the development of the 'Lannatique', aimed at fostering value and growth for all stakeholders involved, while also extending support to local entrepreneurs in Chiang Mai and the northern region. We are inviting artists, restaurant operators, and store owners distributing products or services related to Lanna art and culture in various fields to join forces in the upcoming 'Lannatique'. This initiative aligns with AWC's commitment to promoting and supporting the integration of all forms of art and shops, infusing happiness and deliciousness into every area within the project. Our goal is to promote and preserve the timeless value and charm of the past, while inspiring modern design for the future. Ultimately, we aim to support a tourism destination that presents valuable art and culture stories to tourists and travelers from all over the world." Mrs. Wallapa concluded.

In addition to the 'Lannatique' in Chiang Mai, AWC has also received shareholders approval for investment in two high-quality real estate projects located in prime areas of Bangkok. This includes investment in the OP Garden project situated in the Bang Rak area, strategically connected to the flagship project, The Plaza Athenee Nobu Hotel and Spa Bangkok, along the Chao Phraya Riverbank to promote waterfront tourism destinations. Operations for this venture are expected to commence around the fourth quarter of 2027. Furthermore, there are hotel projects focusing on wellness-oriented planned for the Sukhumvit 38 area, known as the trendiest lifestyle hub in Bangkok, anticipated to commence operations around the third quarter of 2028. These developments are aligned with the commitment to supporting Thailand as a sustainable global tourism destination, reflecting AWC's sustainable business practices under the commitment of ‘Building a Better Future’.