AWC invests 2 billion baht in a "green cable car - MOA Bangkok" across the Chao Phraya River, expected to be completed in 3 years.

AWC unveils mega-project investment plan to revamp both sides of the Chao Phraya River, connecting Asiatique with a large plot of land in Charoen Nakhon. A 2 billion baht project will feature the world's first cable car, free of overhead towers, with four exclusive versions expected to be completed in three years. Additionally, AWC is collaborating with a renowned Australian museum to develop "MONA Bangkok" to attract high-spending tourists, confident in Thailand's potential for growth against global trends.

11 July 2569 – Ms. Wallapa Triprasorus, Chief Executive Officer and Managing Director of Asset World Corp Public Company Limited (AWC). Plans for a new landmark project along the Chao Phraya River have been revealed, comprising a cable car project across the river and the construction of the MONA Bangkok art museum. The total investment in the area will exceed ten billion baht.

This includes investments in Asiatique The Riverfront Destination, with a portfolio value of nearly 8 billion baht, and upcoming additional investments in the "Avatar" project. Adding this to the specific investment budget for the eco-friendly cable car project of over 2 billion baht, and the further 4 billion baht invested in land and infrastructure development on the opposite side of Charoen Nakhon, the total investment in this area exceeds 10 billion baht. These projects will be gradually developed and opened to drive long-term growth.

Regarding investment in the cable car system: AWC aims to build the world's first eco-friendly cable car across a river, utilizing top-standard technology prioritizing safety and energy efficiency. The structure will be designed without supporting pillars in the middle of the Chao Phraya River to minimize environmental impact. It will also achieve a ground clearance of 50 meters, significantly higher than the legally mandated 30-meter height, to avoid obstructing boat traffic. The company is currently comparing prices and selecting top-tier global contractors and management teams, with a decision expected within this year. The entire construction project is projected to take approximately three years.

Ms. Wallapa specify that This cable car project is not just a transportation system across the river, but is designed to be a thrilling experience for users. It's designed as "moving art" with four different themes and features: from conventional gondolas, unprecedented in Bangkok; to platforms where users wear seatbelts and hold onto railings, letting the river breeze blow over them; to chairlifts where passengers sit with their legs dangling, ascending to a height that gives the feeling of floating in the Chao Phraya River without obstructing glass structures; and finally, the ultimate highlight: a "ziplining" system for those seeking adrenaline and speed across the river, requiring the most design space, height, and safety measures.

In terms of retail and commercial development in the area, there is currently approximately 40,000 square meters of retail space available. However, AWC has prepared plans to expand its sales area to 224,000 square meters in the future, gradually opening sections as market readiness and urban planning regulations initially allow for the construction of small waterfront buildings with a floor area not exceeding 10,000 square meters.

Regarding the investment structure of this new mixed-use project and museum. Ms. Wallapa explained that AWC currently owns 100% of its assets, with over 90% of the land being freehold. Although several partners, including executives from MONA, have expressed interest in investing, AWC will initially proceed with 100% self-funding. This is to ensure control over the project development and maintain the highest quality standards as intended. Afterward, the projects will be presented to the board of directors for consideration of development profits, or alternative fundraising structures such as the AWC Growth Fund, REITs, or joint ventures (JVs) will be explored.

Regarding the decision to invest a large sum of money amidst global economic and political volatility, Ms. Wallapa explained that AWC observed significant growth in the high-end and high-spending tourist segment. They noted that these discerning travelers had limited travel options due to the global situation, making Thailand a primary destination.

This is reflected in the number of guests and tourists visiting AWC, especially the more than 20% increase in American tourists and the more than 40% surge in Chinese tourists. Coupled with the government's strong policies to promote the creative economy and soft power, it reinforces confidence that this waterfront mixed-use project, which integrates art and eco-friendly travel, will be a crucial piece of the puzzle that perfectly addresses and supports this growth at the right time.

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