Siam Piwat’s ICONSIAM Model: a city-building game changer driving economic value and elevating Bangkok into a global destination

Siam Piwat’s definition of success extends far beyond creating business phenomena or achieving the company’s own sustainable growth. As a true “Game Changer” in Thailand’s real estate development industry, Siam Piwat has reshaped the economic landscape around its landmark properties, fostering sustainable growth together with surrounding communities. ICONSIAM stands as a benchmark, demonstrating how transformative success can be achieved.

Even amid signs of economic slowdown, ICONSIAM continues to deliver strong performance, while also boosting the economic value of numerous businesses along the Thonburi side of the Chao Phraya River. This resilience reflects decades of experience, sharp business foresight, and an unparalleled ability to capture opportunities and anticipate future trends.

Siam Piwat – A True Game Changer that Thrives Beyond Every Crisis

Throughout its 67-year journey, Siam Piwat has stood out for its unwavering commitment to innovation and boldness in creating new possibilities. More than building shopping destinations, the company has created a global stage – a “platform of opportunities” connecting businesses, people, communities, and the world under the philosophy of the “Siam Piwat Way.”

Since opening Thailand’s first shopping center, Siam Center, Siam Piwat has pioneered and elevated the nation’s commercial real estate landscape. It laid the foundation for modern retail and empowered Thai entrepreneurs to launch and scale within the fashion industry. This bold spirit led to one of the country’s first mixed-use complexes, combining Siam Tower office building with the Intercontinental Hotel – successfully attracting global hospitality investments to Thailand.

Building on this momentum, Siam Paragon emerged as a world-class destination, magnetizing luxury brands and firmly positioning Thailand as an international hub for investment and tourism. Meanwhile, Siam Discovery was transformed into Thailand’s first Hybrid Retail concept. Together, these milestones exemplify the company’s Game Changer spirit – transforming Thailand’s retail landscape and elevating the country’s global image to unprecedented heights.

ICONSIAM: A Game-Changing Urban Development Model Driving Economic Growth on the Thonburi Side

Recognized as a “benchmark for fully integrated project development,” ICONSIAM is far more than a shopping center and represents a transformative Urban Development Model that has reshaped the Thonburi side of Bangkok. Driven by a bold vision to develop the city and a real estate ecosystem capable of supporting modern tourism and economic growth, ICONSIAM has elevated the area’s appeal and significantly increased its value.

Siam Piwat engaged extensively with 13 riverside communities along the Chao Phraya River, local entrepreneurs, and riverside businesses to ensure the project was built on co-creation and shared value, benefitting people, communities, partners, and society alike. One of the core objectives was to instill pride among Thonburi residents as the project stands on their land, anchored in the belief that great cities must be built with the participation of the people who live there.

Over its seven years of operation, ICONSIAM has welcomed more than 115 million visitors worldwide and achieved an average annual revenue growth of 24.2%, even amid signs of economic recession. The project has generated over 400,000 jobs, with its positive impact extending far beyond its own footprint to tangibly strengthen the surrounding economy. As a world-class tourism magnet, ICONSIAM has elevated Thailand’s global image, earning recognition from CNN as one of the world’s top three New Year’s Eve countdown destinations.

This success has catalyzed exponential economic growth across the area. The appraised land value around ICONSIAM has surged from THB 250,000 per square wah to THB 700,000, with projections to reach THB 1 million per square wah. It has also spurred more than 60 new real estate projects within just one square kilometer of the development.

Other sectors have also grown markedly, especially riverside businesses along the Chao Phraya River, which saw a 40% growth, and river-based tourism, with hotels in the vicinity enjoying boosted performance. . Average room rates have risen by 50%, with occupancy rates exceeding 85%, as ICONSIAM and its steady stream of visitors drive demand.

At the community level, ICONSIAM’s impact goes beyond commerce: it is a “city” where people feel they belong, thanks to its guiding principles of Co-Creation and Shared Value. As a result, 3,500 households in 13 surrounding communities have seen higher incomes from trade and tourism, while also enjoying improvements in their quality of life – such as canal cleaning and maintenance across seven waterways surrounding the project.

All these outcomes demonstrate that ICONSIAM’s success lies not only in its own business growth, but also in uplifting the entire area’s economy and sustainably enhancing the quality of life for surrounding communities.

Limitless Potential: Global Partners Continue to Invest in ICONSIAM

Global partners’ confidence in ICONSIAM’s limitless potential is reflected in their commitment to opening new stores and expanding existing footprints, further affirming the project’s role as a game-changing force in Thailand’s economy and a global hub for retail and real estate.

Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, stated: “Despite Thailand’s challenging economy, leading brands are still keen to invest and request more space within our properties. What drives their confidence to take part in this historic investment is exceptional sales performance. Sales of luxury brands at Siam Piwat’s shopping centers have consistently ranked in the top 5 or top 10 globally, and combined sales at ICONSIAM and Siam Paragon account for 75% of Thailand’s total luxury retail revenue.”

This momentum underpins a landmark expansion plan in the second half of 2025, featuring over 52 brands, including luxury labels and leading Thai enterprises that are launching or expanding their stores at ICONSIAM with a combined investment of THB 1.5 billion. This expansion is poised to drive performance over the next two years.

Highlights include:

- Hermès transforming into Thailand’s first two-story flagship duplex, adding 500 sq m of space

- Prada expanding into its first duplex store in Thailand

- Loro Piana, after its debut at Siam Paragon, opening its largest store in Thailand at ICONSIAM

- Fendi unveiling a New Concept in the Region – its latest global concept and first in Asia – with a custom-designed façade unique to ICONSIAM

- Gentle Monster and Tamburins launching large-format stores of 1,000 sq m each in December

This unprecedented expansion demonstrates ICONSIAM’s evolution beyond setting global standards. It continues to serve as a Global Attraction, drawing record-breaking investments and standing as a prototype for international developers.

In recognition of its influence, ICONSIAM has been named a finalist at the 2025 MAPIC Awards for “Most Influential Retail Property Project of the Past 30 Years” – the only project from Thailand and one of just two from Asia – competing against global icons such as Dubai Mall (UAE), Battersea Power Station (UK), and Marina Bay Sands (Singapore). This follows its 2019 victory at the MAPIC Awards as Best Shopping Center in the World.

Siam Piwat’s journey proves that “vision, courage, and faith” can turn dreams into reality. Each project not only drives the company’s success but also generates positive outcomes for society, communities, and the nation as a whole, with ICONSIAM serving as the epitome of a true “Game Changer” that does not merely power Thailand’s economy but also places the country firmly in the global spotlight to “Win the World for Thailand.”