Construction of the 4.6 billion baht Bangkok Observation Tower will be finished and open to visitors in three years.

Assurance of the completion of the project which is set to be the world’s sixth highest observation tower was given after the director-general of the Treasury Department Mr Pachorn Ananta-Silpa took media representatives to a visit  the site of the planned Bangkok Observation Tower Friday (June 30).

Location of the tower is the secluded purblind 4 rai  plot of land located along the Chao Phraya River on the Thonburi side in Klongsan district.

The plot is a royal property and managed by the Treasury Department. The current market value for the 4 rai plot is 198 million baht and formerly housed the headquarters of the Marine Police Division.

The cabinet only recently agreed to lease it to private enterprises so that the Bangkok Observation Tower project could go ahead.

According to Mr Pachon, the 459 metres high tower will become a new attraction for the capital and will be highest in Thailand and Southeast Asia and the sixth highest in the world.

He said besides affording visitors with a 360-degree vantage from which to view Bangkok, a museum showcasing Thailand’s rich history and its divine and benevolent Kings will also be presented.

Entrance ticket sales alone will be able to generate no less than 1 billion baht in revenues annually and the project will also contribute to employment and income for the local community which is  made up of old settlements such as the Suwan Mosque community whose residents have readily given their approval for the project.

A local Muslim resident said all the residents in the community wanted to see the project go ahead. After the Marine Police left, the plot was left derelict.

She said the Bangkok Observation Tower will change all that.

“Everyone here wants it to be constructed because it will be dedicated to our beloved King Bhumibhol Adulyadej and will tell the history of our monarchy. We wholeheartedly support the project,” she said.

Mr Pachon said the project will be overseen by a special committee to ensure that it is transparent and complies with private-public joint venture law.

He said further that the main aim was to benefit the country’s tourism sector and generate income which will then be used to support public projects. That is why it was decided that the Treasury would select the contractor who will work out all the construction costs.

The 30 year lease alone will contribute to almost 200 million baht in revenues for the state but financing and management cost will be handled by a private entity designated as the Bangkok Observation Tower Foundation.

The  financing will be managed in the form of a foundation where there will be no dividends paid out.

“This is our condition. All income will belong to the foundation and will be used only for community projects and public convenience.”

Iconsiam Group has been selected to handle the project and is made up of 3 main companies which are Siam Piwat Co. Ltd., Magnolia Quality Development Corp. and Charoen Pokphand Group.