Siam Piwat to build ICONPHUKET retail project on Phuket as part of $1.5 billion smart city

Thai luxury retail giant Siam Piwat is developing ICONPHUKET, a hybrid retail and entertainment destination on Phuket island. The project is the commercial anchor of the broader 50 billion baht ($1.5 billion) Synthesis Ark Phuket smart city development by CV Group of Companies, with opening set for

Thai luxury retail developer Siam Piwat has announced ICONPHUKET, a large-scale commercial project on Phuket, Thailand’s largest island. The development represents the group’s first major commercial expansion beyond the Thai capital, targeting rising demand from international tourists in Southern Thailand, according to a company statement.

ICONPHUKET will be the commercial centrepiece of “Synthesis Ark Phuket”, a broader 50 billion baht (S$1.5 billion) mixed-use smart city development by CV Group of Companies covering more than 80 hectares. Site groundwork is underway, and ICONPHUKET is scheduled to open in 2029, with the full first phase of Synthesis Ark set to follow in 2032.

The project is envisioned as a “hybrid retail-attraction and entertainment destination, departing from the conventional shopping centre model.” Siam Piwat expects it to attract between 80,000 and 100,000 visitors a day once completed.

Phuket’s hospitality and property sectors have experienced strong demand since the pandemic, supported by direct international flights and continued foreign direct investment in residential and leisure infrastructure, according to The Nation. The wider Synthesis Ark development will include residential condominiums, luxury villas, commercial office towers, hotels and healthcare facilities. It is expected to create between 50,000 and 80,000 direct and indirect jobs during construction and operations.

Siam Piwat occupies a dominant position in Thailand’s luxury commercial sector. It claims to control more than 70 per cent of the country’s luxury retail space through its flagship Bangkok properties.