Not all the news is bad from this bustling Southeast Asian city. Construction is continuing on some projects, including the 40-story Peninsula Bangkok Hotel, which is scheduled to open this fall.
The skyline of Bangkok is dotted with construction cranes, evidence of the 10-year economic boom. But that came to a crashing halt last summer with the devaluation of the baht, the national currency. Since then, many construction projects have ground to a halt and Thailand’s economy is in turmoil.
However, the 370-room Peninsula, being built beside the Chaophraya River, is nearing completion. The W-shaped structure, emulating traditional Thai architecture in a contemporary way, was designed by New York-based Brennan Beer Gorman/Architects, in conjunction with Tandem Architects of Bangkok.
All rooms have views of the river, which snakes through the heart of the city. Television in the bathrooms and closets partially lined with silk padding are among the special features.
Amenities include several restaurants and bars, swimming pool, tennis courts, indoor squash court, health club, two-story shopping arcade and a heliport to provide direct helicopter service to the airport–one way to beat Bangkok’s gridlock traffic.
The hotel’s location on the river also means that many of the city’s major tourist attractions can be reached by water taxi. Thailand is hoping that increased foreign tourism will help to alleviate the economic crisis.
The Peninsula project also includes a 716,900-square-foot residential building and a 474-space parking structure.
The hotel is financed by a consortium of local banks and shareholders. The developer is Siam Chaophraya Holdings Co. Ltd. London-based E.C. Harris is the construction manager. Peninsula Group will manage the property.
As for the outlook for other projects, here is how a Chicago architect assessed the situation:
“Construction in all of the East and Southeast Asian countries can be compared to that of Chicago in 1990. All development has ceased in recent months due to the serious decline in their currencies,” said Donald Hackl, president of the Chicago-based architectural firm of Loebl Schlossman & Hackl/Hague Richards.
Hackl believes that countries like Japan, South Korea, Indonesia and Thailand are facing rough roads ahead for the construction industry.
However, he noted that “projects in the region that are financed with foreign capital are increasing at a fairly rapid rate.”
Hackl, whose firm has been active in China, reported that so far China has been unaffected by the economic problems in other parts of Asia.
“China’s economy is internally managed by the central government. As a result, the government manages how and when resources are applied. In other Asian countries, governments can’t exercise the same type of control over investment because it lies in the private sector,” Hackl said.
