Asset World Corporation Public Company Limited (AWC) sets a new standard for Thailand's tourism industry by signing a lease agreement for the historic riverside land at Lhong 1919 from Wang Lee Company Limited for a period of over 64 years, with an investment budget of 3.436 billion baht. This will be developed into The Integrated Wellness Destination, managed by The Ritz-Carlton Hotel Company, under the concept of The River Journey, transforming it into an international riverside health landmark and a key destination for health enthusiasts from around the world.

Na-Wallapa Traisorat, Chief Executive Officer and Managing Director of Asset World Corporation Public Company Limited (AWC), a real estate developer focused on comprehensive lifestyle solutions, revealed that on November 22, 2021, AWC's wholly-owned subsidiary, AWC by Riverfront Co., Ltd., signed a lease agreement for land and buildings with Wang Lee Company Limited for the land and buildings located on Chiang Mai Road, Khlong San District, Bangkok, currently home to Lhong 1919, situated along the Chao Phraya River across from Talad Noi. The leased area totals approximately 8 rai for a period of over 64 years, with an investment value of approximately 3.436 billion baht, which includes a total rent of 1,269.2 million baht and project development investment of about 2,166.8 million baht. This aims to develop a quality project that sets a new standard for Thailand's tourism industry, creating the phenomenon of The Integrated Wellness Destination along the Chao Phraya River as a significant destination for health enthusiasts, attracting numerous health tourists from around the globe.


Na-Wallapa Traisorat, Chief Executive Officer and Managing Director of Asset World Corporation Public Company Limited (AWC)

“The signing of the lease agreement for land and buildings with Wang Lee Company Limited demonstrates the collaboration between AWC and its network of partners to enhance the value of real estate. The Wang Lee family, as the landowners, has entrusted us to create long-term value together with AWC, developing a historically significant site to position Thailand as a global health tourism hub, which will connect with other AWC projects along the Chao Phraya River, in line with the concept of The River Journey, a key riverside tourism experience in Thailand,” Na-Wallapa stated.

Mr. Wuttichai Wang Lee, Managing Director of Wang Lee Company Limited, commented on this collaboration, stating that it is a development of a landmark property for the family, a source of pride for them. We have confidence in our long-standing partnership with AWC to develop this land into a valuable and sustainable asset, with The Ritz-Carlton as a global partner to create a world-class destination. We are very pleased to be involved as a trusted partner in this international quality project.

Furthermore, Wang Lee Company Limited, the lessor, has agreed to hand over possession of the leased area by December 31, 2021, and register a 30-year lease (starting from January 1, 2026, to December 31, 2058), along with a commitment from the lessor to extend the lease for another 30 years (from January 1, 2059, to December 31, 2088). The lessor has also agreed to waive rent during the project development period, which will be counted from the date the lessor hands over possession of the leased area until December 31, 2025.