Thai beer tycoon Charoen Sirivadhanabhakdi and Frasers Centrepoint (FCL) will develop a massive integrated project in the heart of Bangkok.

The 16.7ha One Bangkok project is said to be "the largest private sector property development initiative undertaken in Thailand", and will cost more than 120 billion baht (S$4.88 billion).

Mr Sirivadhanabhakdi, chairman of TCC Group and FCL, said in a statement: "The fundamental aim in the planning and design of One Bangkok is to enhance Bangkok's stature as a key gateway city in Asia."

The project will have five office towers, five luxury and lifestyle hotels, several retail and leisure outlets, and even "civic areas, art and culture facilities". It also promises 8ha of greenery and open spaces, and is next to Lumphini Park in downtown Bangkok.

The project is expected to be completed by 2025.

One Bangkok chief executive Soon Su Lin added that more than 60,000 people are expected to work and live at One Bangkok.

FCL group chief executive Panote Sirivadhanabhakdi said a team of more than 100 specialist professionals from top Thai and international companies has been put together to support Ms Soon.

TCC Assets (Thailand) and FCL's unit entered into an agreement last Friday to form joint venture company One Bangkok Holdings for the mixed-use development. It will have an initial paid-up capital of three million baht, and TCC Assets will hold 80.1 per cent, with the other 19.9 per cent going to Frasers Property Holdings (Thailand).

FCL noted that its unit's investment will come from internal cash resources and borrowings.

And funds for the project will come from equity, shareholders' loans, bank loans and the sale or lease proceeds from One Bangkok.

FCL noted: "The proposed joint venture is in line with FCL's strategy to establish a presence and extend its development capability in Thailand.

"This creates an opportunity for FCL to diversify its investments geographically, and complements its existing portfolio of assets."