It seems that things are going well for Thailand. It was only months later when the government released a statement regarding their plan to launch a venture fund which will help develop the start-up ecosystem. The venture fund will be around $570 million. In a latest development, True Corporation which is one of the largest mobile operators in the country announced that they have ongoing plans for a huge digital hub which is said to cost more than $500 million.
According to Suphachai Chearavanony, the CEO of the company, the project is now under construction and is expected to be completed by the middle of 2018. It is the company’s way of saying that they are in support with the aim of the government to make the country a center for innovation in the region.
The hub will be named True Digital Park and will cover a land area of 200,000 square meters. It is situated at Whizdom 101 which is a real estate complex dedicated for mixed usage and under the company Magnolia Quality Development Corporation with headquarters in Bangkok. The property is worth $577 million after completion and True Corporation will be the one responsible in investing money for the digital infrastructure which is estimated to cost $43 million. Though it is not yet clear whether the True Corporation will be the one paying for the development cost of the project, there are already efforts in confirming the said issue.
The project is said to showcase a large space dedicated for co-working which will have a green area which is open-air, offices as well as data centers. There will also be amenities available including broadband connection as well as an advanced 4G data network.
According to a statement from Suphachai, they are aiming to improve the start-up ecosystem of the country and make Thailand a pool for people with knowledge as well as expertise which will be honed inside the hub. Projects are cropping up left and right in the country which means good news for Thai real estate market.