Siam Piwat Takes the ICONSIAM Playbook to Phuket With THB10 Billion ICONPHUKET

Siam Piwat has unveiled ICONPHUKET, a THB10 billion hybrid retail, attraction and entertainment destination scheduled to open in 2029. Announced on 5 October 2026, the project is the group’s first major expansion beyond Bangkok. There, its portfolio includes Siam Paragon, Siam Center and Siam Discovery, and it jointly owns ICONSIAM and Siam Premium Outlets Bangkok.

The project’s mix signals a different kind of retail development for Phuket. ICONPHUKET will feature 12 attractions, with one-third of the project given over to attractions and entertainment and more than 40% allocated to green and open space. Once fully operational, Siam Piwat expects the destination to draw between 80,000 and 100,000 visitors per day.

ICONPHUKET will form the centerpiece of Synthesis Ark Phuket, a THB50 billion integrated mixed-use development by CV Group of Companies covering more than 500 rai in central Phuket. The masterplan includes hotels, serviced apartments, condominiums, luxury villas, office buildings, educational institutions, and health and wellness facilities. Phase 1 is scheduled for completion in 2032.

The regional strategy is as important as the floor plan. Siam Piwat positions ICONPHUKET as a gateway for all 14 provinces of Southern Thailand. Working with the Thai Chamber of Commerce and business representatives from each southern province, the group has developed a Southern Thailand Vision Master Plan to connect the region with trade and investment. The project will provide a platform for SMEs, community enterprises and local products. It is estimated to support between 50,000 and 80,000 jobs from construction through full operations. The stated aim is to encourage visitors to travel further across the South, extending length of stay and lifting tourism spending beyond Phuket.

The developer brings a proven record to the island. ICONSIAM was named among the world’s Top 3 Most Influential Retail Property Projects of the Past 30 Years at the MAPIC Awards 2025. According to the group, Siam Piwat holds more than 70% of Thailand’s luxury retail market. Sustainability and smart mobility planning are being delivered with a consultant team that includes Urban Architects, P Landscape, Atelier Ten and Systra MVA (Thailand).

For Phuket, the significance lies less in retail space than in the demand model behind it. The island has long relied on beaches and hotels to bring visitors in. ICONPHUKET is a THB10 billion argument that attractions, open space and a regional platform can create a year-round reason to visit, with residential, hotel and education components built around it. Execution between now and the 2029 opening will determine whether that argument holds.