Thailand-based property developer Magnolia Quality Development Corporation (MQDC) has announced plans to increase the investment for The Forestias, a mixed-use multi-generational lifestyle project on Bangna-Trad Road in Thailand, from $2.98bn to $4.14bn.
The move, which would result in the expansion of land size from 48 hectares to 63.7 hectares, is expected to make the Forestias the country’s largest property development project.
Strategically located on the Eastern Economic Corridor with easy access to major highways and mass transportation systems, the project will comprise a sapling-planted 4.8 hectares forest area at its centre as well as multiple residential components with villas and condominiums.
MQDC chairperson Thippaporn Ahriyavraromp said: “We are building the world’s first town that is purposefully designed for healthier living.”
Ahriyavraromp added that the firm increased its investment in The Forestias “after receiving very good feedback from global partners, which encouraged us further along the road of creating a new type of development that is completely focused on the well-being of residents, the surrounding community, and to sustainability.”
Ahriyavraromp further noted: “It’s also the first time, anywhere in the world, that a forest of this size is being integrated into a city development to bring nature back into an urban setting, and which is one of the reasons why we call The Forestias an enchanted community district in the forest.”
Additional features of the project include commercial space for offices, a sports complex, lifestyle activities, retail and food & beverage outlets, as well as family edutainment facilities in a Family Life Center.
The project will also comprise a town centre for community activities, a theatre, an event hall, markets, a 1.6km elevated walkway, a 5-star hotel, and a large advanced medical centre.
The Forestias project director Kittiphun Ouiyamaphun said: “The cultivation of an immense forest, including a genuine deep forest area, at a cost of US$33 million is the centre-piece of our development, and helps people get closer to the diverse wonders of nature.”
Meinhardt Thailand is serving as project and construction management services provider for the development.