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Muang Thong Thani ( 'golden city') is a large real estate development in
Pak Kret Pak Kret (, ) is a city (''thesaban nakhon'') in Nonthaburi province, Thailand. It lies in the Central Thailand plains on the east bank of the lower Chao Phraya River, bordering Bangkok to the east, Mueang Nonthaburi district of Nonthaburi provi ...
, a northern suburb city of
Bangkok Bangkok, officially known in Thai language, Thai as Krung Thep Maha Nakhon and colloquially as Krung Thep, is the capital and most populous city of Thailand. The city occupies in the Chao Phraya River delta in central Thailand and has an estim ...
, in
Thailand Thailand, officially the Kingdom of Thailand and historically known as Siam (the official name until 1939), is a country in Southeast Asia on the Mainland Southeast Asia, Indochinese Peninsula. With a population of almost 66 million, it spa ...
's Nonthaburi Province. It was mainly developed from the late 1980s by the Bangkok Land Company under the leadership of Anant Kanjanapas, and was envisioned as a
satellite city A satellite city or satellite town is a smaller municipality or settlement that is part of (or on the edge of) a larger metropolitan area and serves as a regional population and employment center. It differs from mere suburbs, Subdivision (la ...
along the lines of the
new towns of Hong Kong The Government of Hong Kong, Hong Kong government started developing new towns in 1950s in Hong Kong, the 1950s to accommodate Demographics of Hong Kong, Hong Kong's booming population. During the first phase of development, the newly developed ...
. It was rapidly built in the early 1990s amid Thailand's booming economy, but ground to a halt with the
1997 Asian financial crisis The 1997 Asian financial crisis gripped much of East Asia, East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide eco ...
, a rise and fall that epitomizes Thailand's real estate bubble of the 1990s. Muang Thong Thani's development has since mostly been focused around its
Impact Impact may refer to: * Impact (mechanics), a large force or mechanical shock over a short period of time * Impact, Texas, a town in Taylor County, Texas, US Science and technology * Impact crater, a meteor crater caused by an impact event * Imp ...
exhibition and convention centre, one of the largest in Southeast Asia, built upon facilities created for the 1998 Asian Games. Muang Thong Thani is connected to Chaeng Watthana, Tiwanon and Prachachuen roads (the last of which runs along the Bangkok–Nonthaburi border), and is served by the Si Rat and Udon Ratthaya expressways, as well as the Pink Line monorail, which has a branch line leading into the development. Muang Thong Thani is also the site of Sukhothai Thammathirat Open University, and is home to the Muangthong United Football Club.


History


Development

Muang Thong Thani was developed from extensive land banks built up by Mongkol Kanjanapas, founder of the Bangkok Land Company, over the 1970s. Back then, the area, on the northern outskirts of
Bangkok Bangkok, officially known in Thai language, Thai as Krung Thep Maha Nakhon and colloquially as Krung Thep, is the capital and most populous city of Thailand. The city occupies in the Chao Phraya River delta in central Thailand and has an estim ...
, not far from
Don Mueang International Airport Don Mueang International Airport — known as Bangkok International Airport before 2006 — is one of two international airports serving Bangkok, the capital of Thailand, the other being Suvarnabhumi Airport (BKK). The airport is considered ...
and mainly served by Chaeng Watthana Road, was mostly undeveloped and dominated by paddy fields. Mongkol amassed about of land in the area, which he bought at prices of about 40,000
baht The baht (; , ; currency sign, sign: ฿; ISO 4217, code: THB) is the official currency of Thailand. It is divided into 100 ''satang'' (, ). Prior to decimalisation, the baht was divided into eight ''fueang'' (, ), each of eight ''at'' (, ). The ...
per rai (US). Bangkok rapidly grew throughout the 1980s, and by the late 1980s, prices had risen two-hundredfold to 20,000 baht per
square wa The ''rai'', ''ngan'', and ''tarang wa'' or square ''wa'' are customary Thai units of area, used in the measurement of land. They are defined as exactly 1,600, 400, and 4 square metres, respectively (17,222, 4,306, and 43 sq ft). The ''tarang w ...
or 8 million per rai (), allowing the company to profit greatly from land development. Muang Thong Thani was initially developed from 1978 as a regular
housing estate A housing estate (or sometimes housing complex, housing development, subdivision (land), subdivision or community) is a group of homes and other buildings built together as a single development. The exact form may vary from country to count ...
complex, with land subdivided and sold mostly to individual homeowners. In 1989, at the height of Thailand's economic boom, Mongkol's son Anant Kanjanapas returned from Hong Kong to head the company, and announced a new vision: to develop Muang Thong Thani as a privately owned, self-contained
satellite city A satellite city or satellite town is a smaller municipality or settlement that is part of (or on the edge of) a larger metropolitan area and serves as a regional population and employment center. It differs from mere suburbs, Subdivision (la ...
along the lines of the
new towns of Hong Kong The Government of Hong Kong, Hong Kong government started developing new towns in 1950s in Hong Kong, the 1950s to accommodate Demographics of Hong Kong, Hong Kong's booming population. During the first phase of development, the newly developed ...
, which would house up to 700,000 residents. The project aimed to capture demand resulting from the emerging Thai middle class and Bangkok's rapid growth, as well as the impending
handover of Hong Kong The handover of Hong Kong from the United Kingdom to the People's Republic of China was at midnight on 1 July 1997. This event ended 156 years of British rule in the former colony, which began in 1841. Hong Kong was established as a specia ...
in 1997, which was expected to trigger waves of migration. A flurry of construction began, and the company built dozens of high-rise luxury
condominium A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual own ...
towers, mid-rise apartment blocks, office and retail buildings, and flatted factories for light industry. The entire development was designed by Australian architectural firm
Nation Fender Fender Katsalidis (FK) is an architecture firm which originated in Melbourne, Victoria (Australia), Victoria, Australia, and now has additional studios in Sydney and Brisbane. Founded by Karl Fender and Nonda Katsalidis, the firm has been notable s ...
, and the construction undertaken by France-based Bouygues-Thai. Enabled by financial liberalization policies by the
Bank of Thailand The Bank of Thailand (BOT; Abbreviation, abbr. ธปท.; , ) is the central bank of Thailand. History The Bank of Thailand (BOT) was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 ...
that opened up capital markets to foreign funds, the project was enthusiastically supported by investors and proceeded at incredible speed—an entire city arising out of the ground within a few years. The development also appears to have benefited from government support, including modifications of the land-use plan for Nonthaburi Province and the placement of the terminal ramp of the Si Rat Expressway, which opened in 1993, right next to Muang Thong Thani's entrance, connecting it to the inner city and boosting the project's value. The family is known for lobbying through political connections and public gifts—Mongkol had donated land in Muang Thong Thani for the establishment of Sukhothai Thammathirat Open University in 1981, and donations were also made for an office of the government Department of Lands and electrical substations.


Crisis and recovery

By the mid 1990s, the oversupplied real estate market was beginning to collapse, and construction in Muang Thong Thani came to a halt as buyers—mostly driven by speculation and not actual demand—defaulted on payments, leaving Bangkok Land short of cash and with thousands of units it was unable to sell. The company, valued at $5.2 billion following its public listing in 1992, dropped in value to $36 million after the
1997 Asian financial crisis The 1997 Asian financial crisis gripped much of East Asia, East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide eco ...
, with $1 billion of debt—a rise and fall that epitomizes the unrestrained borrowing and speculation that led to the crisis. Mike Douglass and Pornpan Boonchuen in 2006 called it "one of the greatest planning disasters of the 20th century". However, the family was able to enter into
debt restructuring Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continu ...
plans that allowed them to retain control of the company. The company had also been helped by the sale of a few entire blocks to the
Ministry of Defence A ministry of defence or defense (see American and British English spelling differences#-ce.2C -se, spelling differences), also known as a department of defence or defense, is the part of a government responsible for matters of defence and Mi ...
in 1996 and early 1997, which raised questions of bribery. The 1998 Asian Games in Bangkok proved a turning point for the project, which, before the crisis, had been chosen as one of its venues. Despite the company's financial problems, it completed the Muang Thong Thani Sports Complex for the games, though with barely time to spare. Following the games' conclusion, the venue was converted to an exhibition and
convention centre A convention center (American and British English spelling differences, American English; or conference centre in British English) is a large building that is designed to hold a Convention (meeting), convention, where individuals and groups ...
complex titled
Impact, Muang Thong Thani Impact, Muang Thong Thani () is a commercial complex consisting of the Impact Arena, a convention centre, and exhibition halls, located in Muang Thong Thani in Pak Kret District of Nonthaburi Province, a northern suburb of Bangkok, Thailand ...
. With private demand still low following the crisis, Anant worked to promote the centre and lobbied for it to be chosen for government events, including the Board of Investment's BOI Fair in 2000, which began to bring in a steady stream of revenue. The complex was gradually expanded, becoming one of the largest convention centres in Southeast Asia. While the crisis left the luxury projects mostly empty, as well as the commercial buildings, the low-cost Popular Condominiums near the Impact complex attracted many buyers, and came to house a population of up to 75,000 in 2000, according to Anant. The area developed into a large urban community with an active street life, with shops and restaurants filling the buildings' street-facing ground floors. However, Muang Thong Thani remained primarily residential and never achieved economic self-containment, most of its residents commuting for outside work, especially in Bangkok. As Bangkok Land's finances improved, especially since 2012 when it exited debt restructuring, it has engaged in a new, more measured wave of construction, focusing on shopping malls and retail complexes aimed at capturing local and visitor spending. From 2018 to 2020, the family successfully pushed for the approval of a branch line of the Pink Line monorail into Muang Thong Thani, directly serving the Impact complex. The main Pink Line had in 2017 been awarded to a joint venture led by
BTS Group Holdings BTS Group Holdings Public Company Limited (BTSG), formerly known as Tanayong Public Company Limited, is a public company in Thailand. It is the majority share holder of Bangkok Mass Transit System PCL (BTSC), the operator of the BTS Skytrain and ...
, another major holding of the family.


Features

Muang Thong Thani covers areas in Ban Mai, Bang Phut and Khlong Kluea subdistricts of the
Pak Kret District Pak Kret (, ) is a district (''amphoe'') in the northeastern part of Nonthaburi province, central Thailand. The district is most notable for Muang Thong Thani, Ko Kret and Central Chaengwattana. Geography The district is in the northeast of ...
of Nonthaburi Province, within the city municipality of
Pak Kret Pak Kret (, ) is a city (''thesaban nakhon'') in Nonthaburi province, Thailand. It lies in the Central Thailand plains on the east bank of the lower Chao Phraya River, bordering Bangkok to the east, Mueang Nonthaburi district of Nonthaburi provi ...
. The development has two roughly parallel main streets, which link between Chaeng Watthana and Tiwanon roads: Soi Chaeng Watthana–Pak Kret 33 (), the original main street belonging to the initial development, is also known as Bond Street, a name used to promote the satellite city project, while Soi Chaeng Watthana–Pak Kret 39 serves as the main entrance to the Impact complex from Chaeng Watthana Road. A pair of parallel crossing streets link the two, and serve the Impact complex and Popular Condominiums, beyond which the streets connect to Prachachuen Road, which runs along the Bangkok–Nonthaburi border. The Si Rat Expressway provides access from Chaeng Watthana Road, while the Udon Ratthaya Expressway, which was constructed for the Asian Games and continues northward from Si Rat, has entrance/exit ramps directly inside Muang Thong Thani. The original housing estate projects are clustered around Bond Street, which is lined by older shophouses near its Chaeng Watthana end. Further down lie Sukhothai Thammathirat Open University (STOU), the Department of Lands office, and the Buddhist temple Wat Phasuk Maneechak. Beehive Lifestyle Mall—a two-storey community shopping centre—opened opposite STOU in 2014. From near its midpoint to Tiwanon, Bond Street is lined by developments of the satellite city project: on one side are the Lake View Condominiums—twenty-four 30-storey residential towers overlooking an artificial lake (some of which remain unfinished)—and on the other are the Villa Offices—ninety 5-storey commercial buildings intended for office/retail/residential mixed-use. On the other side of the second main road lie the Impact, Muang Thong Thani complex and several retail developments, along with the Popular Condominiums and the flatted factories, which are titled the Industry Condominiums. In the vicinity of Impact are the
Thunderdome Stadium The Thunderdome Stadium (Thai language, Thai: ธันเดอร์โดมสเตเดียม) is a List of football stadiums in Thailand, football stadium located in Muang Thong Thani, Nonthaburi Province, Nonthaburi, Thailand. It is ...
(home to the Muangthong United Football Club) and Thunder Dome, both of which are also former Asian Games venues, but are owned by the Sports Authority of Thailand. Also from the Asian Games are tennis courts which were used by the Lawn Tennis Association of Thailand from 1999 to 2004, but are now operated by the Impact Tennis Academy (the Lawn Tennis Association now occupies a newer venue next to Wat Phasuk). More recent developments include the Novotel and
Ibis The ibis () (collective plural ibises; classical plurals ibides and ibes) are a group of long-legged wading birds in the family Threskiornithidae that inhabit wetlands, forests and plains. "Ibis" derives from the Latin and Ancient Greek word f ...
hotels, a small satellite campus of Silpakorn University, and the Cosmo Bazaar mall, which features a cinema and also serves as a public minibus van station. The minibuses, along with the BMTA 166 bus line which terminates nearby and at the Victory Monument in Bangkok, serve as the main modes of public transport to Muang Thong Thani, in addition to the Pink Line monorail, the main line of which opened in late 2023. Running along Chaeng Watthana Road, the main line's Si Rat station serves the development's original Bond Street entrance, while the Muang Thong Thani branch line, which opened for trial runs in May 2025, runs along Soi Chaeng Watthana–Pak Kret 39, with two stations directly serving the Impact complex: Impact Muang Thong Thani and Lake Muang Thong Thani. Of the eight Industry Condominiums, those that are occupied have been converted to office use, including by the Defence Technology Institute and Kasikornbank. The Popular Condominiums consist of twenty-seven 16-storey apartment blocks, each housing about 1,000 units. Originally marketed to teachers and civil servants, they now mostly house lower-middle income tenants. St. Francis Xavier School is here near the Prachachuen entrance/exit, and there are also a few other small primary schools and kindergartens within the wider development. Nearer to Tiwanon Road from Impact are the Double Lake Condominiums, higher-end eight-storey apartment buildings launched by Bangkok Land in 2012. The Muang Thong Thani area also contains residential projects by other developers who acquired properties that had been relinquished by Bangkok Land in its debt-restructuring process, including the M Society Condominiums funded by Singapore-based Real Estate Capital Asia Partners, which redeveloped three of the unfinished Lake View towers in 2011, and several housing estates by Pruksa Real Estate. An extensive police office complex, initially planned as the Central Investigation Bureau headquarters but now used by the Immigration Bureau, lies next to Thunder Dome near the Impact complex.


Explanatory notes


References


External links


Official site
{{Nonthaburi Bangkok Land Housing estates in Thailand Populated places in Nonthaburi province Buildings and structures in Nonthaburi province