Siam Piwat Plans $300 Million Tourism and Entertainment Destination in Phuket

Phuket is set to gain a major new tourism attraction after Thai developer Siam Piwat announced plans to invest THB 10 billion (about US$300 million) in ICONPHUKET, a large-scale retail, entertainment and tourism destination scheduled to open in 2029.

The project marks Siam Piwat’s first major development outside Bangkok and is designed to go beyond the traditional shopping-centre model. ICONPHUKET will combine retail, entertainment, cultural experiences and tourism attractions, with 12 major attractions planned as part of the development. Around one-third of the project is expected to be dedicated to attractions and entertainment, while more than 40% will consist of green and outdoor spaces.

For Phuket’s tourism industry, the development represents an attempt to create reasons for visitors to stay longer and spend more beyond the island’s beaches and hotels. Siam Piwat also intends to use the destination to showcase the culture, products and creative industries of Southern Thailand’s 14 provinces, potentially encouraging tourists to explore destinations beyond Phuket itself.

ICONPHUKET will form part of the much larger Synthesis Ark Phuket, a mixed-use development valued at more than THB 50 billion and incorporating hotels, residences, offices, education, wellness and lifestyle facilities.

Siam Piwat estimates that ICONPHUKET could attract 80,000–100,000 visitors per day once fully operational and support between 50,000 and 80,000 jobs during construction and operation. These figures are company projections rather than guaranteed outcomes.

With Phuket already established as one of Asia’s major holiday destinations, the project reflects a wider shift in tourism toward experience-led destinations that combine shopping, entertainment, culture and leisure in one place.