One of Thailand’s largest hotel and property development companies has announced plans to expand Bangkok’s famous Dusit Thani hotel and develop a new US$1bn (€948.3m, £808.2m) landmark in the heart of the metropolis.

The Dusit Thani company has today (1 March) signed an agreement with the quasi-government Crown Property Bureau to extend its lease for the land where its popular hotel stands. It can now develop the site over the next 30 years, and has the right to extend the lease by the same length again after that.

As well as expanding the Dusit Thani Bangkok “to elevate its standing as one of the world’s renowned hotels,” a new mixed-use development is planned “to put Bangkok on the world stage.” designed as “an icon that embodies gracious Thai heritage with international standards,” it will feature a hotel, residences, retail areas, offices and a large green public space.

“This will be a new icon of Bangkok’s new era the same way the iconic Dusit Thani Bangkok made history when it opened 47 years ago,” said Suphajee Suthumpun, Dusit Thani CEO.

“Our goal is to develop a project that benefits both tourists and the general public. This land lies right at the epicentre of the metropolis in the heart of the business and retail district, as well as at the intersection of multiple mass transit systems. This development provides a rare opportunity.”

Planning for the project is currently being undertaken and details of the development will be announced by the middle of the year. An architect for the scheme has not yet been announced. Japanese firm Yozo Shibata and Associates, later known as KKS Group, designed the original Dusit Thani Bangkok.

Dusit Thani owns four hotel brands: Dusit Thani, dusitD2, Dusit Princess and Dusit Devarana. It also operates its signature Devarana Spa.

The company currently operates 29 properties worldwide and has 45 confirmed projects in the pipeline in countries including Australia, China, Indonesia, Kenya, Myanmar, Qatar, Saudi Arabia and Singapore.