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Siam Paragon was built on the former site of the Siam Intercontinental Hotel, which was demolished in 2002 at the end of its lease. The site, leased for 30 years, isCrown Property Bureau land and at one time was the royal parkland ofSa Pathum Palace. The mall opened on 9 December 2005 at a cost of about 15 billionbaht or US$450 million. It covers an area of 52rai (8.3 ha; 21 acres).