(Source: Inside Retail Asia | 21 December 2016)
Siam Retail Development plans to open 10 shopping malls and mixed-used projects in Bangkok and upcountry Thailand at an expected investment cost of Bt50 billion (US$1.3 billion) over the next five years.
In Bangkok, the group has developed Fashion Island Shopping Mall, Terminal 21 Asoke and The Promenade and Life Center. Terminal 21 Korat, in the northeastern region of Nakhon Ratchasima, opened this month as the company’s first upcountry shopping mall.
Under its five-year investment plan, the affiliate of Land and Houses Group plans to open another Terminal 21 complex in Pattaya in 2018 at a cost of Bt7 billion, which will also include a 500-room hotel and is already under construction.
Investment opportunities are also under consideration in other provinces such as Khon Kaen, Nakhon Si Thammarat, Phuket, Ubon Ratchathani and Udon Thani as well as Bangkok.
Siam Retail Development executive director Prasert Sriuranpong says the 10 proposed malls will have an average cost of Bt5 billion.
Some of the extra projects, including Terminal 21 Korat, include hotels and/or residences, convention centres and common halls. The company has invested Bt6 billion in the Terminal 21 Korat project.
Nakhon Ratchasima, the second-most populous province after Bangkok with 2.6 million people, is one of the most appealing provinces in Thailand for investors, says the Registration Administration Bureau of the Department of Provincial Administration. It has the highest GDP in the region, and is a tourism centre with more than 5 million visitors a year.
Siam Retail Development expects its Terminal 21 Korat complex to attract 55,000 visitors a day and anticipates revenue, mainly from retail-space rental, of Bt700 million in the first year. Highlights of the complex are a 110m-high Skydeck, plus a convention hall and sport podium, with 400 hotel rooms in the works.