TCC Land Asset World says it will spend $1.5 billion to develop shopping centers across Thailand.The company of billionaire Charoen Sirivadhanabhakdi plans to spend about $1.5 billion (50 billion baht) to add shopping malls of different retail formats across the country.
Managing director Napat Charoenkul announced that new retail projects would be developed under existing or new brands over the next ten years and they will be built in different formats. He told to Bangkok Post that the 10-year investment program for 2018-27 will be implemented in Bangkok and provincial areas that have yet to be determined.
"The new projects will be lifestyle and festival markets in Chiang Mai and Pattaya under the Asiatique brand, which will need 6-8 billion baht in investment," he continued.
Avenue Community Mal is the latest and sixth retail brand under TCC Land's umbrella, which includes The Asiatique Riverfront on Charoen Krung Road, CenterPoint of Siam, Gateway Ekamai, Pantip Pratunam and Tawanna Market in Bang Kapi. These assets have a total retail space of about 300,000 square meters.
The company has spent 4 billion baht to develop a new Gateway community mall in Bangkok's Bang Sue district, with 40,000 sqm retail space. The development of Gateway Bang Sue is about 40% in progress and is expected to open in November next year.
This ten-floor community mall will house a supermarket, fashion stores, home accessories and decoration shops, a playground for children, a cinema and multi-brand stores for beauty products, among others. About 40% of space has already been booked, and the mall is expected to be fully booked by mid-2018.
Another 2 billion baht has been allocated for the construction of Gateway Bang Phlat, a community shopping complex next year, mixing retail space of over 33,000 sqm.
TCC Land is set to spend about 1.5 billion baht to build two shopping venues below the Tawanna brand, 500 million baht of which is to create Tawanna Market community mall in Bang Phli by the end of this year. The shopping mall will have 20,000 sqm, offering a supermarket, fashion outlets, and cinemas.
Another 1 billion baht is arranged to add a new Tawanna Market scheme on Rama II Road next year.
There are more real estate projects under the 10-year plan that the company will reveal in the future. For investment in 2017, TCC Land has set aside 6 billion baht already to construct a luxury hotel near Asiatique and enlarge the Asiatique shopping mall.
28 SEPTEMBER 2017, Thailand