TCC Land Group is planning to invest significantly into its retail division through its TCC Land Asset World Estate subsidiary which looks after the company’s retail holdings. The company has six brands including Asiatique, Gateway, Central Point @ Siam, OP Place, Pantip and Boxspace.
Napat Charoenkul, managing director of retail business, at TCC Land Asset World Estate told the newspaper that the brands now had a combined retail space of 150,000 sqm. He added the retail business unit has set aside about THB20 billion to expand its retail space through new projects and renovations to current developments to 220,000 sqm by 2019.
Three new Asiatique branches have already been planned and are scheduled to open sometime between 2016 and 2019. The one in Chiang Mai will use the Asiatique brand, while the other two projects, in Hua Hin and Pattaya respectively, will be branded as Asiatique Prime properties.
The flagship Asiatique Charoen Krung will see construction begin on its THB1.2 billion second phase during 2016 while money has also been set aside to develop a four-star hotel under the Marriott brand near the retail center.
“Our investment in the hotel at the Asiatique Charoen Krung will depend on the number of rooms, between 200 and 800, and the design concept. The cost will be about THB5 million per room,” Napat pointed out.
The company also announced plans to renovate its three Pantip shopping center locations between now and 2017 with the projects at Pratunam, Ngam Wong Wan and Bang Kapi all set for upgrades. Heavy competition from other shopping centers has reduced the number of tenants at the Pratunam branch, so it will see the biggest renovations while THB60 million will be divided between the other two branches.
THB1 billion has also been set aside to develop two Boxspace projects. The one at Ratchayothin is set to open by the end of the year, and the Bang Na location will be completed sometime in 2016. The company has also focused on a renovation and rebranding of its Gateway Ekamai retail space which is still ongoing.
Image: Asiatique The Riverfront on Charoen Krung Road via facebook.com/Asiatique.Thailand
