Several of Thailand’s leading retail developers have released ambitious plans to build more shopping complexes in the coming years. Not to be outdone, Siam Retail Development has announced plans to open 10 new shopping malls and mixed-used projects throughout the country, local media reports. The projects are expected to require an investment of THB 50 billion over the next five years. The company is an affiliate of Land and Houses Group.
The retail player is best known for developing Fashion Island Shopping Mall, Terminal 21 Asoke and The Promenade and Life Center in Bangkok. It is also worked on Terminal 21 Korat in Nakhon Ratchasima that recently opened. It was the company’s first shopping mall upcountry.
Siam Retail Development Executive Director Prasert Sriuranpong tells local media that under the company’s 5-year investment plan, it will open another Terminal 21 complex in Pattaya sometime in the next couple of years at a cost of THB 7 billion. That development will also include a 500-room hotel.
The company is also considering more investment opportunities in other provinces such as Khon Kaen, Udon Thani, Ubon Ratchathani, Phuket and Nakhon Si Thammarat, but nothing has been finalised as of yet. Siam Retail Development may jump back into the Bangkok market, too.
“We plan to open 10 new malls over the next five years, and the average cost of each project will be THB 5 billion,” says Prasert. He added that some of the additional projects, including Terminal 21 Korat, would be mixed-used developments that feature hotels and other facilities such as residences, convention centres and common halls.
Siam Retail Development invested a total of THB 6 billion in the Terminal 21 Korat project. It has become the most modern and integrated shopping mall in the northeast region of Thailand, an area seen as one with great potential.
Image: Terminal 21 Korat project via facebook.com/Terminal21Korat
