The retail and office building arm of developer TCC Land Group, TCC Land Asset World Estate, has plans to spend THB 40 billion to build a total of 20 commercial projects throughout Thailand during the next 10 years, local media reports.
Speaking to reporters, TCC Land Asset World Estate Managing Director Napat Chareonkul points out that the long-term investment has already been approved by its parent company and building will start in 2017. The new projects will be developed under 4 existing brands. Those are Asiatique, Gateway, Pantip Plaza and Boxspace.
“The THB 40 billion budget will be allotted only for the retail and property projects handled by TCC Land Asset World Estate,”Napat claims. “TCC Land Asset World Leisure Co, which oversees the hospitality business, will have a separate investment budget.”
TCC Land Asset World Estate will spend half of its investment budget developing 10 retail projects in Bangkok and the surrounding areas during the next few years. These plans call for two new Gateway malls, Gateway Bang Sue and Gateway Rama II, to be built. The Bang Sue project will be the first to open with the retail developer estimating 2018 as its start dates. Box Space in Bang Na is another project already in the planning stages.
“I expect the 10 new projects including eight existing retail properties will help drive revenue growth by 140 per cent to THB 4.8 billion by 2021,” Napat was quoted as saying by local newspapers.
The rest of the investment will come during 2022-2026 and be used to develop retail and property projects in the other provinces. TCC Land Asset World Estate only has one retail centre outside of Bangkok, Pantip Plaza in Chiang Mai, at the moment. The company is considering expanding its Asiatique brand into tourism hubs such as Hua Hin, Pattaya, Phuket and Samui. There is also a chance Asiatique might be expanded into Vietnam during the coming years.
