With the draft constitution receiving a yes vote, TCC Group and its subsidiaries TCC Land and Golden Land are ready to get to work. Local media reported that the organization is going to be actively pursuing both hospitality and lifestyle projects while continuing residential developments with a belief Thailand’s economy is set to rebound.
“The group has consecutively invested as the overall situation in the country has gradually improved,” TCC Group owner Charoen Sirivadhanabhakdi told the media. The company’s most recent project, a massive overhaul of Pantip Plaza, was completed this week and now the developer is set to renovate three more malls in Bangkok and Chaing Mai. There are also plans to build six Pantip electronics hubs in large cities outside of Bangkok during the next few years.
However, the main focus in the short term will be the hospitality sector. Local media reported that TCC Group has set an investment budget of THB60 billion. This budget will be used to launch new hotels in Thailand during the next six years. The developer has already opened three hotels in Thailand in 2016. The three projects were located in Bangkok, Hua Hin and Phuket and were all Marriott-branded properties. TCC Land invested a sum of THB8.8 billion on the new hotels.
“Our main investment this year and next will be for hotels nationwide as tourism is Thailand’s fundamental strength,” Soammaphat Traisorat, chief executive of TCC Land Asset World explained to the Bangkok Post. “The country is also the region’s center of lifestyle.”
On the residential side, the company’s property arm, Golden Land, is currently building a mixed-use project in Sam Yan. Known as Samyan Mitrtown, the project is situated on a 14-rai plot of land owned by Chulalongkorn University. The development will cost Golden Land a total of THB8.5 billion to construct. Further details about the project are expected to be announced some time in the near future.
