Thai mall developer Siam Piwat Co will be investing 70 billion baht (US$2.21 billion) from 2019 to 2023 to develop two mega malls and acquire office buildings and logistics centres as it aims to bring in revenue of 51 to 63 billion baht by 2023.
Out of the budget, 90% will be spent on the development of large-scale shopping malls, which chief executive Chadatip Chutrakul refers to as “retail destinations”.
To find the right site, the company, which launched riverside luxury shopping complex Iconsiam last year, is studying three locations in Bangkok – eastern, northern and central – at the moment before whittling the list down to two. It is in talks with over 10 local and overseas partners for each site, according to Bangkok Post.
Each shopping complex will require a plot spanning up to 150 rai (approximately 240,000 sqm) with 100 rai as a minimum. Of the total area, Siam Piwat's development will use 50 rai to develop a retail centre.
Last year, the company launched riverside luxury shopping complex Iconsiam; it also developed megamall Siam Paragon, which is the fourth largest mall in the country.
In December, Siam Piwat will open a premium outlet mall near the motorway in the Lat Krabang area as part of a joint venture with New York-based outlet mall operator, Simon Property Group.