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International Property

TCC Land to invest 50b baht on shopping centres

Plan begins in Bangkok and then goes provincial, Thai retail firm says

PUBLISHED : Tuesday, 26 September, 2017, 5:02pm
UPDATED : Wednesday, 27 September, 2017, 12:10pm

By Pitsinee Jitpleecheep

TCC Land Asset World, the retail firm of billionaire Charoen Siri­vadhanabhakdi, plans to spend about 50 billion baht (HK$11.8 billion) to add shopping centres into its various retail formats over the next decade.

Managing director Napat Charoenkul said new retail projects will be developed across the country over the next 10 years and they will be built in different formats under existing or new brands.

Avenue Community Mall is the latest and sixth retail brand under TCC Land's umbrella, which includes Asiatique Riverfront on Charoen Krung Road, Gateway Ekamai, CenterPoint of Siam, Pantip Pratunam and Tawanna Market in Bang Kapi.

These retail branches have a combined retail space of about 300,000 square metres.

Napat said the 10-year investment plan for 2018-27 will be implemented in areas in Bangkok and provincial locations that have yet to be determined.

Parts of the fund will be used to add three to four branches to each brand within the first five years of the plan.

“The new projects will be lifestyle and festival markets in Chiang Mai and Pattaya under the Asiatique brand, which will need 6 to 8 billion baht in investment,” he said.

 

The company expects to open these two retail projects within four years.

TCC Land spent 150 million baht to build Avenue Community Mall on Sukhumvit Soi 105, also known as Lasalle Road. The community mall, with a retail space of 5,000 sq metres, is expected to open early next year.

For the Gateway retail brand, the company has spent 4 billion baht to develop a new Gateway community mall in Bang­kok's Bang Sue district, with 40,000 sq metres of retail space.

The construction of Gateway Bang Sue is about 40 oer cent complete and is expected to open in November next year.

This 10-floor community mall will house a supermarket, fashion outlets, home improvement and decoration shops, a play area for children, a cinema and multi-brand stores for beauty products, among others. About 40 per cent of space has been booked and the mall is expected to be fully booked by the middle of next year.

“We are confident in the potential of Gateway Bang Sue because there are no retail complexes of a similar scale in this area, which is congested with housing projects and located at the junction of two sky-train lines,” Napat said.

Another 2 billion baht has been allotted for the development of Gateway Bang Phlat, a community shopping complex next year, combining retail space of more than 33,000 sq metres.

TCC Land is set to spend about 1.5 billion baht to build two shopping venues under the Tawanna brand. One complex, in Bang Pili, will offer 20,000 sq metres of fashion outlets, a supermarket and cinemas. Another 1 billion baht is for a Tawanna Market project on Rama II Road next year.

“We will be the most diversified developer, with various platforms to fulfil specific customer demand in each location,” Napat said.

Read the original article at Bangkok Post

 

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