Siam Piwat eyes B60bn in projects
- November 28, 2012
Published: 28/11/2012 at 12:00 AM
Bangkok Post / Newspaper section: Business
Siam Piwat Co, the operator of Siam Center and Siam Discovery Center, will spend 60 billion baht to develop new retail and property projects from next year to 2015.
The huge expansion is a response to the entry of foreign retail investors who have put Thailand on their investment map in preparation for the Asean Economic Community in 2016.Chief executive Chadatip Chutrakul said 4.4 billion baht will be spent next year to develop a retail project next door to Paradise Park, renovate Siam Discovery and give Siam Tower a major facelift.
The company will also start piling work for its new retail project on the banks of the Chao Phraya River near the Millennium Hilton Hotel.
The remaining budget of 55.6 billion baht will be spent from 2014-15 on new retail projects and office buildings.
Mrs Chadatip said foreign investors have contacted Siam Piwat to develop retail projects in their countries, but she does not think it is the right time for her company to go abroad.
“We saw huge room to grow retail business in the domestic market. We saw many locations both in Bangkok and upcountry with the potential for new retail projects,” she said.
Siam Piwat has closed Siam Center for a 1-billion-baht revamp under its revolutionary “ideaopolis” concept as a place where great new ideas are presented and fashion, technology, lifestyle and entertainment converge to create an inspiring experience for every visitor.
Some 800 million baht will be spent by 200 brand owners on their new initiative concept stores, putting Bangkok among the world’s most innovative shopping destinations when the centre reopens on Jan 11.
“We often hear a desire to make Bangkok a shopping capital like New York, London or Hong Kong. Now we can proudly say that other countries will be looking at Bangkok to see what a progressive shopping capital should be,” Mrs Chadatip said.