TCC Land, the property arm of beverage tycoon Charoen Sirivadhanabhakdi, announced that the company will invest THB 5.65 billion over five years to expand its shopping complexes under the Asiatique and Gateway brands in Bangkok, Pattaya and Hua Hin.
Given the developer’s success in developing the first phase of the Asiatique complex on Charoenkrung Road by the Chao Phraya River into a major tourist and lifestyle destination in Bangkok, Asiatique will embark on a second phase of expansion, including a hotel and additional retail space, in 2015. Also, the Asiatique development teams will oversee the revamping of Digital Gateway Siam Square into Centre Point of Siam Square, which will be a popular hangout for teens and young, working adults; and the transformation of Gateway Ekamai into a ‘Community Shopping Centre’, which is larger than the typical community mall but smaller that the shopping centre.
TCC Land’s retail group, comprising Asiatique, Gateway, Centerpoint, OP and Food Court on Silom, recorded revenue of THB 500 million this year. Nearly half of the capex plan, or THB 2.5 billion, will be spent on developing the above Bangkok projects, while THB 1 billion will be used to open two Asiatiques in Pattaya and Hua Hin in 2016.
After the renovations of Gateway Ekamai and Digital Gateway Siam Square and the second phase of Asiatique are completed, the company plans to raise its rental rates by 10 to 50 percent, depending on location. The plan targets THB 2 billion in rental income from both the Asiatique and Gateway retails brands by 2019.