TCC Land to invest B50bn in retail growth
Date：2017/09/25
On 25 Sep 2017 | WRITER: Pitsinee Jitpleecheep
[Bangkok Post] TCC Land Asset World Co, the retail firm of billionaire Charoen Sirivadhanabhakdi, plans to spend about 50 billion baht to add malls 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 The 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.
Mr 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 6-8 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 m, 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 m retail space.
The construction of Gateway Bang Sue is about 40% in progress 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% of space has already been booked and the mall is expected be fully booked by mid-2018.
"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," Mr 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 over 33,000 sq m.
TCC Land is set to spend about 1.5 billion baht to build two shopping venues under the Tawanna brand, 500 million baht of which is to build Tawanna Market community mall in Bang Phli by end of this year. The mall will have 20,000 sq m, offering a supermarket, fashion outlets, and cinemas.
Another 1 billion baht is set to add a new 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," Mr Napat said.
There are more projects under the 10-year plan that the company will reveal in the future, he said.
For investment in 2017, TCC Land has already set aside 6 billion baht to build a luxury hotel near Asiatique and extend the Asiatique shopping mall.
Apart from retail development under TCC Land, Mr Charoen's empire has other retail businesses, including Big C Supercenter, Samyan Midtown, One Bangkok in Lumpini and The Street Community Mall.