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Bangkok Retail – Siam Piwat Plans B55bn Expansion

By on Oct 05, 2014 in Retail

Siam Piwat Co, the operator of Siam Center and Siam Discovery, yesterday announced it will invest 55 billion baht to expand its retail projects in Thailand and abroad from 2015-19. About 35 billion baht will be spent on new projects, while 20 billion will be used to build the IconSiam retail and residential project on the banks of the Chao Phraya River, said chief executive Chadatip Chutrakul.

Of the new projects, about 25 billion baht will be used to develop retail schemes on its own in Thailand and Asean, while 10 billion will be spent on joint-venture projects with foreign partners. Siam Piwat will develop four speciality stores in Bangkok on its own.

Despite political tensions, new retail and property projects costing about 210 billion baht were announced in the last 12 months. This excluded investments by foreigners keen to explore opportunities in Thailand.

Siam Piwat recently extended its agreement for Loft, a franchised speciality store from Japan, and will open three more branches in the next five years. Its own speciality stores, The Wonder Room and The Selected at Siam Center, offer fashion and home accessories from up-and-coming Thai designers. It will add more branches and is considering invitations to open stores in other countries.

Sales of Siam Piwat were more than 20 billion baht last year and are expected to reach 50 billion by 2017.

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