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Siam Piwat to Spend Bt 55 bn On New Projects In Five Years

By on Sep 29, 2014 in Property News, Retail

SIAM PIWAT yesterday unveiled a five-year strategy to invest Bt55 billion in new project developments.

News-thenation_25sep

The 2015-2019 programme, which will be conducted in Bangkok and elsewhere, will include the first foray by the company in expanding its property projects in other Asean markets offering potential.

The move will be in line with the company’s objective of consolidating its position as a “thought-leader” in the rapidly evolving retail development sector, and to double its annual revenue to Bt50 billion in the next three years.

Siam Piwat is the operator and owner of many of Bangkok’s leading malls, including Siam Paragon, Siam Centre and Siam Discovery Centre, and a joint-venture partner in Iconsiam, the Bt50-billion landmark riverfront property project on Charoennakorn Road.

Developed in partnership with Magnolia Quality Development Corp and Charoen Pokphand Group, Iconsiam is expected to open in 2017 and break even within around 10 years.

Chadatip Chutrakul, chief executive officer of Siam Piwat, said that of the total Bt55-billion investment capital earmarked by the company, about Bt42 billion would be |allocated to the development of |seven or eight property projects, including the Bt20 billion to be spent by Siam Piwat on the Iconsiam project.

Meanwhile, another Bt10 billion will be for three or four new joint development projects in the field of entertainment, arts and culture, as well as retailing. These will be undertaken in partnership with international firms.

Another Bt3 billion will be for the launch of three or four brands of franchised specialty stores and international restaurants in the Kingdom, she said.

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Source | The Nation 25 September 2014

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