Siam Retail building two more malls

Thai property developer Siam Retail is building two more Terminal 21 shopping malls – in Pattaya and Nakhon Ratchasima province.

President Prasert Sriuranpong says the company is investing 6 billion baht (US$170.5 million) in the Pattaya development because it is one of three main tourist destinations outside Bangkok, along with Phuket and Chiang Mai.

“Pattaya is full of foreign tourists, and the number of arrivals will continue to increase in the coming years,” he says. “Our lifestyle shopping mall will take about two years to complete.”

Meanwhile, the Nakhon Ratchasima project will be ready before the end of the year. Terminal 21 Korat is near the Mitrapap Highway and is being developed under the “Market Street” concept – themed shopping based on seven world cities, with a sightseeing tower as high as 30 storeys.

Also costing 6 billion baht, the mall will offer 200,000 sqm of retail space, almost triple the size of Terminal 21 Asoke in Bangkok, which has 70,000 sqm. Anchor tenants include SF Cinema City, The Rink Ice Arena, Fanpekka theme park and Foodland Supermarket. Shops will offer 200 local and international brands.

Siam Retail plans to spend 100 million baht to promote the mall. Nakhon Ratchasima is considered a gateway to the northeast, with a population of 2.6 million, including more than 50,000 university students. It is also a tourist destination, with more than 5 million visitors each year.

Siam Retail had revenue of 3.5 billion baht last year, up by 9 per cent from 2014 despite the economic slowdown. More than half the revenue came from Fashion Island, 25 per cent from Terminal 21 Asoke and the rest from The Promenade and Life Center.

The new malls are part of the company’s 20-billion-baht expansion plan over the next six years. Apart from shopping malls, the company will turn its attention to hotels and property investments in Britain.