US-based Simon Property inked Siam Piwat deal

US-based shopping mall operator Simon Property is planning expansion of its outlet malls format into the Southeast Asian market.

The company has operated an outlet in Malaysia’s Johor since 2011, and opened a new property in Genting Highlands, near Kuala Lumpur, last year. Its first premium outlets in Thailand will open in Bangkok by the end of next year in collaboration with local property developer Siam Piwat.

Simon Property’s director for international development and finance Uchenna Akujuo said the company’s success in the development of premium outlets, of which 29 out of 100 are outside the US, has stemmed from its strong relationship with top global brands, and revealed that Asia and Southeast Asia remain a strategic focus.

“We are bringing to Thailand and Bangkok high-quality brands and a shopping experience. We understand the needs of customers and tenants. We are able to leverage different customers all over the world whether in Asia, North America or Europe,” he said.

The company’s joint venture with Siam Piwat will see it developing three locations in Thailand within the next five years.

Siam Piwat first executive VP for business development and investment Chollachat Meksupha said the company will invest around THB4 billion (US$123 million) into the first outlets.