Airport Outlets Among Developer’s 3 New Bangkok Malls
13 March 2019
An outlet mall out near the international airport and two more mega malls are being built in the capital by the developer behind Siam Paragon and Iconsiam.
The company will invest 70 billion baht through 2023 to open three more commercial sites, Siam Piwat CEO Chadatip Chutrakul announced Tuesday. The one nearest to becoming a reality is the Siam Premium Outlet mall opening in December in the capital’s eastern district of Lat Krabang, near Suvarnabhumi International Airport.
Siam Premium Outlet is being built on 150 rai (24 hectares) of land, a size similar to the Terminal 21 Korat and CentralPlaza Chiang Mai Airport malls. Few details were shared about the mall’s features and future tenancy, but Chadatip said it is being developed with US developer Simon Property Group.
Siam Piwat is the developer of malls such as downtown staples Siam Center, Siam Discovery, Siam Paragon and most recently Iconsiam which opened in November.
A race to be the first to bring Western-style outlet malls is on. In November, CPN, the property and investment arm of Central Group, announced it would be the first to open outlet mall Central Village. It’s also being built near Suvarnabhumi and expected to open late this year.
The outlets aren’t the only new malls coming to metro Bangkok’s crowded commercial space. Siam Piwat is deciding between three locations in the capital’s north, east or downtown for the site of two more projects. Both will require at least 50 rai (8 hectares) of land.
The complexes will be mixed-use developments including retail, office space and possibly theme parks or other attractions, Chadatip said.
She said the company was in talks with investors and would go public with their new venture by October.
Siam Piwat is also looking to acquire existing office towers in the Bang Na district and along Phahon Yothin Road, as well as expand into Vietnam, Cambodia and Myanmar.
Mall openings in Bangkok are frequent as more and more square footage is given over to retail. The Market Bangkok, developed by The Platinum Group, opened Valentine’s Day. Eight days later, Donki Mall Thonglor opened in Ekkamai. Ikea Bang Yai opened in March 15, 2018, six days before Uniqlo Roadside opened in Soi Phattanakan 58.
Meanwhile, LH Mall & Hotel Co. plans to open another Terminal 21 in the Rama III area by 2022, as well as one in Pattaya in October.
Siam Piwat is a private company founded in 1958 by Chadatip’s father, who founded what is now the Tourism Authority of Thailand. The firm has said it is looking to expand beyond property development into logistics and digital innovation.