TCC Group, owned by liquor tycoon Charoen Sirivadhanabhakdi, is committed to continued investment in commercial properties such as hotels and retail outlets as confidence rises in Thailand’s political situation.
“The group has consecutively invested as the overall situation in the country has gradually improved,” Mr Charoen said yesterday during the official reopening of Pantip Plaza after a 300-million-baht revamp.
Soammaphat Traisorat, chief executive of subsidiary TCC Land Asset World Co, said the company is more confident in future investment after Sunday’s “yes” vote on the draft charter.
“Our main investment this year and next will be for hotels nationwide as tourism is Thailand’s fundamental strength,” he said. “The country is also the region’s centre of lifestyle.”
The company has set an investment budget of more than 60 billion baht to launch new hotels in Thailand until 2022.
This year it has opened three hotels under American hotel chain Marriott in Bangkok, Hua Hin and Phuket with a combined investment of 8.8 billion baht.
Other property investment will include commercial spaces for retail and wholesale products.
The group’s affiliate and SET-listed developer Golden Land Property Development Plc is building a mixed-use project called Samyan Mitrtown with an investment of 8.5 billion baht on a 14-rai leasehold plot in the Sam Yan area owned by Chulalongkorn University.