BANGKOK -- Premium mall operator Siam Piwat has announced 70 billion baht ($2.2 billion) in investment to open two more large retail complexes in Bangkok by 2023, a move certain to fuel competition in an already crowded market.
CEO Chadatip Chutrakul revealed the project Tuesday as part of the company's five-year business plan.
The complexes will be comparable in size to Siam Piwat's Iconsiam, now one of the largest in Thailand. The company hopes the shopping malls will attract tourists from other countries as well as residents.
The mall operator also is looking to expand to nearby countries like Vietnam, Myanmar and Cambodia, Chutrakul said. It will consider joint ventures with local partners.
Siam Piwat generated 25.5 billion baht in sales last year, up 23% from the prior year. The company operates premium shopping malls like Siam Paragon in central Bangkok, and plans to open an outlet mall near Bangkok's main airport, Suvarnabhumi, this year.