TCC Land Asset World Estate Co, the retail and office building arm of TCC Land Group owned by billionaire Charoen Sirivadhanabhakdi, vows to spend 40 billion baht on 20 commercial projects nationwide over the next 10 years.
Managing director Napat Chareonkul said the long-term investment has already been green-lighted by TCC Group and will kick off in 2017.
All new projects will be developed under four brands: Asiatique, Gateway, Pantip Plaza and Boxspace.
"The 40-billion-baht budget will be allotted only for the retail and property projects handled by TCC Land Asset World Estate," Mr Napat said. "TCC Land Asset World Leisure Co, which oversees the hospitality business, will have a separate investment budget."
TCC Land Group restructured its organisation last June by splitting hospitality from the retail and office building units.
Under the new structure, TCC Land is a holding company, wholly owned subsidiary TCC Land Asset World Estate Co is responsible for retail and office buildings, and TCC Land Asset World Leisure Co oversees the hospitality business.
Mr Napat said half of the total investment budget will be spent on 10 retail projects in Bangkok and its vicinities during 2017-21.
The budget includes the new Gateway Bang Sue on nine rai of land worth 4 billion baht.
The new complex will have 40,000 square metres of space and is scheduled to open in late 2018.
In addition, the company plans to construct the new Gateway Rama II and Box Space Bang Na.
"I expect the 10 new projects including eight existing retail properties will help drive revenue growth by 140% to 4.8 billion baht by 2021," he said.
The remaining 20 billion baht will be invested during 2022-2026 to develop retail and property projects in the provinces.
At present, the company runs only Pantip Plaza in Chiang Mai. It plans to expand the Asiatique brand into key tourism locations such as Hua Hin, Pattaya, Phuket and Samui.
The group has plots totalling 300,000 rai for development nationwide and is buying more land for future development.
Mr Napat said the company is also studying the feasibility of tapping into the retail business in Asean countries, but the investment would be made through joint ventures and property management.
Vietnamese investors have already shown interest in franchising the Asiatique brand in their country, he said.
"With all 28 projects including existing property projects, the company expects to achieve 10 billion baht in revenue by 2026 and rank among the top three in Thailand's retail market," he added.
TCC Land Asset World Estate expects its revenue to grow 11% this year to 2 billion baht.
Boosted by tourism's growth, Mr Napat projected revenue to grow by another 15% next year to 2.3 billion baht.