Bhiraj Buri Group, operator of Bangkok International Trade and Exhibition Centre (Bitec), is confident the venue's 6-billion-baht, second-phase expansion will serve eastern Bangkok's growth in a world-class setting.
Construction has begun on the second phase of Bitec, next to the existing venue on Bang Na-Trat Road in Bangkok. The project will add 37,800 square metres of exhibition and conference space.
After a five-year feasibility study, the group has begun building the second phase of Bitec, with completion scheduled for the fourth quarter of 2016.
Located near the Bang Na intersection, the second phase will include an expanded exhibition venue and 29-storey office building called Bhiraj Tower.
"Our expansion is designed to accommodate industrialists in eastern Bangkok and the growth of meetings, incentives, conference and exhibition (Mice) business after the advent of the Asean Economic Community late next year," said group chief executive Prasarn Bhiraj Buri.
Moreover, many opportunities are arising from Sukhumvit, Bang Na and Samut Prakan in the wake of the skytrain's extension.
Bitec's second phase will encompass more than 37,800 square metres.
Coupled with existing usable exhibition space of 32,000 sq m and conference space of 5,800 sq m, total space at Bitec will double to 75,600 sq m.
The space can accommodate large exhibitions and concerts with a 25-metre-high ceiling in one hall and a floor loading capacity of more than three tonnes.
The second phase features parking space for handling up to 2,600 cars, bringing total indoor and outdoor capacity to 5,000 vehicles.
Four exhibition halls and three conference halls round out the new phase, giving Bitec 10 exhibition halls and six conference halls upon completion.
The group has more than 30 years' experience developing office buildings in Bangkok including the UBC II Building and the new Bhiraj Tower at EmQuartier, the latter due for completion this year.
Panittha Buri, managing director of Bitec, said the venue stood out in the trade exhibition segment.
Once the second phase is complete, Bitec will have more space for consumer fairs, which are expected to represent 35% of total events within the first year.
At present, exhibitions account for 70% of Bitec's total revenue, consumer fairs 25% and special events the rest.
The group expects an increase in visitors to 6 million by 2017, up from 5 million last year.
Occupancy is predicted to be on par with 2013's level of 77% after the new phase is in operation for five years. The exhibition industry's current average occupancy rate is 60%.
"The Thai Mice industry still has much room to grow, thanks to adequate infrastructure when compared with neighbouring countries," Mr Prasarn said.
He said the new trend in local exhibitions was that they were more specialised to serve business demand.
Apart from having a good location, the sustainable growth of Thailand's Mice business will hinge on the local economic and political situation.