LH Mall & Hotel Co (LHMH), a subsidiary of Land and Houses Plc (LH), which operates the Fashion Island and Terminal 21 lifestyle complexes, is conducting a feasibility study with a view to developing new lifestyle complexes in areas along Bangkok's mass transit routes.
Prasert Sriuranpong, LHMH's managing director, said the company still sees a huge opportunity in developing new Terminal 21 complexes in Bangkok, although the competition is now considered to be very high.
This is because the population in Bangkok is as high as 12 million and there is a huge number of foreign tourists visiting every year, he said.
"We will focus on developing Terminal 21 in Bangkok instead of expanding into Khon Kaen or Nakhon Si Thammarat as planned earlier,'' Mr Prasert said, adding that the company is seeking 3-4 plots of land of 10 rai in size to develop new Terminal 21 branches in the capital in areas close to electric train stations.
In a related development, the company on Thursday officially unveiled its latest Terminal 21 on Rama 3. The launch took place six months later than originally scheduled due to the Covid-19 pandemic.
The 6-billion-baht lifestyle project is located on a 16-rai plot of land by the Chao Phraya River on Rama 3, covering an area of 140,000 square metres in total.
It is the fourth Terminal 21 lifestyle complex. The other three are in Asoke, Nakhon Ratchasima and Pattaya.
"Terminal 21 Rama 3 is quite different from the three existing Terminal 21 branches,'' Mr Prasert said. "The new retail complex comes in a village-style with neo-classical interior design and architecture, inspired by six world famous tourist destinations, and are known as Caribbean Village, English Village, Italian Village, French Village, Japanese Village and San Francisco Village."
Terminal 21 Rama 3 has a gross leasable area of 40,000 sq m with various anchor tenants including Tops Supermarket, SF Cinema, The Fitness Platinum, Meta H hi-tech boxing gym, Harborland children's indoor playground, and a food market featuring over 200 leading street food vendors and 33 famous restaurants at Pier21 food centre on an area of 2,300 sq m.
It also has more than 250 units of fashion, beauty, IT, and lifestyle stores including Uniqlo, Eveandboy and Muji. It plans to spend 50 million baht on marketing activities from now until the end of this year.
According to Mr Prasert, the company sees a vast opportunity for Terminal 21 Rama 3 because it is located in a prime location which connects to the business district and residential areas in Rama 3 and Thonburi.
The area has over one million residents and 50,000 condo units. It is accessible to over 43 office buildings that accommodate over 60,000 people and is also surrounded by 44 hotels with 5,300 rooms available for 4,800 businesspersons and tourists per day.
The company expects to gain income of 600-700 million baht per year from Terminal 21 Rama 3. Revenue from the five retail projects under LHMH is expected to reach 4 billion baht in 2023, up from the 3.2 billion baht expected this year.
Of the total, 1.8 billion baht will come from Fashion Island.