Siam Piwat Co, the operator of Iconsiam and Siam Paragon, will spend 70 billion baht during 2019-23 to develop two large-scale malls and acquire office towers and logistics centres as it aims for 51-63 billion baht in revenue by 2023.
Chief executive Chadatip Chutrakul said 90% of the five-year investment budget will be spent on development of large-scale malls, which will be either the same size or larger than mixed-use development Iconsiam.
"The new investment will not just be a retail centre, but a retail destination," she said. "Complexes that are only shopping centres are already outdated. We are going to build a larger-scale retail development."
Mrs Chadatip said the company is studying three locations in Bangkok -- in the eastern, northern and central portions of the city -- before selecting two. It is in talks with more than 10 local and overseas partners for each site.
Each city-sized shopping complex will need a plot spanning up to 150 rai, with 100 rai as a minimum. Of the total area, Siam Piwat's development will use 50 rai to develop a retail centre, with the rest for other property projects.
"Developing a small-scale [retail] project consumes the same amount of energy as a large-scale project," Mrs Chadatip said. "One of the deals will be finalised and announced in October this year."
Mrs Chadatip says the new investment will not just be a retail centre, but rather a retail destination.
After the company launched Iconsiam last year, investors in neighbouring countries asked it to develop a retail centre on the same scale as Iconsiam, only abroad.
The company is considering either giving a consultancy to local investors or co-investing with local and Thai partners. The first three destinations for malls in neighbouring countries are Vietnam, Cambodia and Myanmar, Mrs Chadatip said.
She said rental offices are a new potential venture for Siam Piwat because the investment generates long-term income. The group wants to buy existing office towers in Bang Na and on Phahon Yothin Road, as they are attractive locations.
"Thailand is drawing foreign talent to relocate here to work," Mrs Chadatip said. "There will be a lot of expatriates coming here because the cost of living is lower than that in neighbouring countries like Singapore and Malaysia."
As Thailand draws foreigners to work and invest, the new government should have stability and keep the country peaceful, she said.
"The new government's policy should be clear and it should grab or maximise this chance to drive the country to be an Asean leader, based on many changes like new regulations which were passed by the previous government," she said. "The general election this month is meaningful, as it is a great hope to show the world that Thailand is attractive for investment and spending. The government should encourage foreigners to stay longer to work, not just three to five days as a tourist."
From 46 subsidiaries that rose from 15 firms five years ago, Siam Piwat last year recorded consolidated revenue of 25.5 billion baht, growth of 23% from 2018. A key driver was Iconsiam, launched in November 2018.
The riverside luxury shopping complex, which made a splash on the retail scene last year, will continue driving the company's growth this year as income spanning 12 months rises by 42%, Mrs Chadatip said.
Siam Piwat, which celebrates its 60th anniversary this year, expects growth of 12-15% in consolidated revenue by the end of 2019 and 1 to 1.5 times in 2023 to 51-63 billion baht.
In December, the group will open a premium outlet mall as a joint venture with New York-based outlet mall operator Simon Property Group. It will be located on a 150-rai site near the motorway in the Lat Krabang area.