News

Investor Relations

Siam Future Development to expand lifestyle retail malls

BackJul 12, 2007

Siam Future Development Plc (SF), the SET-listed retail developer, will spend several billion baht per year for the next several years to build new ''lifestyle'' shopping complexes.

Chief executive Nopporn Witoonchat said the firm planned to develop 2-3 new lifestyle shopping complexes per year to meet market demand in the growing retail segment.

Mr Nopporn pointed to the positive market response received at its existing projects, including J Avenue Thong Lor 15, Esplanade Ratchada and La Villa Phahon Yothin.

Orakarn Jivakiet, the business development manager for Siam Future Development, looks at a model of the firm's one-billion-baht Major Avenue Ratchayothin project. — PHRAKRIT JUNTAWONG

Somnuk Pojkasemsin, the SF president, said demand for lifestyle malls was expected to grow steadily.

''While some retail store formats will be saturated soon, demand for lifestyle retail complex will grow over the next 10 years,'' he said.

SF recently signed a 30-year contract with TCC Land, a property developer owned by liquor tycoon Charoen Sirivadhanabhakdi, to rent a 16-rai plot for development of a new 500-million-baht lifestyle centre.

Construction of the new Sena Avenue mall, located in the Kaset-Navamin area, would begin next month and is scheduled to open to the public by the second quarter of 2008.

SF also plans to open two more lifestyle complexes this year; The Pattaya Avenue in Pattaya and Major Avenue Ratchayothin.

Siam Future and the Major Cineplex Group, the country's largest cinema operator, formed a new firm last year, Ratchayothin Avenue Co, to run the new Major Avenue Ratchayothin project.

Part of the one-billion-baht outdoor Major Avenue Ratchayothin project would be opened at the end of the year, with full operations to start in 2008.

Apart from Major Avenue Ratchayothin and Sena Avenue projects, SF would spend billions of baht to develop other mix-use commercial outlets including Power Centre, Lakeside Entertainment, Premium Outlet and Auto Mall complexes.

The total investment value has not been finalised, but the company indicated that it could be large. Mr Nopporn said the funds would come from bank loans and cash flow.

Shares of SF closed yesterday on the Stock Exchange of Thailand at 9.55 baht, up 10 satang in trade worth 4.43 million baht.

 

Source: Bangkok Post by Pitsinee Jitpleecheep
Thursday July 12, 2007