Napat Chareonkul, managing director of the firm’s lifestyle group, said his company was going in the right direction. It currently has eight developments in operation, which are expected to earn Bt2 billion in revenue this year, an increase of 11 per cent from 2015.

The eight projects are Asiatique The Riverfront, Gateway Ekamai, Pantip Plaza Pratunum, Pantip Plaza Ngamwongwan, Pantip Plaza Bangkapi, Pantip Plaza Chiang Mai, Centerpoint of Siam Square and Box Space Ratchayothin.

During the first five years of the plan starting in 2017, the company will focus its investment on retail business development in Bangkok with five flagship brands, namely Asiatique The Riverfront, Pantip, Gateway, Centerpoint of Siam Square and Box Space.

Napat said that during this development period, the company would launch the second phase of Asiatique The Riverfront, which will include an 800-key five-star hotel, a convention centre and shopping mall; Gateway Bang Sue; Gateway Rama 2; the second phase of Centerpoint of Siam Square; and Box Space Bang Na.

After that, the company plans to branch out the Asiatique model to other key tourism destinations such as Phuket, Chiang Mai, Hat Yai and Udon Thani. Each location is expected to occupy at least 50 rai (8 hectares).

“The investment on those existing brands is expected to be at least Bt20 billion, excluding land,” he said.

The company also plans to create a new brand for 30 provinces. Under this new business model, the company will join forces with partners including Big C Supercenter to turn this plan into reality.

He did not disclose further details about this new project but revealed that the total new investment should be more than Bt20 billion.

“There is more room to grow in the provinces, particularly after the implementation of the Asean Economic Community early this year,” he explained.

Once all 29 new projects are developed, the total area managed by the company will rise to 650,000 square metres from 170,000sqm now.

Asked about the firm’s overseas expansion, Napat said that the company had been in talks with potential partners but not finalised any deals yet. Expansion outside Thailand might be through joint-venture, consultation or management agreements.

Besides establishing new outlets, the company is putting emphasis on marketing activities as well as upgrades of existing |projects to boost visitor traffic| and sales revenue.

Manop Kumsawang, general manager of Asiatique The Riverfront, said that in the near future, new highlights such as the re-creation of a royal vessel from the reign of King Rama V would be constructed nearby. Asiatique will host a series of cultural events next year to attract both local and international travellers.

Veerarit Somboonsub, general manager of Pantip Pratunam, said its marketing budget would be doubled next year after a major renovation was completed this year.

Premin Lenoraset, general manager of Centerpoint of Siam Square, said that next year her mall would launch new pop-up stores and zones to encourage shopper traffic.

In 2017, TCC Land Asset World expects revenue of Bt2.3 billion, an increase of 15 per cent from Bt2 billion this year.