Terminal 21 to be built in Pattaya, ahead of schedule
The Siam Retail Development Company, whose flagship is the Terminal 21 shopping complex in Bangkok (in Asoke), recently announced that it had changed its plans with regard to building a Terminal 21 shopping mall in Nakhon Sri Thammarat, and will instead build a similarly-named mall in Pattaya.
The senior management of Siam Retail Development said they had decided on the change of plan because Pattaya rated as one of the three premier tourist destinations in the country outside Bangkok, alongside Phuket and Chiang Mai. The management believe Pattaya’s tourist numbers will continue to grow year on year.
The Terminal 21 shopping complex planned for Pattaya will be built at a cost of around six billion baht and is expected to take around two years to complete.
In the meantime, Siam Retail Development Company’s construction of a Terminal 21 shopping mall in Nakhon Ratchasima is around 90 percent completed, and will be opened to the public later this year.
Expected to cost around six billion baht all told (similar to the projected cost for the planned Pattaya project), Terminal 21 Korat as it is called, is situated on 32 rai of land on the Mitrapap Highway.
The Korat project is a themed mall, based on seven world-class cities and it will boast a sightseeing tower which will reach 30 storeys on height.
The entire complex will stretch across 200,000 square metres of retail space, which is almost three times the size of the Terminal 21 mall in Asoke.
The company says that already some 75 percent of the retail space has been reserved by tenants, including the likes of Foodland Supermarket, SF Cinema City, The Rink Ice Arena, and Fanpekka theme park. It is expected that shops will offer around 200 local and international brands.
Siam Retail management said it planned to spend up to 100 million baht on activities to promote the new mall to Nakhon Ratchasima provinces’ 2.6 million residents, which includes more than 50,000 university students. The area is viewed as the gateway to the Northeast of Thailand and has seen tremendous economic growth over the past decade or so and attracts around five million tourists to the area annually.
Siam Retail Development recorded revenue of 3.5 billion baht in 2015, which was nine percent above its figures from the previous year, despite the general economic malaise across Thailand.
More than half of its revenues came from Fashion Island, with 25 percent from Terminal 21 Asoke and the remainder from The Promenade and Life Center. The company said it expects to raise revenue a further five percent to a targeted 3.67 billion baht.