TCC Land is launching a new lifestyle shopping development in Bangkok known as "Asiatique the River Front" along the Chao Phraya River which will be the largest of its kind in Asia. With a total land area of over 72 rai (22 acres) and based on the theme “Festival Market and Living Museum,” the developers are hoping to attract both Thai and foreign shoppers. The center will be highlighting over 1,500 stores, theaters and panoramic restaurants and will be opening by December 2011.
TCC Land is launching a new lifestyle shopping development in Bangkok known as "Asiatique the River Front" along the Chao Phraya River which will be the largest of its kind in Asia. With a total land area of over 72 rai (22 acres) and based on the theme “Festival Market and Living Museum,” the developers are hoping to attract both Thai and foreign shoppers. The center will be highlighting over 1,500 stores,
theaters and panoramic restaurants and will be opening by December 2011.
For the Asiatique the River project, the company will open the first phase at the end of this year and plans for its grand opening next March. The project has now already succeeded in booking 90 per cent of the total retail space for rent. The company offers prices of between Bt1,000 and Bt2,000 per square metre a month. The project is close to the Chao Phraya River and about five minutes by car from the Krung Thon Skytrain station.
The two target customer demographics are young working people aged 25 years or more with a middle-income and an independent lifestyle. They like new places, socialize with friends after work and love to shop. The other group is tourists and expatriates living in Thailand who prefer purchasing a variety of products as souvenirs and desire the ability to explore the art and culture of Thailand, including activities and entertainment in the same location.
The project is divided into four main areas.1. Charoenkrung district - Includes a souvenir shop for tourists. More than 700 home decoration stores, including a theater that supports over 400 seats audience. For those who love Thai arts and culture a small puppet play by Joe Louis company or Calypso, cabaret2. The center district. Over 2,000 square meters of outdoor area and International Food Circus Zone that includes foods from many different countries.3. Industrial Zone - include pubs, restaurants, fashion shops and more than 1,000 Decorative stores.4. Waterfront district and a range of restaurants include Italian, Thai, Chinese Japanese-style and seafood with a panorama view and so on.
The additions mean the group's retail businesses would reach a combined 700,000 square metres next year when Asiatique the Riverfront opens in March and Digital Gateway at the end of 2012. Half of the total 700,000sqm will be retail space and the other half for car parks, event areas and other project facilities.
TCC Land Group has six property businesses: retail, hospitality, office buildings, golf courses, exhibitions, and residential. This group has total revenue of nearly Bt10 billion a year.
Currently, the company has combined retail space of about 650,000 sqm. This total includes the Pantip shopping centers, The Market, Digital Gateway at Siam Square and Tawanna. Along with the new project, “Asiatique The River Front,” the company is also developing another Digital Gateway Center on Ekamai Road off Sukhumvit Road.
The group's annual rental fees from retail businesses has been hovering between 1.2 billion and 1.5 billion baht ($40-50 million). When both Asiatique and Digital Gateway at Ekamai are completed next year, the company expects that rental fees from retail businesses will reach Bt2 billion in the next two years.
