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Siam Piwat takes steps to retain position as No. 1 global destination developer, setting aside THB 1 billion to attract visitors in Q4

BANGKOK, Sept. 14, 2023 /PRNewswire/ — Siam Piwat Co., Ltd., a leading real estate and retail developer, the owner and operator of world-renowned projects, including Siam Paragon and ICONSIAM announces business strategy in response to the government’s tourism promotion policy, known as the Strategic Pillars, to further bolster its strengths as the No. 1, unrivalled developer of global destinations in Thailand. The company plans to spend over one billion baht to attract additional tourists to reach 30 million in Q4/2023.

Siam Piwat retains position as No. 1 global destination developer
Siam Piwat retains position as No. 1 global destination developer

Ms. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, stated that Siam Piwat has not only solidified Thailand’s position as the top destination among global visitors for a long time but are also highly recognized in the global real estate industry. The company also enjoys the most affluent customer base in Thailand. In the first eight months of 2023, Siam Piwat’s shopping malls welcomed 14 million visitors combined, a 46% increase from 2022, with an average daily spending per person at 8,500 baht.

Siam Piwat has developed a strategy, consisting of the following 4 Strategic Pillars:

  1. Leadership in creating extraordinary shopping experiences and strengthening its leadership in luxury retail segment: Siam Piwat will join forces with luxury brands to open 20 new shops of luxury brands in Q4, which many of them are first of its kind in Thailand. It will launch pop-up stores and world-class events in collaboration with 40 brands from now until the end of 2024, while leading luxury brands plan to expand store spaces to be the largest Iconic stores at Siam Paragon and ICONSIAM next year.
  2. Leadership in world-class event and global MICE: Siam Piwat is working with state agencies and private sector to attract business travelers and high-spending tourists. Royal Paragon Hall and True Icon Hall have been used as venues for organizing 40 world-class events and conferences in 2023, while bookings are at 70% for 2024. It is also in talks with a world-class event organizer to jointly invest in a new convention center.
  3. Leadership in promoting Thai art and establishing Bangkok as global art hub: Siam Piwat will work with state agencies to establish Bangkok as Southeast Asia’s art hub to attract global artists to visit Thailand. It also plans to open River Museum at ICONSIAM to be Thailand’s first world-class museum in 2026. 
  4. Leadership in introducing Thailand’s soft power to the global stage: Siam Piwat has developed SookSiam, a platform of opportunities to promote Thailand’s soft power.  SookSiam attracts 70,000 visitors a day and gives over 6,000 SMEs from 77 provinces of Thailand to showcase the Thai identity. Siam Piwat also develops Thai brands, including ICONCRAFT, ODS and ECOTOPIA, which successfully expand business overseas. 

Siam Piwat is prepared to move forward at full throttle. We have allocated a budget of over 1 billion baht for this endeavor in the fourth quarter this year, with plans to double this amount in the next year to actively bolster Thailand’s tourism in support of the government’s policy.

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