Developers raise Thai mall investment to 54b baht

Bangkok

THAILAND'S Charoen Pokphand Group (CP) and two property firms have raised their investment in Bangkok's Icon Siam development to 54 billion baht (S$2.1 billion) to expand its shopping malls, an executive said on Tuesday.

Despite Thailand's slowing economy and weak consumption, there is strong demand for luxury condominiums and retail shops, said Chadatip Chutrakul, the riverside project's director. "We will increase investment by 4 billion baht to expand space," she told reporters, adding the firm was targeting demand from domestic travellers and foreign tourists.