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Siam Takashimaya department store to open in Bangkok's Iconsiam development
TAKASHIMAYA Co will operate a department store, Siam Takashimaya, in Bangkok's upcoming large-scale mixed development Iconsiam, which opens in 2017.
Takashimaya Singapore, together with the development's owner Iconsiam Co, will incorporate a joint-venture (JV) company, Siam Takashimaya (Thailand), that will operate the department store. Takashimaya Singapore, which is a subsidiary of Takashimaya Co, will have 51 per cent stake and Iconsiam 49 per cent stake in the JV company.
Iconsiam is a JV company backed by three established Thai firms, Siam Piwat Co (51 per cent), conglomerate Charoen Pokphand Group Co (24.5 per cent) and luxury residential property development firm Magnolia Quality Development Corporation (24.5 per cent).
Siam Takashimaya will be the anchor tenant at Iconsiam, which has attracted about 50 billion Thai baht (S$1.97 billion) from private investors.
Sitting on an 80,000-square-metre site, the mixed development will include a shopping mall, two residence towers and attractions.
"One of the group's growth strategies is to open more stores overseas and venture into new businesses. With regard to having multiple stores, our emphasis is placed on Asean countries, where growth has been nothing short of spectacular," Takashimaya said.