Siam Piwat gears up for international expansion

• Siam Piwat has announced business expansion in Thailand and overseas to strengthen its position as the leading world-class developer of global destinations.
• The H1/2023 revenue showed a 25% year-on-year growth.

BANGKOK, Sept. 20, 2023 /PRNewswire/ -- Siam Piwat, Thailand's leading world-class developer of global destinations, the owner and operator of Siam Paragon, Siam Center, Siam Discovery, and a joint venture partner of ICONSIAM and Siam Premium Outlets Bangkok, has announced visions to expand its business both in Thailand and overseas to strengthen its position as a recognized world-class destination developer in the real estate development industry.

The group's operating results in H1/2023 continued to show growth, rising by 25% compared to 2022, with the combined number of visitors across ONESIAM shopping malls, consisting of Siam Paragon, Siam Center, and Siam Discovery, surging by over 50% from 2022 to an impressive 45 million. Besides, ICONSIAM, the new landmark of Thailand on the Chao Praya River featuring "The Best of Thailand and the Best of the World" in shopping, entertainment, arts and culture, hotel and luxury residential condominiums, with one of the best integrated hub of transportations, has drawn more than 100,000 visitors daily and already welcomed a total of 15.5 million Thai and international visitors in the first half of this year, equivalent to a remarkable 70% growth compared to 2022.

Chadatip Chutrakul, Chief Executive Officer, Siam Piwat Group, said, "The retail and real estate development industry across the world is abuzz with activities again after having emerged from the COVID-19 pandemic. Over the past 12 months, we have been approached by premier real estate developers from various countries. Many have traveled to Thailand to visit our shopping malls and expressed their wishes to invite us to be their partner in landmark projects development in different countries across Asia. Since we are creating an overarching five-year strategic plan, in addition to domestic expansion the Board of Directors has approved to further study on expansion in selected countries in Asia as well. We expect to be able to complete and unveil the expansion plan in early 2024."

To support the long-term investment and business expansion, Siam Piwat has appointed Kiatnakin Phatra Securities PLC. and Kasikorn Securities PLC. as their financial consultants to assist in carrying out financial plan as well as studying appropriate fundraising methods and the possibility of listing the company on the Stock Exchange of Thailand in the future.

"The fact that Siam Piwat has been approached by prominent real estate developers from numerous countries with joint investment opportunities is an absolute honor and a testament of Global recognition towards Siam Piwat as the Icon of Innovation who pioneers innovative concepts that have garnered numerous accolades across various categories on the global stage. Our works served as a source of inspiration to all, and supported Thailand's economy and tourism over the years. Today, Siam Piwat is ready to take the next confident step towards expanding its business and establishing its presence internationally," concluded Chadatip.