Siam Piwat forges ahead with New Economy strategy to further strengthen its growth after successfully raising THB 4,000 million


Siam Piwat is moving ahead with plan to further strengthen its core businesses and expand towards new economy businesses after successfully completing the offering of perpetual bonds worth THB 4,000 – a testament to investor confidence in the company and its future growth.

Ms. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, stated that the offering of the bonds was successfully achieved and thanked all investor for their trust and confidence. The company plans to use part of the proceeds to complete the renewal of the land lease contract of the OneSiam area, Bangkok’s prime location for every era, and aim to develop the area to the greatest advantage to strengthen its core businesses. The company has planned to expand business through its ecosystem with various business partners towards a diverse range of new economy businesses as well as build a digital platform that connects its shopping center business to new ventures in the future, in order to achieve sustainable growth in all dimensions. The company also plans to expand its real estate services in the next 1-3 years.

Over the past two years, Siam Piwat has revised its marketing and sales strategies across all of its platforms and introduced new projects, including the launch of Siam Premium Outlets Bangkok in 2020, which was met with favorable response from customers, and the unveiling of ONESIAM SuperApp in 2021 in collaboration with 50 partners across 13 industries to strengthen its digital business, and the ICONSIAM Phase 2 project, scheduled for a grand opening this year, further fulfilling ICONSIAM to be an impeccable city and readying it for visitors from across the globe.

Siam Piwat’s business performance in 2022 has thus far shown an upward trend of revenue growth, due mainly to comprehensive sales promotion activities in all platforms which stimulated higher spending, and support from the full reopening of Thailand in May. In the first six months of 2022, every shopping mall of Siam Piwat posted higher revenue than the first six months of 2019, before the COVID-19 crisis.The traffic across all of its shopping malls surged almost 100% compared to the pre-COVID level, despite limited presence of international visitors. Meanwhile, luxury products also continued their strong rising trajectory, growing more than doubled compared to the first six months of 2021, demonstrating the robustness of Siam Piwat’s high-spending customer base. The solid performance is a testament to Siam Piwat’s strength as a globally-recognized real estate developer and retailer which has consistently overcome every crisis and achieved tremendous success for more than 63 years of operations.

“The successful issuance of the perpetual bonds testifies to the trust and confidence that the investors, most of whom are our regular customers, have in Siam Piwat. This is in line with our vision to foster an ecosystem that creates a sharing economy and benefits all parties. It also reflects the trust of the investors in the strong foundation of our businesses, and the confidence in the company’s future growth potential, and the highly experienced management team. Going forward, Siam Piwat will use the proceeds from the issuance to expand on our business success to foster steady long-term growth and create shared value to all involved,” said Chadatip.