Developer increases mall investment in Pattaya as tourism soars
Land and Houses sees tourism potential of resort city, welcomes increase in visitors to Terminal 21 Pattaya mall
With the economic potential of Pattaya, a popular resort town in the eastern province of Chonburi, looking bright, giant property developer Land and Houses (LH) has announced an increase in investment in its Terminal 21 Pattaya shopping mall to 5.7 billion baht.
The mall opened six years ago and positioned itself as a “”tourist mall”, catering to the shopping needs of both domestic and foreign tourists visiting the resort city. It boasts the longest escalator in Thailand at a total length of 39 metres.
“Pattaya is a city with high potential, one of the few places in Thailand that attracts tourists year-round, regardless of high or low season,” Prasert Sriuranpong, managing director at LH Mall & Hotel (LHMH) said on Wednesday.
He went on to say that Pattaya boasts a variety of attractions and is located in the Eastern Economic Corridor (EEC), which has many development projects underway. This makes Pattaya one of the few cities in the world that serves as both a tourist destination and an economic hub.
Prasert added that LHMH recently expanded investment in LH Shopping Centres Leasehold Real Estate Investment Trust to 5.7 billion baht, from which 3.19 billion baht would come from selling trust units, and the rest would be borrowed from financial institutions.
“This year Terminal 21 Pattaya enjoyed 12% more visitors than the previous year, reaching a number even higher than before the Covid-19 pandemic,” he said. “Most of the visitors are from China, Singapore, Saudi Arabia, India, and Asean countries. Foreign visitors are likely to spend up to three times more than their Thai counterparts.”
He added that LHMH has continually rolled out marketing campaigns to attract visitors, including promoting retail spaces of Thai and international brands, building a cineplex, and hosting international events including the Pattaya Marathon, which attracts over 15,000 visitors.
LHMH is also planning to renovate its over three decades old Fashion Island mall in Bangkok as well as expand its parking space by up to 40%. The company estimates that the renovation will be complete in 2025, and would help further boost the visitor traffic from the current 60,000 people on weekdays and 100,000 people on weekends.
