BANGKOK, 20 September 2023
Frasers Property Commercial (Thailand) (“FPCT”), a prominent grade A commercial and mixed-use property developer in Bangkok's central business district (CBD) operating under Thailand’s first integrated real estate developer, Frasers Property (Thailand) Public Company Limited (“FPT”), has unveiled its four-year journey towards achieving success in the mixed-use retail sector. FPCT has effectively distinguished itself in the industry, demonstrating its achievements with high occupancy rates and significant foot traffic, solidifying its status as a creative and preferred hub in the community.
Four years ago, FPCT embarked on a mission to stand out in Bangkok, the nation’s bustling capital and an increasingly popular lifestyle destination. The company’s approach was to create a new retail space based the core concept of ‘Being part of the community’. Mrs. Thiranant Kornsritipa, Executive Vice President of Retail Business Development at FPCT, discussed their journey to success: “In the beginning, as a new player in the retail sector, we faced numerous challenges, especially when entering the market during the global COVID-19 pandemic. However, with a commitment to building a sustainable business and prioritising people and communities, we were laser-focused on being community-centric, aligning our business to serve the needs of the communities where we operate. Our first venture was Samyan Mitrtown, and just last year, we introduced a new project, Silom Edge, to the market.”
FPCT's strategy to establish itself as the community's preferred destination is encapsulated in its idea of ‘Inspiring Everyday Experiences’, shaping modern retail spaces. The company is concentrating on gaining community support through three key initiatives:
- Mixed-use strategy: This approach strengthens the destination as a strategic location by catering to various demographics, for example, students at Samyan Mitrtown and office workers at Silom Edge. Concurrently, this allows flexibility to attract a broader customer base, complemented by robust ecosystems that encompass working professionals within the premises and condominium residents (for Samyan Mitrtown).
- Creative space for all: Valuing the needs of customers and communities, FPCT is determined to deliver experiences in line with shared values and preserving the identity of the areas it develops to ensure the involvement of locals while fulfilling their needs, thus, fostering a stronger sense of community by providing a gathering place for everybody. Apart from being the first developer operating a 24-hour shopping centre in Bangkok CBD, FPCT also contributes to the community with projects like the Chuam Mitr road-crossing tunnel, sky gardens, and versatile event spaces to organise activities. This particularly benefits students, who have opportunities to showcase their projects, express their needs, campaign for equality, and exhibit their artworks.
- Responsive to trends: FPCT enhances retail spaces by seizing opportunities from the emerging trends in a timely manner, launching engaging campaigns, and organising activities as marketing magnets to attract visitors. The company provides a retail sandbox that unlocks opportunities by enabling new entrepreneurs to test their products in non-contracted rental areas, thereby diversifying store options and addressing the rapidly-changing needs of consumers.
The retail business division of FPCT is currently enjoying considerable success, with operating traffic having grown by over 40% to 77,000 user/day compared to the pre-pandemic period. FPCT has successfully maintained a high total rental rate of 98% and 97% renewal rate, reflecting robust visitor traffic as a community meeting place for all.
As a positive example of modern retail property developer committed to operating as a sustainable business, FPCT remains dedicated to promoting creativity and supporting community activities, including music, art, and culture, while actively promoting the growth of small businesses through its sandbox spaces. In line with its business plans, FPCT aims to continue building on its successful journey by expanding its retail spaces and adjusting store proportions within Samyan Mitrtown and Silom Edge, to better align with the lifestyle needs of consumers, ensuring that they remain a welcoming gathering place for all.
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