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Simon Property forms JV to develop retail in Thailand

U.S. mall giant Simon Property Group Inc. is forming a joint venture with Thai developer Siam Piwat Co. Ltd., its first partnership in Thailand and fourth in Asia.

The partnership initially plans to develop three projects under the Premium Outlets brand in Thailand, according to a release from Siam Piwat.

The first project will be a roughly 50,000-square-meter luxury premium outlet development that is slated to open in October 2019 in Bangkok. The outlet will contain more than 200 stores.

Reuters reported June 5 that Simon Property and Siam Piwat will invest 10 billion baht in the three retail projects. The venture seeks to tap into the country's tourism industry.

Simon Property's other three Asian investments are in South Korea, Malaysia and Japan, the news outlet noted.

As of June 5, US$1 was equivalent to 31.98 baht.