A prominent player in Thailand’s real estate sector, Asset World Corp. (AWC), unveiled its latest venture, Phenix, a 10-billion-baht wholesale and retail food centre. Positioned to meet the ongoing demand in the tourism and food segments, Phenix aims to become a new landmark in Bangkok’s bustling food scene.
AWC Chief Executive and President Wallapa Traisorat announced that the centre was developed by transforming Pantip Pratunam into a comprehensive retail and wholesale food hub. Wallapa highlighted the absence of a unified space in Thailand that merges tourism and trade, which Phenix aims to address, thereby enhancing the country’s reputation as a leading food exporter.
Covering over 20,000 square metres, Phenix features a food lounge housing 265 restaurants, complemented by communal and meeting spaces. The centre facilitates direct connections between buyers and sellers through both online and offline channels, foregoing margin charges and only collecting rental fees from stores within the wholesale areas.
The project also boasts a ballroom with a seating capacity of 1,500 across 2,600 square metres, designed to host various events and concerts. Phenix is slated to open at the end of this month, with AWC anticipating a daily footfall of 20,000 visitors.
AWC plans to further develop the site by introducing a Thai cuisine museum, enhancing the cultural and culinary appeal of the complex, said Wallapa.
“While the hotel segment continues to contribute half of AWC’s earnings before interest, taxes, depreciation, and amortisation, Phenix is set to diversify and strengthen our revenue streams from the retail and wholesale segments.”
Loyalty members
The company intends to leverage its extensive network of over 600 million loyalty members from international brands associated with AWC properties, promoting Phenix as a must-visit destination alongside Asiatique, another notable AWC investment.
Aside from attracting tourists, Wallapa envisions Phenix becoming a preferred dining choice for locals and a reliable food supplier for small businesses in the vicinity.
In addressing the impact of external market factors, Wallapa confirmed that AWC’s hotel properties have remained unaffected by the bankruptcy of German tour operator FTI. With 70% of bookings secured directly through its international chain network, AWC’s hotels primarily cater to independent tourists and corporate clients, thereby mitigating any adverse effects.
Wallapa noted some bookings might have been through FTI, but no significant impact has been felt due to the insolvency.
Looking ahead, AWC projects a robust occupancy rate for the second half of the year, driven by high-spending customers. The company also plans to launch new properties by the year-end, including the Fairmont Bangkok Sukhumvit, a Marriott hotel, and a Melia hotel in Pattaya.
The government should enhance efforts to attract investments that can bring in more long-stay guests. Wallapa suggested, underscoring the need for strategic initiatives to bolster the tourism and hospitality sectors.
With Phenix poised to open its doors soon, AWC continues to expand its diverse portfolio, reinforcing its position in Thailand’s dynamic real estate and hospitality industries.
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