The group recently purchased the land, located in Bangkok's prime business district, at the intersection of Wireless and Ploenchit roads, for ¤50 million (Bt3.5 billion).

The property sale by Britain's Foreign and Commonwealth Office (FCO) was one of Thailand's largest property transactions ever.

"The 160,000-square-metre property project at the British Embassy compound will be a long-term commitment," said Tos Chirathivat, chief executive of Central Retail Corporation (CRC), the group's retail conglomerate.

"We will not just develop and sell the property, but will stay with them for the next 30 to 50 years," he said.

Tos added that the group hoped to attract major commercial magnets to the area, including large retailers, an entertainment complex, offices or a hotel.

"We will not limit ourselves in the amount broad ideas for this prime property project, but will open ourselves for the type of new retail and commercial magnets Thailand is still lacking. However, they should compliment Central Chidlom, our existing department store nearby," he said.According to Tos, the group will complete the planning of the commercial elements by the end of the year before taking another two years for the design work. It will take about another two years to complete the construction.

"We bought this land because we believe in the Sukhumvit area, which will be further developed into an outstanding shopping street of Bangkok in the near future similar to those in developed cities such as Singapore, Tokyo, New York and Paris," said Tos.

Tos added that Central Retail Group was considering developing a "mini market" concept for its Tops Supermarket. Tops Supermarket may shift to opening more convenience stores instead of large-scale outlets, the size of which are restricted within 15 kilometres of the Bangkok's city centre.

He said the convenience stores, named Tops Daily, are akin to Tesco Lotus Express stores. They have an average space of 300 square metres each and have been opened as part of a pilot project in Angtong, Chiang Rai and Chiang Mai.

The stores sell diverse products similar to those in the supermarket. They have the same grocery products as the supermarkets, but fewer fresh items.  "We will open about 10 Tops Daily stores this year. And about 500 stores will be opened in the next five years at a cost of Bt5-6 million each", he said.

Kwanchai Rungfapaisarn

The Nation