Siam Paragon aims to be Southeast Asia's top MICE venue
Siam Paragon Development Co Ltd last month set up a subsidiary to promote Siam Paragon's 12,000-square-metre exhibition and convention centre as a prime destination, both locally and beyond.
Royal Paragon Enterprise Co Ltd would spearhead efforts to tap the growing demand for venues for exhibitions and conventions, as well as for corporate meetings and incentive activities, Jitakorn Duangngam, director of operations for the new firm, said yesterday. The Bt400-million Royal Paragon Hall on the fifth floor of the Siam Paragon mega-shopping mall in downtown Bangkok will be championed as the ultimate venue in Southeast Asia for all kinds of world-class events. The facility will play a major role in supporting the government's policy of positioning Thailand as a MICE (meeting, incentive, convention and exhibition) destination to compete with Hong Kong and Singapore. Charnchai Charuvastr, chairman of Siam Paragon Development, the developer and manager of the giant complex, said Royal Paragon Hall would be a great alternative for companies or event organisers that demand an in-town location with other attractions such as shopping and entertainment. "The MICE industry is a significant catalyst for economic growth since it acts as a negotiation centre for manufacturers, purchasers and other parties and will accelerate the business process," he said. MICE also gives a big boost to domestic tourism, with MICE participants splurging Bt10,000 per head per day compared to only Bt3,700 for leisure visitors. MICE has taken off over the past years. From revenues of Bt330 billion in 2004, and more than Bt400 billion in 2005, the MICE market is expected to be worth more than Bt500 billion this year. MICE is accounting for more arrivals, which have increased gradually from 500,000 in 2004 to more than 780,000 this year, as projected by the Thailand Convention and Exhibition Bureau. Arun Theng, general manager of Royal Paragon Enterprise, said Royal Paragon Hall was running 85- to 90-per-cent booked, with all weekends fully taken. "We expect the hall to host 100 to 150 events annually with 500 to 5,000 participants each time," he said. Following its soft launch in February, the hall was expected to generate revenues of Bt85 million-Bt100 million this year, rising by 15 per cent next year.
Kwanchai Rungfapaisarn The Nation
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