AMUSEMENT park operator Siam Park City yesterday said it plans to invest Bt3 billion on a new project, an attraction known as Bangkok City that will be opened in 2020.
Chaiwat Luangamornlert, chairman of the board of Siam Park City, said the Bangkok City development was expected to nearly double the number of visitors to Siam Park City from around 1.7 million a year to some three million within three years.
The company is also expected to increase Siam Park City’s annual revenues from the more than Bt500 million posted last year to about Bt1.5 billion in three years.
Chaiwat said that the proportion of foreign visitors to Siam Park City is projected to jump from 15 per cent to 50 per cent in that period – especially those from China and India.
“We are preparing ourselves to list on the local stock market within three years,” said Chaiwat, adding that the company has appointed EY Thailand to lay out its accounting and working systems in a task that will be completed within one and a half years as part of the listing plan.
“I want the Siam Park City not to be dominated by the Luangamornlert family any more, but to distribute its shares to other investors,” said Chaiwat.
He added that the company was undergoing a transformation with the adoption of a modern style of management. All employees would be trained up to conform with the new business and management style, providing the appropriate skills in English, finance and accounting, risk management, and social responsibility.
“We will bring in information technology to be applied at our amusement park. To be developed by ourselves or under cooperation with major commercial banks, the IT application will allow individual visitors to enjoy all rides and services with cashless payment,” said Chaiwat.
To be built on a 70-rai plot at its existing amusement park in Bangkok’s Kannayao district, Bangkok City will reproduce some of the historic buildings associated with the era of King Rama V, such as Siam Kammajon, Backman & Co, B Grimm & Co, Baan Phra Arthit, the Democracy Monument, Sala Chalermthai, and Sala Chalermkrung, as well as famous trading districts, such as Sampheng, Phahurat, and Klong Thom. All the attractions will come under one complex. Bangkok City is expected to reach its return on investment within 10 to 15 years.
Chaiwat said the new development is in line with the Thailand 4.0 economic model aimed at promoting the tourism sector as well as local community products, such as the One Tambon, One Product scheme.
The Siam Park City amusement park has been an established tourism fixture a 400-rai plot, and it boasts a 75-rai water park. Siam Park City operates what the company promotes as the world’s largest artificial sea, as recognised by Guinness World Records.
“The development of the Bangkok City retail plaza and night market will be my last piece of work, before handing over the running of the business to my children, who are well versed in the modern style of management,” said Chaiwat.
“I have operated Siam Park City for 38 years with my Chinese management style. I work very hard for seven days a week without any holiday, except when I am sick or go abroad.”
Chaiwat, 79, has two sons and one daughter – Sittisak Luangamornlert, who is president of the company; Wuthichai Luangamornlert, the managing director; and Chirawan Diskul na Ayudhaya, vice president. Two daughters in law, Noppagarn and Vorapun Luangamornlert, serve as deputy managing director and assistant managing director for human resources, respectively.