AEG To Enter Bangkok Market To Construct Venues
AEG is a developer based in the United States which is the same group responsible in constructing well-known entertainment complexes. It currently manages the O2 Arena in London as well as the Staples Center located in Los Angeles. In a recent announcement, AEG is planning to construct two new venues within the capital of Thailand. The projects will be accomplished with a local Thai partner. This is the first time that the developer will enter the Southeast Asian market. Other developers focused on Sukhumvit 19 hotel and mixed used establishments but AEG will be the first to build venues.
The US developer reportedly made a joint investment worth over 10 billion baht or $308 million with its local partner, The Mall Group which is a retail developer. The money will be used to construct a theatre that can accommodate 6,000 audiences at a time. It will be constructed in Sukhumvit Road which is close to EmQuartier mall, an upscale shopping centre developed by TMG.
Aside from the theatre, the partnership also plans to build an arena with 6,000 seats which will become the largest arena in Bangkok upon completion. This will be constructed within the Bangkok International Convention Centre which is situated in the middle of Suvarnabhumi international airport and the city centre.
These two new venues are expected to meet the growing demands of the consumers in Asia who are looking for more options in terms of entertainment services. The region will be able to enter the entertainment district model once these projects have been completed. These models are often found in the United States and Europe wherein the arenas are equipped with entertainment, dining outlets and retail.
AEG has its headquarters located in Los Angeles and is currently operating stadiums as well as arenas. The Mall Group, on the other hand, is owned by the Umpujh family – a billionaire in Thailand. The American company did not publish information about the exact shares between the partnerships. Meanwhile, other projects such as Sukhumvit 19 hotel continue to be built within the city along other developments.