Siam Future to add another store to management

   Panravee Euraree, vice president for SF’s finance division, yesterday said the company would likely conclude the deal with the department store by yearend, having successfully negotiated the management of the three other stores.
   Managing department stores increases the company’s profit margin and boosts revenue, aside from what is generated in rental income, she said.
   SF’s currently managed shopping centres include JAvenue, Piyarom Place, Siam Future Sukhumvit 71 Centre, Esplanade, Nawamin City Avenue, Market Place Thonglo and The Avenue Chaengwattana.
   The listed company projects revenue of Bt1.5 billion as planned for this year, but lower fourthquarter revenue than in the previous three months due to the floods.
   It recorded income of Bt1.3 billion for the first nine months of the year.
   SF's revenue, excluding the Mega Bangna project, is expected to grow 10 per cent next year.
   Mega Bangna has started providing services in much of its rental area of 400,000 square metres, and is also expected to generate revenue for the company next year.
   The company’s five floodhit shopping centres are The Avenue Chaengwattana, Petchkasem Power Centre, Nawamin City Avenue, Market Place Nawamin and Market Place Bangbon. Some of these complexes have already resumed services.
   SF will postpone the official opening of the Festival Walk Nawamin project from the end of this month to midDecember, said Panravee. The unofficial launch was in midOctober, with monthly revenue of about Bt4 million already being generated.
   Next year, the company plans to expand three more shopping centres with a combined investment of Bt1.05 billion, and expects to open them for services late in the year or early 2013, Panravee said.
   Two of the three will be expansions of existing centres, while the third will be a branch in the form of a lifestyle centre. The total expansion area will be 30,000 square metres.
   Meanwhile, SF this month will hold a board meeting to decide on cutting the rent charged to customers in both its floodhit and unaffected shopping centres as a relief measure during the crisis. It expects to finalise the matter by the end of the month, she said.
   SF director Kittinanth Sumruatruamphol said Major Cineplex Group was a 24percent stakeholder in the company as of November 4, up from 22.85 per cent previously.
   The group aims to maintain its major holding in SF and has no intention of a selloff or tender offer due to the good return generated by the investment, he said.