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B3.5bn Gaysorn II office mall mix slated for 2014

By on Jul 12, 2012 in Property News

Gaysorn Land Asset Management Co, the operator of Gaysorn shopping centre, announced it will spend 3.5 billion baht to develop Gaysorn II, a mixed-use complex next door to Gaysorn in 2014.

Construction of the new retail project will start after a major facelift of Gaysorn is finished late next year.

Chairman Charn Srivikorn said Gaysorn II will be built on a six-rai plot located between Gaysorn and Arnoma Hotel.

The project will have 30 floors with total space of 70,000 square metres. Of the total, about 7,000 sq m will house retail shops while the remaining 63,000 sq m will belong to an office zone. The company expects it to take about three and a half years.

Gaysorn will also celebrate its 10th anniversary this year. The firm and some of its tenants will spend 1 billion baht for a facelift under the concept of Gaysorn: The House of Luxe.

Some 300-400 million baht will come from Gaysorn with the remainder from its tenants in the complex. The retail space will be kept at 12,000 sq m but dining space will be added to represent 20% of the total space, up from 8%.

Mr Charn said the company has to reposition Gaysorn because it wants to respond to the planned Asean Economic Community in 2015, when the number of both tourists and investors entering Thailand will sharply increase.

Some 40-50% of luxury goods sales come from Asia and the trend will continue for many years, he added.

Fนr the full article, visit http://www.bangkokpost.com/business/retail/302039/b3-5bn-gaysorn-ii-office-mall-mix-slated-for-2014

Source : Bangkok Post 12 July 2012

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