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Bangkok Retail – Mall Group Banks Gig on AEC

By on May 07, 2014 in Property News, Retail

Earmarks Bt 60Bn for six megaprojects

Despite the negative economic outlook, The Mall Group, arch-rival of retail giant Central Group, has announced a huge investment that will involve ploughing 60 billion baht into the development of six megaprojects.

Bangkok Retail - Mall Group Banks Gig on AEC

An artist’s rendering of Bangkok Mall, The Mall Group’s retail megaproject on Bang Na-Trat Road.

Supaluck Umpujh, the group’s vice-chairwoman, said about 20 billion baht will be used to develop Bangkok Mall on a 100-rai plot opposite Bitec convention centre on Bang Na-Trat Road.

Another 20 billion baht has been earmarked for the construction of Blu Pearl, a resort mall located on a 150-rai plot close to CentralFestival in Phuket.

The rest will be spent on the development of Blu Port, a resort mall in Hua Hin, and The EmQuartier, a shopping complex opposite The Emporium in Bangkok. The funds will be also used to build The Emsphere, next to the Imperial Queen’s Park Hotel, and for a major facelift of The Emporium.

The ventures are expected to create up to 5,000 jobs, Ms Supaluck said.

On the group’s schedule, the renovation of The Emporium and the opening of The EmQuartier are set for the end of this year, while the other four projects will be ready for operation in 2017.

Once all six projects are operational, it will bring the total number of retail projects of The Mall Group to 14 with 2.5 million square metres of floor space, while sales of the group will reach 70-80 billion baht in 2017, up from an estimated 50 billion baht this year.

For the full article, click here.

Source |  Bangkok Post 7 May 2014

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