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Bangkok Retail – The Mall Group Developing Three Projects on Sukhumvit

By on Nov 22, 2013 in Property News

Mall Group developing three projects on SukhumvitThe Mall Group has launched three mall-development projects, worth more than Bt20 billion in total, on Sukhumvit Road, aimed at turning Bangkok into a unique and iconic destination in Asia.

The expansion is in line with the group’s plan to double its total turnover from Bt50 billion targeted for this year to Bt100 billion in the next five to seven years. No fewer than five new shopping-mall projects will be developed by The Mall Group both in Bangkok and upcountry within that period, said vice chairwoman Supaluck Umpujh. Under the plan, The Emporium, the group’s 16-year-old luxury shopping complex, will undergo a total revamp costing about Bt4 billion, aiming for the “ultimate luxury” concept. Supaluck said that as part of the overall Bt20-billion investment, the company was constructing a new shopping mall, The EmQuartier, on the opposite site of Sukhumvit Road from The Emporium at the cost of Bt9 billion. The EmQuartier will be the first mall in Thailand featuring an automatic car-park system.

Both the revamped Emporium and The EmQuartier will be officially opened by the end of next year.

The group meanwhile is developing The EmSphere project, which will be close to Benjasiri Park (opposite The Emporium) with the investment of another Bt7 billion. Construction will start next year and be fully completed by the end of 2016. The complex will include a more-than-1,000-seat art and performance centre.

All three complexes will be linked by a skywalk and a grand plaza area.

The group says that when completed, the three retail complexes will turn Sukhumvit into a hub for commercial and urban living not just for the city itself but for the region after the Asean Economic Community (AEC) is implemented. The three complexes – The Emporium, The EmQuartier, and The Emsphere – will together host more than 1,000 leading local and international brands.

“We have not just developed [more] shopping centres, but a new district that combines commerce and trade, economy, living and lifestyle, and entertainment, together in one place,” Supaluck said.

She said about 25 million tourists were expected to come to Thailand this year and that number would increase to between 40 million and 50 million within five years. Meanwhile, the government will also develop new infrastructure, including mass transit, high-speed rail, and new airport terminals.

Supaluck said the group opened the Siam Paragon shopping complex on Rama I Road in Pathumwan district in 2005 and that created the world-class shopping phenomenon in Bangkok. While Siam Paragon will be maintained as the No 1 “must see” destination for Thai and foreign tourists, The Emporium will feature charming, sophisticated, romantic and sentimental characteristics. The EmQuartier will also be a place for extraordinary life and The EmSphere a good place to hang out, as an entertainment and tourist destination.

Kriengsak Tantiphipop, group chief executive officer, who will be in charge of the operation of the three shopping complexes on Sukhumvit Road, said this area was an important part of the city and would continue to be one in the future. Most of the people living around Sukhumvit Road had high salaries and purchasing power, including foreigners.

“To prepare for the coming AEC, beside these projects, our company of course has a plan to expand its investment in the future, which I will announce next year.

“Our challenge in the next three to five years is to make Thailand a leader of the AEC. To make this come true, I think cooperation between the government and private sectors is needed.”

Source | The Nation 20 November 2013 http://bit.ly/1dezoVo

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