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Billions to be Spent Upgrading Ratchaprasong

By on Jan 30, 2015 in Property News, Retail

RETAIL and property giants yesterday announced a combined Bt60 billion worth of investment projects to turn the Ratchaprasong area into one of the top downtown districts in Asia, rivalling Singapore’s Orchard Road, Japan’s Ginza and Hong Kong’s Central district.

News-nation_28jan

Chai Srivikorn, president of the Ratchaprasong Square Trade Association, said new projects being developed by Central Group, Minor Group, The Erawan Group, Gaysorn Property Group, Platinum Group and other members of the association, would create “a major tourism phenomenon in Asia”.

The retail, wholesale, hotel and MICE (meetings, incentives, conventions and exhibitions) projects are expected to increase the number of tourists and other visitors to the area by 50-100 per cent to 600,000-800,000 per day, or 220 million people annually within the next three years.

Among the new projects is Central Group’s plan to embark on the biggest-ever renovation of its CentralWorld shopping mall, the Bt7.5-billion The Market by Platinum project, the Gaysorn Tower 2 project valued at Bt5.8 billion, and Magnolia Group’s Bt15-billion hotel and residential projects. Isareit Chirathivat, general manager of Central Pattana, said CentralWorld’s renovations would encompass an expansion of its retail spaces including the Zen and Isetan department stores, the lifestyle dining zone, the Sky Walk elevated pathway, Centara hotel, and the participation of two or three new “international retail anchors”.

The renovation works will commence in the first quarter of next year and take eight months to complete.

Isareit said the investment would exceed Bt10 billion, but he could not reveal more details until the project is approved by the company’s board and reported to the stock-market authorities.

Chai said the in the next three years, the Ratchaprasong district would increase its office building area by 149,000 square metres, its hotel accommodation capacity by 3,900 rooms, its residential space by 382 units, and its convention area by 40,320 square metres.

At present, the Ratchaprasong area has 884,200 square metres of retail space. It attracts 400,000 visitors per day or 146 million yearly, 80 per cent of whom are Thais. Of the foreign visitors, 80 per cent are Asian travellers.

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Source | The Nation 28 January 2015

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