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Purchasing power back to nomal; more tourists in Ratchaprasong

By on Jun 27, 2012 in Property News

BANGKOK, June 25 – The purchasing power of Thai and foreign buyers in Ratchaprasong area, the capital’s prime shopping and business area, has returned to a normal level, while the number of tourists there for the past six months has increased 20-30 per cent year-on-year, said Chai Srivikorn, president of the Ratchaprasong Square Trade Association (RSTA).

Despite new hotels springing up in the area, with many more rooms, the rising number of tourists wanting to stay and shop there, he noted, are being accommodated, with about 90 per cent of available rooms being occupied.

Retailers and hospitality sectors are pleased. The higher purchasing power has also come from higher incomes of Thais from the government’s policy of a minimum wage raise and minimum salaries of Bt15,000/month for university students upon graduation.

Mr Chai said that Thailand’s largest wholesale centre, Platinum Fashion Mall, and Hotel Novotel Bangkok Platinum as RSTA members is helping raise the number of tourists in Ratchaprasong to some 260,000-270,000/day, projected to about 350,000/day by next year, or a 35 per cent rise in tourist numbers.

The association plans to improve facilities and security measures.

More closed circuit television (CCTV) cameras as well as more lighting installed on flyovers, skywalks and buildings with a Bt70 million budget are expected to be finished in October.

Construction of more sky walks is also planned to link Platinum Mall to Ratchaprasong to develop the area as an Asian fashion and lifestyle centre in the region, comparable to Hong Kong and Singapore.

However, Mr Chai said political protests are a risk factor worrying entrepreneurs, and said he wished to see politics be expressed only at Parliament.

The eurozone debt crisis has affected the purchasing power of European tourists, while travellers from Asian countries such as China, India, Russia and from the Arab world still have a high purchasing power.

Source : MCOT online news 25 June 2012

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