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Recap banks on Thai retail renaissance

By on Nov 07, 2012 in Property News

Will spend up to B4bn on two shopping malls

Real Estate Capital Asia Partners (RECAP), the Singaporean property investment company, will spend 3-4 billion baht next year to acquire two Thai shopping complexes in a bid to expand its retail portfolio in Thailand.

Executive director Krit Chantaworakit said the first project is a shopping complex with 70,000 square metres in the heart of Bangkok and another is a community mall with 20,000 sq m in the suburbs.

After buying these two retail projects, the total retail space in its portfolio will rise by 40% to 310,000 sq m.

“We’re acquiring more retail projects because they will generate a high return on investment and create stable income compared to some other businesses,” he said.

Managing director Suchad Chiaranussati said Recap recently spent 300 million baht to develop The Mercury Ville@Chidlom as an urban dining flagship. Construction of the four-storey building is about 85% finished, and a soft opening is scheduled for March.

The complex will have 7,200 sq m of retail space with a Gourmet & Cafe by The Mall Group, the second largest department store chain, 30 casual dining and lifestyle restaurants and parking space for 500 cars. It targets local employees, residents and tourists.

Some 50% of retail space has already been booked. The company expects to gain about 150 million baht from rental fees and take about five to eight years to break even.  The Mercury Ville is part of the Mercury Building, which will also comprise 19 floors of offices covering 18,000 sq m.

Apart from Thailand, the company is interested in acquiring retail and residential projects as well as hotels in other Asian countries. Japan, South Korea and Vietnam are on its investment map.

Mr Suchad said the company spent 60 billion baht to buy 31 hotels in Japan the past three years.

The company is now in talks with a South Korean businessman to acquire a commercial plaza over there. The cost is 7-8 billion baht.

Recap will allocate at least 3 billion baht to develop a luxury retail complex in Vietnam within the next three years.

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Source : Bangkok Post 7 November 2012

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