By Andrew Batt:
The growing number of retail community malls in Bangkok is set to increase with the launch of QiSS.
Kewpaisal Place Company Limited has launched its first development on a 3-rai site in downtown Bangkok with a total value of more than THB1 billion. It will be a mixed-use project consisting of a retail community mall and a grade-A serviced apartment building.
Situated on Soi Rubia connecting Sukhumvit and Rama IV roads, and next to the Kluaynamthai Hospital and opposite the Berli Jucker building, this development will feature a 3-storey community mall and a 3-storey office space comprising a total lettable area measuring more than 4,000 sqm, a 55-unit grade A serviced apartment, and 300 parking spaces. The project is located less than a kilometre away from Bangkok University and only 600 metres from the Ekkamai BTS skytrain station.
Narong Kewpaisal, Managing Director of Kewpaisal Place Company Limited, said: “The project’s concept is to bring a green oasis to the downtown area of Bangkok. Some 50 percent of its common area will be dedicated for lush gardens which will be in the English, French and Italian styles. QiSS is designed to cater for office workers and university students in a neighbourhood where the demand for a lifestyle mall has not been met”.
According to CBRE, there are approximately 200,000 sqm of office space and almost 8,000 condominium and apartment units located within a radius of three kilometres from the project, while occupancy rates of both commercial and residential developments in the area continue to be high at more than 95 percent and 70 percent respectively.
The Retail Services team at CBRE Thailand has been appointed as the sole leasing agent for QiSS in December 2012 and has already leased out 30 percent of the total lettable space within just one month.
CBRE expects to lease out all retail spaces by the first half of 2013. Well-known tenants who have committed to lease the retail space include MaxValu, a Japanese chain of supermarkets, and Vistacafé by Verasu, which plans to open one of its largest branches at this project.
Construction is expected to be completed in Q4 2013.