KAN Property has decided its first development is going to be a neighborhood mall on Ram-Indra Road. Local media reported that the project will cost THB200 million to build as the developer looks to put its new retail project near the Pink Line which is set to open in the coming years.
Tatchai Silphiphat, managing director of KAN Property, explained to the media that the new mall will be called Ease Park and construction on the shopping complex is 90 percent complete. He noted the soft opening set for December. For Tatchai, the project was one he is passionate about, and one he will likely use.
“I personally love to go and do business and leisure activities, including dining out and shopping, at community malls rather than large shopping centers,” he explained. “For me, going to a community mall is quite convenient, especially for driving a short distance from home as well as for parking. A community mall can be a shopping venue that you can visit more than once a week or usually three to four times a week and do all daily activities.”
The three-story project boasts an industrial design and is being built on land owned by his family on Ram-Indra Road. The mall will have a total space of 7,000 sqm. and is estimated to generate THB70 million in rental income in 2016. In addition to being located near the future skytrain Pink Line, Ram-Indra Road also gets quite a bit of car traffic as well.
“The Ram-Indra Road Km 4.5 area has high potential, as it still lacks community and neighborhood malls,” Tatchai told the newspaper “Each day, there are more than 250,000 vehicles passing our mall, which is close to the main road in the area,” he said.
And while KAN Property’s first project was a retail space, the company has future plans to focus on residential projects with detached houses, townhouses and condominiums all under consideration.
“We will start next year with the development of a townhouse project, as it does not need much investment. It will be launched in the third quarter of next year,” Tatchai said. “Two new projects comprising detached houses and townhouses will be launched in 2018.”
