City Realty announced it is partnering with The Mall Group to develop a new mix-used project that will have a hotel and serviced apartments and require an investment of around THB30 billion, Deal Street Asia reported. Part of the project will include the much talked about Bangkok Mall which is aiming to be the largest such shopping complex in ASEAN.
The companies co-developed the Emporium shopping complex and this will be their second project working together, the website added. The development is going to be situated in Bang Na across from the Bangkok International Trade and Exhibition Centre (BITEC). It will be built on 100-rai plot of land that is currently empty.
“They will spend around THB20 billion on developing 80-rai of land to be Bangkok Mall, the largest shopping mall in Thailand and Southeast Asia,” a source told Deal Street Asia. “The other THB10 billion will go toward creating an office building, a hotel and service apartments on the rest 17 of the land and operating under the Chatrium brand.”
Initial designs call for four buildings in total with three 40-story buildings and one 52-story building making up the complex. The hotel is expected to have nearly 500 rooms while the service apartment project is likely to have upwards of 600 units. According to Deal Street Asia’s source, City Realty and The Mall Group are still waiting on an Environmental Impact Assessment for Bangkok Mall before starting construction. They hope to receive approval and begin some time this year. Construction on the office building and hotel won’t start until 2018.
The Mall Group is Thailand’s second largest shopping mall operator and it continues to focus on its projects near Phrom Pong which include Emporium, Emquartier and EmSphere. Construction on its Bluport shopping mall in Hua Hin is also nearing completion with the project expected to open in October of this year.
