JAY Mart is no stranger to shoppers in Thailand. Their mobile phone shops can be found in malls and shopping centre’s all over Thailand. However, JAS Asset, which is majority owned by JAY Mart, is focusing on building retail outlets as well as residential projects.
There are three malls under JAS Asset’s watch including the recently launched JAS Urban. The first project was JAS Wanghin mall, which opened in 2014, while JAS Ramindra began operations a year later. Suphot Wanna, the chief executive of JAS Asset, tells The Nation he is already planning for the company’s fourth shopping centre and hopes it is two times bigger than the JAS Urban outlet.
JAS Urban has been by far and away the most popular of the company’s three projects and has sold out all leasable space with SF Cinema, Dunkin Donuts, Au Bon Pain, and Baskin-Robbins among tenants. The mall’s location on Srinakarin Road is one of the main reasons for its success.
The company is also developing residential projects and it hopes to start a presales event for a low-rise project in the Ekamai-Ramindra area some time in 2017. JAS Asset also plans for a condominium project that could be launched towards the end of this year.
Suphot believes the condominium business is going to help JAS Asset diversify its sources of revenue, which are now dependent on rental income from its three main businesses. Those are retail space for mobile phones and gadgets in department stores under the IT Junction brand, night markets under the J Market brand and community malls under the JAS brand, reports The Nation.
However, the company’s retail business remains its most attractive one for the time being since there is no ceiling for rent so long as the tenants are satisfied with the shopper traffic, Suphot says. The company’s goal is to raise JAS Urban’s average monthly rental charge this year with price increases occurring annually after that.
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