Property Perfect’s retail division We Retail will unveil four new community malls by 2015, with a combined worth of about THB20 billion, reported The Nation.
The move aims to leverage the new Bangkok City Plan, especially the expansion of the mass transit systems, as well as the inception of the ASEAN Economic Community (AEC) in 2015. The shopping complexes will also serve the growing population in the capital and its suburban areas.
According to Property Perfect CEO Chainid Ngowsirimanee, the mall projects will be funded by bank loans, issuance of a property fund in 2015 and a gain in registered capital from THB800 million to THB1.35 billion in July.
The construction of the two malls, which are valued at THB1.5 billion, will start in Q3 2013 and are expected to be completed in Q4 2014.
Situated at Kalapapruk, the Metro West Town will be built on a 10.45-rai plot, offering 10,458 sq m of retail space, while the 16.5 rai Metro East Town at Sukhumvit 77-Lat Krabang will have 10,255 sq m of retail space. These two malls will be sold to a property fund for between THB1.5 billion and THB2 billion in 2015.
On the other hand, construction of the remaining shopping complexes will start in 2014, and are set for completion by 2015.
Located at Ram-Indra, one of the unnamed malls will cost THB6 billion and will offer 150,000 sq m of retail space, while the cost of the other mall is expected to reach THB12 billion with a total retail space of 300,000 sq m.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg
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