Thai property developer Prinsiri has announced plans to invest more thanTHB1 billion to develop Plearnary Mall, a new amusement community mall on Vacharapol Road in the Thai capital.
According to the company’s Senior Vice President Patcharee Kovitchindachai, THB350 million wasspend to acquire the land five years ago, while the other THB650 million will be spent on construction – of which THB500 million will be funded by Krungthai Bank.
Located on 19 rai of land, the development will comprise two-storey buildings offering a total lettable area of 13,000 sqm. The retail spaces will be available for rent at THB400 per sqm to THB2,000 per sqm.The mall will earn THB300 million in annual revenues and break even after seven years.
Plearnary Mall will serve around 30,000 residents living nearby as well as another 100,000 within the five-km radius.
“We have developed three townhouse projects and a condo project for a total of 1,300 units on combined plots of 100 rai surrounding this plot in the past four years, and all havesold out,” said Patcharee, who is also the Managing Director of Plearnary Mall Co Ltd, a new unit subsidiary of Prinsiri.
Plearnary Mall is designed as a community mall with a 4,000sq m amusement park and will likely draw between 8,000 to 10,000 visitors.
Aside from the new mall, Prinsiri plans to unveil seven new projects worth THB6 billion in 2H2013. For the whole year, the company targets THB3.5 billion in sales and THB3.3 billion in revenue.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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