Building stand-alone retail developments at prime locations in Bangkok is not as attractive as it has been in the past. This is due to a number of factors including an increase in online shopping, shifting consumer demand, and the limited opening of new retail complexes, reports local media. Instead, companies that once use to focus on retail projects have started building mixed-use developments.
Central Pattana Plc, Central Group’s retail and property development company, is set to invest THB12 billion on a new project that will have a condo, a hotel, and an office building. It will be next to Central Plaza’s Nakhon Ratchasima project and is expected to be completed in the next 3 to 5 years.
“The development of an office building, a hotel, and a residential or retail project in the same area will augment the traffic and make our business more sustainable. Growing mixed-use developments in Thailand can be attributed to urbanisation and the government’s transport infrastructure expansion, growing tourism and higher land prices,” says Wallaya Chirathivat, Senior Executive Vice-President of Central Pattana Plc, to the Bangkok Post.
The current trend of mixed-used developments sees retail complexes equipped with restaurants and shopping on the bottom floors, parking spaces, and residences on the upper floors. These projects can also have other features such as a hotel, a university, or a hospital.
This trend started in the US, Japan, Hong Kong, and Singapore but has since spread to Thailand. Several large developers released plans to build mixed-use projects, both in Bangkok and other areas of the country. The Mega City project located on Bang Na-Trat Road, Rangsit Plaza’s Future City project, Seacon Development’s Seacon City, The Market Bangkok by Platinum, TCC Group’s One Bangkok on Rama IV Road, and CPN-Dusit Thani project in Silom are just some of the major mixed-use projects in the pipeline.
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