The company behind Mega Bangna shopping mall, SF Development, will spend THB 67 billion to complete its mixed-use Megacity project in the surrounding area, reports local media. Plans call for the entire project to be completed within the next 14 years.
The Megacity complex will add hotels, office buildings, residential units and other mixed-use facilities in the area around the THB 12 billion Mega Bangna shopping centre. Plans this year will see THB 2 billion be used to add another 40,000 sq. metres of retail space to the mall, says the Bangkok Post.
The new retail area will eventually be home to 40 restaurants and cafes with Dean & DeLuca, Bon Chon and Starbucks among the companies expected to join the mall. The space will also have Tops Food & Wine supermarket and parking space for 1,200 cars. Construction has already begun on the new retail space and SF Development is hoping it is open in December of 2017.
Next year the developer will spend THB 3 billion to build a 4-star hotel next to the mall with 240 rooms. SF Development has yet to select a hotel management chain, but should do so before the end of the year with Jones Lang LaSalle having already been appointed to assist in the selection process
There are also plans in place to have another hotel in the same area as the Mega Bangna, but that will not be financed by SF Development. Instead the company will seek outside investors for the project and operate it under freehold conditions. It will be several years for that project to be launched, according to the developer.
SF Development also wants to have 50,000 residential units, modern office towers and a large, green space as part of the Megacity project, but these are still years away. The office buildings will be developed via joint ventures with investors and the company has already sold a land plot to a property developer who is expected to build condominiums on it.
Featured Image: www.siamfuture.com
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
