The Platinum Fashion Mall Group is branching out from wholesale to retail business with a budget of 15 billion baht to develop three commercial projects in Bangkok and upcountry.
An artist’s impression of The Market by Platinum in Ratchadamri.
The move is to prepare for a surge in purchasing power after the launch of the Asean Economic Community in 2016.
Executive vice-president Pongsak Anantawannakul said the company will spend 5 billion baht to develop The Market by Platinum, the first retail project. Work will start in October and be completed in 2016.
A new company, The Platinum Market, was recently set up with registered capital of 300 million baht to operate The Market by Platinum, located next door to Big C Supercenter in Ratchadamri.
The complex will cover 200,000 square metres, with 50,000 for retail space and the rest reserved for events and parking for up to 2,000 cars. The project will create more than 6,000 jobs.
The company got the rights to develop the 11-storey building on a 21-rai plot from the Crown Property Bureau for 30 years. Funds will come from bank loans and cash flow.
The Market by Platinum will have 300 tenants providing souvenirs, food, services and a night market for both Thais and foreign customers.
"The Market by Platinum will be a good place for shoppers to buy products or souvenirs similar to Chatuchak Weekend Market and the former Suan Lum Night Bazaar," Mr Pongsak said.
The company will open space bookings in October for leases of one, three and six years depending on business categories. It expects to take about 10 years to break even.
Mr Pongsak said the company plans to spend 400 million baht to develop Bangkok Skyline, a walkway linking Gaysorn Plaza, Anoma Hotel, Big C and Pratunam Pier to the new mall.
It is conducting a feasibility study to develop two projects _ one in Bangkok and another upcountry _ in 2016.
The upcountry project will have the same concept as The Platinum Fashion Mall in Bangkok's Pratunam area, while the Bangkok project will be developed under a new retail shopping concept.
Each will require an investment of 5 billion baht and land of 10-20 rai.
The company also plans to spend about 200 million baht to renovate and expand The Platinum Fashion Mall.
About the author
- Writer: Pitsinee Jitpleecheep
Position: Business Reporter