Thai commercial developer The Platinum Fashion Mall Group is preparing to take advantage of the increased purchasing power expected when the Asean Economic Community takes effect in 2016.

Platinum is investing 15 billion baht (US$494.4 million) to develop three retail projects including a retail complex called ‘The Market by Platinum’.

Market will cover a total space of 200,000 sqm, providing tenancies for 300 traders, comprising souvenir shops and food outlets. It is scheduled to open by 2016.

According to EVP Pongsak Anantawannakul, ‘The Market by Platinum’ will be similar to ‘Chatuchak Weekend Market and the former Suan Lum Night Bazaar where shoppers can buy souvenirs and other products.

The company is also planning to develop a new retail concept in Bangkok and an upcountry retail project which replicates its existing ‘The Platinum Fashion Mall’.

Besides new retail developments, the company is also allocating 200 million baht to expand and renovate its shopping mall ‘The Platinum Fashion Mall’ in Pratunam, Bangkok, a popular destination for affordable locally sourced fashion.