Thailand’s The Mall Group has budgeted US$91 million to build a new shopping centre in Bangkok’s northeastern outskirts.
A final decision on the new Bangkok mall will be made within weeks, and represents an additional capital commitment beyond the $2 billion investment in the Emporium, EmQuartier and EmSphere developments in Bangkok and new malls in Phuket, previously announced.
The new mall would be built on land across the road from Fashion Island on Ram Intra Rd, a key Bangkok arterial route.
CEO Paiboon Kanokwattanawan told the Bangkok Post newspaper that having a shopping mall in the Ram Intra area “will fulfil our goal to serve customers in all important areas of Bangkok”.
The Bangkok focus is aimed at cashing in on the establishment of the AEC later this year, of which Bangkok will be the capital.
Paiboon told the Bangkok Post his company will not be following rival Central Group’s strategy of establishing centres in border towns.
“We never planned to open our retail projects in special economic zones or border towns because Bangkok will be the capital of the AEC. It’s not necessary for us to develop projects in other locations as Bangkok is bigger than we thought.”
He said people travelling from AEC member countries like Vietnam or Laos to Malaysia or Myanmar had to transit in Bangkok and while there “they will go shopping”.
According to a report from Colliers International (Thailand) some 30 new shopping centres are scheduled to open in Bangkok and its suburbs during 2015 and 2016, adding about 1.52 million sqm of retail space to the Thai capital.
