MBK, Siam Piwat to build lifestyle mall
MBK and Siam Piwat next year will conduct a second-phase expansion worth between Bt700 million and Bt800 million at their Paradise Park shopping complex on Bangkok's Srinakarin Road.
The complex celebrates its first anniversary later this month.
Paradise Park is the first joint-venture mall handled by MBK, which operates the MBK shopping mall, and Siam Piwat, the operator of Siam Centre and Siam Discovery Centre.
With 300,000 square metres of building area, the complex contains about 120,000sqm of rental space and carries more than 700 retail |tenants.
Chadatip Chutrakul, vice president of the JV company Paradise Park, yesterday said that a new lifestyle neighbourhood mall would be developed on an 8-rai (1.3-hectare) plot close to the existing complex at a cost of Bt700 million to Bt800 million.
"The new mall will be developed with a different name and will be the finale of our existing Paradise Park shopping complex [development]," she said.
Construction of the project, which will occupy retail space of 20,000-30,000sqm, will take about 18 months to complete.
"We have a long waiting list of tenants, including between 20 and 30 fashion brands, who intend to open shops at our Paradise Park complex," said Chadatip.
She said the new lifestyle neighbourhood mall would provide extra retail space for those tenants, selling fashion, information-technology products and home-decor items.
Paradise Park has about 100,000 shoppers a day, each spending an average of Bt7,000 at the mall.
"Targeting A- and B-class family members, we have launched some 400 campaigns and marketing activities to promote our Paradise Park shopping mall over the past 12 months. We have also invested Bt300 million in the campaigns, which is as much as what is spent on the Siam Paragon complex in downtown Bangkok," said Chadatip.
Suvait Theeravachirakul, president of Paradise Park, said that with an investment of more than Bt3.2 billion, Paradise Park had become a source of great pride and a testament to the great success of the first joint business activity between two reputable and already well-known companies in the Thai retail industry - Siam Piwat and MBK.
"And ever since its official opening in August 2010, Paradise Park has been the agent for extensive and positive change in the retailing business in eastern Bangkok. Paradise Park has clearly set out to position itself as a unique shopping centre with very high potential within the top end of the market," he said.
Paradise Park will hold its first-anniversary celebration, "Paradise Park 1st Anniversary Grand Celebrations", from September 23 to 25 at a cost of more than Bt60 million.
