The malls’ owners, Seacon Developments, says at least Bt700 million will be spent on them to enhance their standing as top retail complexes in their areas in Bangkok.
The plans were announced as the company looks ahead to the opening of the Blue Line and Yellow Line skytrain routes.
The company also has a 40-rai land bank in Krabi, which is becoming a fast-growing tourism destination in the Kingdom.
“We are looking to develop a hotel on our land bank in the next three to five years. Costing about Bt2 billion, the new five-star hotel will occupy about 200 guest rooms in total,” said Tatiya Sosothikul, managing director of Seacon Development.
Tatiya said that the company also owned a hotel, the Renaissance Phuket, on the resort island, which had seen occupancy rise from 80 per cent to 87 per cent over the past two years, in line with a rebound in the tourism sector. Most of the hotel’s guests come from Europe and Asia, especially Singapore, Hong Kong and South Korea.
He added that the redevelopment of retail space at the Seacon Square malls would allow them to be different and competitive as unique destination, as well as to sustain growth in long term.
He said that of the budget, about Bt400 million would be invested in the redevelopment of retail space at the Seacon Square complex in Srinakarin, and another Bt300 million for the revamp of retail space at Seacon Square in Bangkae.
“We will not wait just for external factors, such as the accessibility of skytrain routes in the area, but to redevelop and make our shopping complexes a unique destination for individual shoppers, who will be more easier to access the shopping mall,” said Tatiya.
Charun Poopat, vice president for marketing communications and corporate relations, said that the development of skytrain route in Bangkae had brought many property developments, especially condominium projects, into the area. About 15 condominium projects, with about 13,000 rooms, had been developed in Bangkae. This head brought in between 40,000 and 50,000 new residents into the area.
Tatiya said that the redevelopment would be conducted in many areas, including the design and decoration of its shopping malls, as well as the relocation of its retail tenants, the development of new retail attractions, and the promotion of events to lure visitors.
He said that both of the Seacon Square malls had enjoyed a satisfactory performance year on year in the first six months of this year.
“The number of shoppers at Seacon Square in Srinakarin grew by 8 per cent year on year in the first six months of this year to between 60,000 and 70,000 on weekday, and up to 120,000 on weekends,” he said.
“Meanwhile, Seacon Square in Bangkae also enjoyed a ramp-up in number of visitors by 10 per cent year on year in the first six months of this year, to between 35,000 and 40,000 on weekdays, and up to between 50,000 and 60,000 on weekends.”
Seacon Development expected to earn Bt1.56 billion in rental revenue from its Seacon Square in Srinakarin for the whole of this year, and a further Bt600 million from the Bangkae mall. Both centres are expected to enjoy 5 per cent growth in rental revenue this year compared with last year.
Published : September 01, 2017
By : KWANCHAI RUNGFAPAISARN THE NATION