Amornphan to expand with caution
Property developer Amornphan Group will keep expanding over the next few years but will do so cautiously amid risks from political instability, and while it waits to see the government's flood-protection measures.
The firm declined to reveal its investment budget, but said it would keep forging ahead because the country’s economic scenario remains positive.
Amornphan’s new business plan includes a revamp of Amornphan Market and construction of condominiums and detached-house projects as well as a community mall, said Araya Tovachirakul, chief executive officer of the group’s AMR Development Co.
At present, the firm operates a boutique community mall, Amorini, on Ram-Indra 12 and plans to open a second one within two years. She declined to identify its location, but said it would be on the outskirts of Bangkok to avoid high competition and oversupply.
The Rama II area was named as one of her locations of interest. Residential projects and purchasing power there are on the rise. The firm requires 10 rai (1.6 hectares) for the mall’s construction.
Amorini was opened last year on 5.5 rai, costing Bt145 million to build. So far, it has enjoyed good response from residents in the area and its retail space has been rented fully, with 30 outlets now open.
Construction of the new mall will likely go along with a housing project. The firm plans to construct both detached houses and condominium projects by the end of next year. However, the projects only will start once flood-protection measures introduced by the government are made clear.
Also, the firm is the process of modernising Amornphan Market in Bangkok’s Kasetsart area, working with a business partner. The 30-year-old market on 2 rai will be reopened by the end of this year with the addition of a new food zone. At the same time, it will keep its traditional market at the site.
