Ying Charoen Market eyes REIT
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YING CHAROEN Market yesterday announced its plan to set up a real estate investment trust (REIT) within the next three to five years to raise more than Bt2 billion for the expansion of its fresh market as well as the development of a modern retail and ent
Narumol Tumwattana, president of Suwapee Tumwattana, developer and operator of Ying Charoen Market, said the company was negotiating with CIMB Bank on the possibility of launching an REIT fund.
With the mobilisation of investment funds from the REIT, the expansion will be divided into different phases. The first phase will be major renovation of its existing Ying Charoen fresh market on 15-rai (2.4-hectare) plot, which will be developed as the “old town” zone.
“We plan to revamp the whole structure of our existing fresh market from a one-layer market to a building complex of about eight floors. The fresh market will cover the first two or three floors of the complex, and the rest will be developed as apartments to accommodate merchants at the market,” she said.
She added that a “park and ride” building with capacity for 3,000 vehicles would be developed soon at the “old town” zone to serve the Green Line Skytrain route (Mo Chit-Saphan Mai), which will start operations in 2019.
Narumol said the second phase, worth more than Bt1 billion, would involve another 20-rai plot opposite the existing fresh-market area, and would be developed as a “new town” zone.
“In the second phase of the expansion, we plan to develop a modern retail and entertainment complex, including a multiplex cinema, in the ‘new town’ zone. This will serve the urbanisation of the area,” she said.
Narumol said that in the third phase, the company would look |for a joint-venture partner to co-develop the property projects, including a community mall and apartments within the “new town” zone.
“I dream of making Saphan Mai a new tourism attraction close to Don Mueang Airport. We are interested in developing the canals in the Saphan Mai area, especially Klong Thanon, for a floating market in the future with the aim of bringing tourists into the area,” she said.
Ying Charoen Market, which this year celebrates its 60th anniversary, now contains 1,500 stands run by individual merchants, and serves about 20,000 shoppers daily.
“We posted about Bt400 million in revenue last year, mostly from the rental of market space. With the expansion, we expect our revenue to double within the next five years,” Narumol said.
