City Realty Co, owned by Thai tycoon family Sophonpanich, joined hand with The Mall Group to develop a new mix-used property project with an investment of around 30 billion baht ($857.14 million).
This is their second project together after the companies co-developed the Emporium project before.
The new project, which is to come up in the Eastern zone of Bangkok, is being built on 100 rai (39.5 acres) of land opposite the Bangkok International Trade and Exhibition Centre (BITEC).
“They will spend around 20 billion baht on developing 80 rai of land to be Bangkok Mall, the largest shopping mall in Thailand and Southeast Asia. The other 10 billion baht will go toward creating office building, a hotel and service apartment on the rest 17 rai of land and operating under the Chatrium brand,” a source close to City Realty told DEALSTREETASIA.
Regarding the design, they will develop three 40-storey buildings and one 52-storey building. The hotel will contain 498 rooms and the service apartment consists of 664 units.
“They are waiting for the approval for EIA (Environmental Impact Assessment) for Bangkok Mall and expect to start the construction this year,” the source said.
“For the office building and accommodation part, they are on the process of feasibility study including the evaluation of market demand, which will take some time to complete. Initially, it plans to develop this part by the end of 2018,” the source cited.
The Mall Group is Thailand’s second largest shopping mall operator, following Central Group. Its brands include The Mall, Emporium, Paragon Department Store, Power Mall, Emquartier, EmSphere, BLÚPORT and Bangkok Mall. The latter three are under construction.
Source: http://www.dealstreetasia.com/stories/thailand-city-realty-mall-group-join-hands-develop-857m-mixed-use-real-estate-project-bangkok-39396/
