Grand Uniland Group, developer of I’m Park community mall in the Samyan area, plans to spend 5 billion baht to develop hotels and retail projects in Bangkok and upcountry over the next three years.
I’m Park community mall in the Samyan area near Chulalongkorn University offers an open-air environment. The mall draws 3,000 visitors a day, mostly university students.
Of that amount, 2 billion baht will be used to build a mixed-use complex on four rai in Bangkok’s Chinatown.
The other 3 billion baht will go for a mixed-use development in the capital’s Suan Luang district and two boutique hotels in Phuket and Hua Hin.
Managing director Sarunthip Lertpunyaroj said Grand Uniland would focus more on developing retail and hotel projects rather than residential properties.
Construction has already begun on the four-star Imperial Ocean Palm Hotel on Bangtao Beach in Phuket, expected to open next year.
The company is now designing the Chinatown project, a 12-storey, mixed-used complex to be called I’m Chinatown. Construction will start next year and it will feature 200 hotel rooms and 20,000 square metres of retail space.
Grand Uniland is also designing a 100-room boutique hotel on two rai in Hua Hin. Construction is expected to start next year for completion in 2016.
The company expects these projects will help to triple sales over the next three years to 1 billion baht.
Grand Uniland has registered capital of 400 million baht, increasing to 1.5 billion baht next year.
It hopes to list on the Stock Exchange of Thailand in the next two years. Globlex Securities is its financial adviser.
The company wants to raise another 1.5 billion baht to expand further.
“We slowed our property development after the 2011 flood crisis, because customers shifted more to buying condominiums more than housing projects,” Mrs Sarunthip said.
But the company still plans to develop phase 4 of its Imperial Laguna residential project by adding 100 duplexes.
Grand Uniland opened its first community mall, I’m Park, in the Samyan area near Chulalongkorn University in July. It sees 3,000 visitors a day, mostly university students.
Retail space is already fully booked, and all tenants will have their stores open by early next year.
The mixed-use project in Suan Luang district will be on 100 rai. Four or five community malls per year are planned for central Bangkok over the next four years.