K.E. Land Co, the operator of Crystal Design Center on Praditmanutham road, will spend at least 10 billion baht to develop a mixed-use complex next to its retail project to cash in on the continuing growth of the local community.
The expansion is expected with the arrival of the monorail Grey Line from Vatcharaphol to Ratchburana within the next four years, as well as the changes in the retail and property landscape in the area. Managing director Kaveepan Eiamsakulrat said the construction of a new multi-purpose complex was due to start in the next two to three years after Bangkok has a clear plan for its Grey Line.
The mixed-use complex will be the fourth phase of development on Praditmanutham road by K.E. Land.
It will be built on five to 10 rai in the same compound as Crystal Design Center, a furniture centre.
The project will comprise a luxury residential zone, an office zone and a boutique hotel with less than 100 rooms.
Supanavit Eiamsakulrat, the company’s executive director, said it would start with the office zone by building some showrooms and tailor-made offices for international furniture companies on the long waiting list.
After the plan for the Grey Line is clearer, it will develop the residential zone and the hotel.
Funds will come from its cash flow and a real estate investment trust. The company will transfer three retail projects — Crystal Veranda, The Crystal SB Ratchapruek and The Crystal PTT Chaiyapruek.
Currently, about 60% of K.E Land’s revenue comes from the retail business while trading accounts for 40%.
Apart from the new mixed-use project, the company also plans to open the third phase of The Crystal Ekamai-Ramintra project with 25,000 square metres of space in December.
The company spent 2 billion baht to extend this phase, bringing the total space at The Crystal Ekamai-Ramintra to 50,000 sq m with parking for 1,800 cars.
The new phase, called Crystal Veranda, will come with a new interior design along with various products and services. They include SFX Cinema, which will launch an exclusive cinema concept inspired by Hollywood, and a branch of Fitness First that will also offer gym-goers a panoramic view of the surrounding area.
K.E. Land has also expanded its edutainment zone by adding more than 24 tutoring schools and educational stores that will appeal to children aged from three years up.
There will be a flagship Lego store as well as a branch of Asia Books that will focus on children’s books and lifestyle works for adults. A playground imported from Finland will be available as well.
Among the popular restaurants slated to open in the complex are Dean & Deluca, Coffee Bean by Dao, Water Library, Hong Bao and Peppina.