Thai Property developer Magnolia Quality Development Corporation sets aside 400 million baht for mall
Property developer Magnolia Quality Development Corporation (MQDC) will invest 400 million baht to develop a community mall for creators within a mixed-use project — Cloud 11 — in collaboration with the operator of the Commons Thonglor.
Onza Janyaprasert, project director of Cloud 11, said the investment would be directed towards a retail space spanning 5,420 square metres on the fourth floor of Cloud 11.
“The Commons Cloud 11 will be the largest occupier within Cloud 11’s retail zone,” he said. “We have already secured tenants for the majority of the retail zone and offer rental spaces for 150-200 medium-to small-scale tenants, with sizes spannng from 10 to 3,000 sq m.”
With a total investment of 40 billion baht, Cloud 11, located on a 27-rai plot near Sukhumvit Soi 64, has reached the halfway stage in terms of the progress of construction.
The project is expected to be completed by the fourth quarter of 2024.
Vicharee Vichit-Vadakan, co-founder of the Commons and Kinnest Group, a holding firm with businesses in food and beverages and the community space, said Commons Cloud 11 would be the company’s third location for this brand following Thong Lor and Sala Daeng.
“The new project will be our first collaboration with a partner’s property,” she said. “It will serve as a backyard for creators or space for talented individuals, aligning with Cloud 11’s objective of becoming Asia’s largest hub for content creators.”
She said the collaboration model with Cloud 11 involves joint management with a sharing of the gross profit margin, which is similar to the approach the company employed at its two earlier projects.
Operating between 7am and 1am, the facility will be divided into five zones. The largest will be the Commons market which will serve as a gathering place for over 40 vendors offering specialised food and beverages.
Groundwork will provide a workspace for remote work, featuring rental rooms for workshops, gatherings, meetings and events. Play Yard will be a petfriendly zone with semi-outdoor spaces, home-related shops and services.
Grandstand, an open-air space, will feature steps leading to a rooftop park on the fifth floor, serving as a venue for music performances, movie screenings and other activities hosted by creators and local talent.
“We will have ‘All Kinds’, a new venture designed specifically for Cloud 11,” said Ms Vicharee. “It will be a retail collective that showcases brands and entrepreneurs who have products that are kind to health and well-being, the community and the environment.”
‘‘ The Commons Cloud 11 will be the largest occupier within Cloud 11’s retail zone. ONZA JANYAPRASERT Project director, Cloud 11
Source: https://www.bangkokpost.com/property/2633793
