The Mall Group pulls out of investment in “Bluport Hua Hin”
After persistent rumors The Bangkok Insight has said from its sources that The Mall Group has withdrawn its investment in the company that runs the shopping center Bluport Hua Hin Resort Mall.
The company has faced mounting losses ever since they opened the mall in 2016.
They have reportedly sold their shares for one baht each.
The medium sized shopping center was a joint investment by The Mall Group and Proud Real Estate under a company banner called Hua Hin Asset Co Ltd.
It was opened on October 1st 2016 and represented the second foray into malls in the provinces after The Mall Group opened up in Korat in 2000.
They own several major malls in Bangkok.
It was part of a plan for seaside malls, open in style, called “The Blu Collection”. It was built at a cost of 5 billion baht on 200,000 square meters opposite the Intercontinental Hotel in the downtown area of the tourist city that is 220 kms south of the Thai capital Bangkok.
Now after persistent rumors over the past 2-3 months the media said that they had pulled out.
The media reported losses of 60 million baht in 2016, 175 million in 2017, 138 million in 2018 and 207 million in 2019.
There were no figures available for 2020 – the year that the pandemic struck.
Source: Thaivisa & The Bangkok Insight