Thailand
Thailand: Platinum readies Ratchaprasong debut
Platinum Group Plc, the operator of Platinum wholesale fashion mall, is set to open its first retail project in the Ratchaprasong area in February.
The retail development is part of the company’s mixed-use project, The Market Bangkok, worth a combined 9 billion baht on 21 rai opposite CentralWorld.
The Market Bangkok comprises three retail buildings (4.4 billion baht), two three-star hotels (2.7 billion baht) and an office building (1.9 billion baht).
According to Somporn Nakseutrong, the company’s vice-president, the construction of the first and second six-storey shopping buildings with a combined 28,000 square metres is 90% complete and ready to officially open on Feb 14, 2019.
The third three-storey shopping building with 6,700 sq m is scheduled to open in 2020.
Two three-star hotels managed by Marriott International — Fairfield by Marriott Bangkok Ratchaprasong with 434 rooms and Moxy Hotel Bangkok Ratchaprasong with 532 rooms — will open in 2021, as will the Platinum Tower office building with 38,000 sq m of space.
The launch of The Market Bangkok will bring the number of retail complexes in the Ratchaprasong area to 27, providing a variety ranging from wholesale clothing in the Pratunam area to luxury brands at Central Embassy.
Some 3 million shoppers visit the Ratchaprasong area each month.
Somchai Warunpantulak, Platinum’s executive vice-president and chief finance officer, said The Market Bangkok will house 1,200 tenants from the food, fashion and service segments.
Some 85% of total retail space in the shopping complex is already booked. Price per square metre is 1,800-3,400 baht per month, depending on location.
The group expects The Market Bangkok’s clientele to be split equally between local and foreign.
For the domestic market, the company has set its sights on new-generation shoppers, while Chinese and Asean tourists are the main targets among foreigners.
Platinum Group reported revenue of 2.05 billion baht in 2017, with a net profit of 772 billion baht.
Source: https://www.bangkokpost.com/business/news/1571998/platinum-readies-ratchaprasong-debut