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Published on November 22, 2007

Central Retail (CRC) has launched its second "lifestyle community mall", at an Areeya Property condominium project in Sukhumvit Soi 77.

The two companies signed a contract yesterday to open a Tops Market Place supermarket in front of the condominium. Occupying 6,800 square metres, the supermarket will cost Bt150 million and is scheduled to open in next year's fourth quarter.

Areeya chairman and CEO Wisit Laohapoonrungsee said the area would serve people living in the

condo, which contains 1,200 units

and another 20,000 families in the Onnuj area.

Opening the supermarket will create a lifestyle community mall around the condo. Areeya will discuss with CRC whether to have supermarkets open at another two condos.

CRC's first lifestyle community mall will be located in the Udomsuk area and is scheduled to launch next year, as well. The project is not attached to any property project.

CRC plans to open an average of three lifestyle community malls annually over the next three years in Bangkok before moving out to major travel destinations like Phuket.

Meanwhile, Areeya's business plan next year calls for four new property projects.

Wisit said the company would develop two new condominiums under the A Space brand and one or two new townhouse projects under The Colour brand.

He did not mention exact locations for the new projects but said the company had land worth Bt2 billion ready for development.

Currently, the A Space brand already has three condominiums: two at in the Kaset-Navamitra and one in Soi Asoke. Another condo in Sukhumvit Soi 77 is by Wandara, with Areeya providing management services. Combining booking from all three projects, revenues amount to Bt5.7 billion, Wisit said. However, focusing on the two projects directly owned by Areeya, the company gained Bt3.8 billion in booking revenue.

Meanwhile, the company has two townhouse projects under The Colour brand, with the latest one launched recently gaining Bt300 million in bookings.

Wisit said most of the bookings would be among company revenue of Bt2 billion next year. Half of the revenue will come from condominiums and half from townhouse and single-detached-house projects.

Most of the revenue will enter the company from next year's third quarter onwards.

Areeya expects Bt900 million in revenue this year, about the same as last year, Wisit said.

 Nitida Asawanipont

 The Nation