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Published on January 28, 2008

Managing director Kaveepan Eiamsakulrat and executive director Supanavit Eiamsakulrat - the husband and wife team at the realty firm KE Land - are turning their long-held family properties into a goldmine.

The pair fell in love and committed to each other while working at Merrill Lynch Phatra Securities, and now they're committed to reviving an area along Bangkok's Pradit Manutham Road.

They have a huge property there, by the Ekamai-Ram Intra expressway off Lat Phrao and Navamin roads, accumulated by Kaveepan's father Kierte Eiamsakulrat, the development wizard at Surathip.

Kierte had a vision that one day the land would be valuable.

It has long been a home to a string of neighbourhoods split up by factories, supermarkets and restaurants, but there was no mall in sight. That was part of Kaveepan and Supanavit's goal - a central focus for a community of well-to-do families.

With their considerable experience in investment banking and fund mobilisation, the couple put five projects in play under the name Crystal, beginning with a luxury-townhouse development called Crystal Ville.

Next came the Bt3-billion Crystal Park range of single-detached homes, each worth Bt80 million, then the swank townhouses of Grand Crystal.

Last month "The Crystal" opened, an outdoor-indoor shopping mall in a contemporary California design with plenty of trees and places to sit among the first-floor kiosks and cafes.

It was an idea conceived on their travels in California, Florida, Las Vegas and Europe.

"People like a beautiful, relaxing environment," says Supanavit. "It' a completely different atmosphere from being in an enclosed mall.

"Outdoor shopping is actually one of the hottest trends in Thailand. The most popular places for hip people are Siam Square, Chatuchak and Pratunam market, though little has been done to glamorise them."

The Crystal certainly offers a level of glamour, with intense business discussions taking place at Starbucks and advertisers on the prowl for ideas.

"It's an exciting place," says one passing ad exec. "I really like it here."

Youngsters enjoy the Mathnasium, Kiddy Studio and Jumping Clay shop, where they can stretch their artistic talents. There's a small playground on the second floor and a massive chessboard on the first with moveable pieces.

And in a few months there's going to be a football pitch for little-league players.

"A father told me he'd love to drop off his son here to play sports and study and do some shopping before he goes home," Kaveepan laughs.

He and Supanavit have three sons studying at the International School Bangkok, and they recently moved from the Sukhumvit area to a custom-made home in Crystal Park.

At the moment, in the hope of bringing in more shoppers, there's no charge for parking at the Crystal, but the mall appears destined to get crowded soon. Retailers are witnessing a steady rise on weekends.

Behind the success of the Crystal projects is unwavering confidence in the face of a lagging economy.

"The economy has to adapt, but there are millions of people in Thailand - lots of consumers," says Kaveepan. "Things will be difficult for people who stay still, so what you can do is change or keep adding value to your products."

Lisnaree Vichitsorasatra

The Nation