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Published on March 13, 2008

The company plans to double its business growth in 2009 and 2010, said CEO Parinya Tumwattana.

The first project - Yingcharoen Market 2 at Muang Mai Bang Phli in Samut Prakan - has an investment of Bt300 million. The project will open on August 8 and will be operated by subsidiary Yingcharoen Muang Mai, with registered capital of Bt20 million.

The second market will be on Sukhumvit Soi 64 and will be worth Bt400 million, The other two markets will be at Amata Industrial Estate in Chon Buri, worth Bt200 million, and Koh Samui in Surat Thani province, worth Bt300 million. Half the investment budget will come from the company's capital and cash flow, while the rest will be borrowed from banks, Parinya said.

Parinya is also managing director of Suwapee Holding which owns and manages Yingcharoen Fresh Market in Bangkok's Saphan Mai area. He established Yingcharoen Estate last year with registered capital of Bt50 million. Parinya and his son own a 70-per-cent stake, Santisook Fungkajorn holds 20 per cent, Yuwarat Kamolvej 5 per cent and the remaining 5 per cent is held by other partners.

The company plans to increase its registered capital from Bt50 million to Bt200 million by the end of this year to develop the new projects.

Parinya said the company signed a 22-year lease with the National Housing Authority to develop 18 rai of land at Muang Mai Bang Phli in Samut Prakan to be an outdoor and indoor fresh market.

This market will have total space of 23,000 square metres that will create jobs for small and medium retailers: 300 vendors of non-food products and 80 food vendors. Up to 20,000 shoppers per day are expected to visit the new market.

The company has sold 40 per cent of the space and expects to be sold out in two months. It is offering 15-year lease contracts at a price Bt400,000 for 7.5 square metres. Afterwards, tenants will have to pay a monthly fee of between Bt300 and Bt400 per square metre.

The company expects revenue of Bt270 million from long-lease contracts this year and rental fees averaging Bt70 million from the Bang Phli project next year, Parinya said.

"Our revenue will double in 2009 and 2010 when the next three projects have been completed and start operations next year. Long-lease contracts for the project on Sukhumvit Soi 64 will generate revenue of Bt270 next year, while Amata Industrial Estate in Chon Buri will generate Bt270 million in 2009 and 2010," he said.

Somluck Srimalee

The Nation