CentralWestGate: A super mall in the making
The Bt10-billion CentralWestGate mega-mall in Nonthaburi is expected to transform Bang Yai into a new central business district outside Bangkok proper.
The project will create more than 10,000 jobs when it is completed in 2015. It will also drive residential growth in Nonthaburi's Bang Yai district to exceed 150,000 units within five years from 50,000 units worth Bt150 billion currently, based on residential projects launched in this location.
Central Pattana is positioning CentralWestGate as a prototype super regional mall for Asia.
"We believe that this is a new lifestyle mall with more than 1,000 anchor stores and super-sized shops of both Thai and international brands," Wallaya Chirathivat, senior executive vice president for business development, design and construction, told a news conference yesterday.
Central Pattana, the retail property developer of Central Group, is targeting the western suburbs of Bangkok, where the government is planning many infrastructure mega-projects such as the MRT Purple Line, the West Outer Ring Road, the Chon Buri Motorway and a third-stage expressway connecting the West Outer Ring Road and Chon Buri Motorway. Bang Yai Intersection serves more than 85 million cars each year on the 12-lane Kanchanapisek and 10-lane Rattanathibet roads.
The 24th shopping centre of the group will be a mixed-use project occupying 100 rai (16 hectares), with 70 per cent for the retail complex and 30 per cent for residential and commercial buildings. It will offer 500,000 square metres of retail space, 5,000-6,000 condominiums and a commercial building such as an office tower.
Central Pattana took out a 30-year ground lease from the landowner, Vantage Group Co, which is held 100 per cent directly and indirectly by the Chirathivat family.
This project will be developed in three phases. The first phase is the retail complex, which will cost Bt10 billion for both land and construction. The second phase will be the residential complex aimed at the middle- and upper-income markets. The last phase will be the commercial building, Wallaya said.
"We cannot say how much the budget for the next two phases will be. It may be nearly Bt10 billion or more depending on the project design in the next step. However, for the residential phase, the lease might be revised to be sold. That will be done again when the project is completed," she said.
The company projects 200,000 customers a day when the project holds its grand opening in 2015, the same year that the Asean Economic Community becomes effective.
The project is expected to serve the AEC because of its location linking the western part of metropolitan Bangkok, especially from Bang Yai to Kanchanaburi, to Dawei Port on the Andaman Sea.
The company aims to add about three branches a year to boost its local network from 20 properties in 2012 to 30 branches in 2015, bringing on line 1.54 million square metres for an average increase of 10 per cent a year. This year the plans calls for three new shopping centres - one in Ubon Ratchathani in the second quarter and two in Hat Yai and Chiang Mai in the fourth quarter - followed by four shopping centres in 2014 and three more in 2015.
The company has secured sites for the new shopping complexes, including the old Suan Lum Night Bazaar and the old Thai Melon Polyester factory, which sat on a 616-rai parcel on Phaholyothin Road behind the Red Line tracks.