New lifestyle mall in Chatuchak district
High Traffic Media, which has been awarded a three-year contract by the Crown Property Bureau to manage the 20-rai (3.2-hectare) parking space of Queen Sirikit Park in Bangkok's Chatuchak district, has invested more than Bt100 million to develop a low-rise lifestyle mall in the area.
Named Jatujak Green, the mall, which will host 148 retail tenants, will have a soft opening on April 19. The grand opening will be on May 6.
"We see Chatuchak district as an attractive shopping destination with a strong variety of shoppers. Chatuchak Market, JJ Mall, and In-Square, which will be opened very soon, will be key magnets drawing shoppers into the area," said Sakda Oudarasak, managing director of the Jatujak Green project.
He said Chatuchak Market itself attracted about 100,000 shoppers daily during weekends.
Sakda said the Jatujak Green lifestyle mall had been developed under the concept "Shops in the Park".
"We have strong experience in managing media and retail space at Impact Muang Thong Thani and Digital Gateway at Siam Square. We have been awarded a three-year contract to develop the Jatujak Green complex with the right for renewal when the contract expires. We expect the lifestyle mall to achieve its return on investment in the next four or five years," Sakda said.
He added, however, that its retail tenants would achieve their break-even points earlier, within three years.
Sakda said the lifestyle-mall project would be developed in two zones. These are a 15-rai parking space, which can serve 1,500 vehicles a day, and 6 rai of commercial space, containing 148 retail units. About 26 per cent of the retail space will be for restaurants and food shops, 15 per cent for clothing and accessories, and the rest for home decorative products and art items.
"About 80 per cent of our Jatujak Green has already been occupied by retail tenants and we expect the retail space to be fully occupied before the grand opening on May 6."