Following the number of residential projects launched in the Bang Sue-Tao Poon zone, Asset World Corporation Co Ltd invested Bt4 billion in its latest shopping centre, Gateway at Bangsue Shopping Centre, last November.
The project covers over 10 rai (1.6 hectares) and boasts a utility space of over 95,000 square metres spread over 11 floors, a parking space for 1,100 cars and a rental space of 39,000 square metres – enough for around 400 stores.
Asset World Corporation is the retail and commercial business property arm of TCC Group, which is owned by beverage tycoon Charoen Sirivadhanabhakdi.
The company decided to open its shopping centre in this location following the rapid increase in the number of people moving to the area due to the large number of new residential projects in recent years, said Napat Chareonkul, head of the retail group of Asset World Retail and manager of Gateway at Bangsue Shopping Centre.
Company research discovered that the population had grown to over 606,000 people within the 56 kilometre radius of the shopping centre’s location, with people spread over five districts in north Bangkok – Bang Sue, Dusit, Bang Phlat, Chatuchak and Phya Thai – as well as the two districts of Nonthaburi city and Bang Kruay in Nonthaburi province.
These residents also possess high purchasing power, at approximately Bt70,000 in monthly household income. As an ever-growing traditional trade centre of north Bangkok, Asset viewed the area as a thriving business hub exploding with opportunities for the company to develop a retail business.
In particular, the district of Bang Sue is a strategic location for commerce and a vital business centre in north Bangkok, surrounded by important places and various economic resources. These include 14 government agencies, the new parliament buildings where people will make contact with the many government agencies daily and over 10 nationally well-known office buildings each with tens of thousands of employees who are also high-spending shoppers. As well, there are 23 prestigious schools and universities, five large hospitals, and 30,000 units in 18 housing projects by leading real estate companies.
In addition, Bang Sue has been designated Thailand’s largest transportation hub and is set to become a new Central Business District (CBD) within Bangkok. The development of the Bang Sue central railway station will serve as a model for planned neighbourhoods around other railway stations including high-speed stations, and further increasing the draw to the area’s real-estate projects and make it easier to promote.
Together, these are strongly positive signs for both residential and commercial projects, and with higher traffic in the area, is also ideal as a shopping centre location, Napat said.
“Following the new environment that is changing Bang Sue into a new shopping destination, we expect to recover our investment within seven years after we opened last November,” Napat concluded.