Udon Plaza, developer of the UD Town lifestyle mall in Udon Thani, has deferred its plan to develop new retail complex¬es in neighbouring provinces in order to avoid any impact from the ongo¬ing political problems and the red shirts' huge rally.
The company has also postponed a 50room boutique hotel project in Udon Thani. Costing about Bt200 million, the hotel will be located on a 5rai plot near the UD Town shop¬ping mall.
Managing director Worapol Weerachatyanukul yesterday said all feasibility studies and decisionmak¬ing for the new projects would be postponed from this year to next year in the hope of an improved political situation.
He said the current political uncertainty and redshirt demon¬strations had had a psychological impact on individual investors and retail tenants, who planned to open outlets in the new shopping malls.
"Amid such a negative environ¬ment of political uncertainty, we will be more cautious before making any further movement, including the development of new retail projects," said Worapol.
Udon Plaza's previous expansion plan entailed opening lifestyle malls in provinces such as Nong Khai and Sakon Sakhon on about 10 rai of land in each location. The new complex¬es will range from 5,000 to 7,000 square metres and require an invest¬ment of between Bt200 million and Bt300 million each.
"We want to spend time during the political uncertainty and unrest to focus on our existing UD Town mall in Udon Thani," he added.
Worapol said the grand opening of the 15,000squaremetre UD Town lifestyle mall had already been postponed from February to June, when 100 per cent of the shopping space will be occupied by retail ten¬ants. Currently, about 60 per cent of the space has been taken up.
UD Town expects to cater to about 100 major retail tenants.
Worapol said major anchors would also officially be opened in June, including a 1,000squaremetre Cool City zone, which com¬prises 60 to 70 shops for computers and IT gadgets, and Tesco Lotus's first supermarket format, occupying 2,000 square metres.
The Tesco Lotus supermarket will carry more than 17,000 products in various categories, including fresh and readytocook foods, grocery products, apparel, baby products, tools, household products and sta¬tionery. The supermarket will main¬ly target middle and upperend shoppers.
Worapol said the company would also invest between Bt40 million and Bt50 million on a 3,000squaremetre exhibition zone, which will open later in the year.
UD Town attracts about 4,000 shoppers a day with an average spending of Bt500 per visit.
