01 August 2010 17:24PM

Siam Piwat investing B2.5bn

05 Mar 10 ,  Bangkokpost
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Siam Piwat Co, the operator of Siam Center, will continue its expansion plan this year by increasing the budget for its Paradise Park shopping complex on Srinakarin Road while allocating some funds to renovating its Siam Center complex.

"We're a little bit worried about political unrest but we won't stop our investment. It's part of our daily life and nothing will last forever. Life will go on. No matter what will happen at the end of the day, our country will be there," said Chadatip Chutrakul, the CEO of Siam Piwat Co.

 

The company has increased the investment budget for its joint-venture development Paradise Park shopping mall on Srinakarin Road by 25% to 2.5 billion baht, she said. The extra 500 million baht will be spent on security and working systems, with some budget going to renovating Siam Center, starting next month and due to complete this year.

 

The 290,000-square-metre Paradise Park will open for service by 50% in April and by 100% in June this year. All 90,000 sq m of rental space have already been booked by leading local and international tenants.

 

Villa Market will be one of the mall's magnets, with a new store concept covering 3,600 sq m, its largest ever space. The 80-million-baht store will be the first premium supermarket in the east of Bangkok.

 

Paradise Park will aim for a wide demographic, ranging from children and youths to families and senior people.

 

"It will become the number-one choice among discerning shoppers residing in the eastern part of Bangkok because we will provide services and sentimental value they cannot find from other retailers," said Mrs Chadatip.

 

Srinakarin Road has plenty of scope for Paradise Park, even if the road has many retailers, and the complex should break even within seven years, she said.

 

Paradise Park was developed by Seri Center Management Co, a joint venture between Siam Piwat Co and MBK Plc.

 

Sales of Siam Piwat this year are expected to grow by 7% and net profit by 10% to 15%.

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