Seri Center to get B1bn overhaul

       Seri Center, the first major shopping mall in the Srinakarin area, is undergoing a 1-billion-baht facelift to compete with its neighbouring rival Seacon Square in luxury, variety and feel.
       Siam Piwat and MBK, which bought the property in September last year for 975 million baht, are investing because they feel Seri Center has lost out to Seacon Square and must be rejuvenated to meet a new challenge and shoppers'increased expectations.
       The 1.02-billion-baht renovation of the 15-year-old complex is scheduled to be completed in March next year.The updated complex will be renamed Paradise Park.
       "Paradise Park will be the new shopping paradise of Eastern Bangkok," said Chadatip Chutrakul, vice-president of Seri Center Management Co Ltd, a joint venture between Siam Piwat Co and MBK Plc.
       With more than 30 years' experience in retailing, the partners are combining to promote Paradise Park not only to local shoppers from Bangkok and Chon Buri but also - in co-operation with tour agencies - to tourists returning to Suvarnabhumi Airport.
       "It has a huge opportunity in this location because nobody has developed a new shopping centre from Sukhumvit Road to eastern Bangkok in the past decade. It has only two competitors Central Bang Na and Seacon Square in that area," she said.
       According to the company's survey,the area's 28,000 families have an average household income of 134,712 baht per month. Monthly personal income is 58,316 baht and average expenditure per month is 28,742 baht.
       The five-story Paradise Park will have a gross area of 290,000 square metres.Each floor will be divided into different concepts. The mall will have a 5,000-sqm gourmet supermarket, a fashion avenue, a Loft department store, a Digital World, a HomePro and Sky - a pioneering outdoor rooftop Sunday market with more than 100 shops.
       The complex is designed to meet demand from the area's shoppers for a variety of stores, convenient location and appealing image. The primary targets are upper- and middle-income consumers - individual shoppers, families and expatriates.
       About 70% of space at the mall has been booked and the company expects the remaining space to be booked within the next one or two months.
       The company expects to spend 50 million baht on the official opening and to allocate at least 250 million to promoting the complex.
       "Our U-shaped shopping centre will be more unique than our competitors and will be the second home of shoppers," she said.
       Shares of MBK closed yesterday on the SET at 57.25 baht, down 1.75 baht in trade worth 160,000 baht.