Siam Piwat earmarks Bt5 billion for investment

       Siam Piwat, operator of Siam Discovery and Siam Centre shopping malls, has budgeted Bt5 billion to invest in property projects over the next three years.
       The budget includes Bt2 billion for taking over and renovating the Seri Centre complex on Bangkok's Srinakarin Road, in partnership with MBK.
       Renovations are under way and will be completed next March. A budget of Bt975 million has been set for the purchase of Seri Centre, while another Bt1.1 billion will be spent on refurbishment.
       The shopping complex, occupying 90,000 square metres of retail space, officially changed its name to Paradise Park yesterday.
       "We want to upgrade the place so that it's similar to [high-end] downtown shopping complexes," said CEO Chadatip Chutrakul.
       The project will change the retail business environment and boost living standards in the Srinakarin area, as no new shopping malls have been opened there over the past 10 years, she said.
       The Paradise Park shopping |complex is expected to see a 25-|per-cent rise in the number of |shoppers compared with Seri Centre traffic, to about 90,000 people a |day.
       The investment will break even within five to seven years. About 70 per cent of the retail space has already been booked by tenants, she said.
       Siam Piwat, in partnership with MBK, has also taken over the Premier Rama IX commercial complex, which will be redeveloped into a community mall.
       The investment totals Bt800 million, including the price of the land. Siam Piwat and MBK will spend Bt400 million each on the community-mall project, which will be reopened by the middle of next |year.
       "Siam Piwat is focusing on investing in promising commercial properties during the current economic situation. We're also interested in hotel, office and other retail properties in Bangkok," said Chadatip.
       Another two new developments will be unveiled in the final quarter of this year, with one located downtown and the other in the suburbs of Bangkok.
       "Prices for land and property rose sharply four or five years ago, particularly in prime locations. However, they are now more realistic and affordable," said Chadatip.
       At good locations, prices have fallen by 20-30 per cent from last year, while competition in the retail industry is now less intense.