Seacon Square on track for mall upgrades
Seacon Square shopping malls in the Bangkok suburbs of Sri Nakharin and Bang Khae will have major upgrades before extensions to the BTS skytrain lines reach them in 2019 and 2020 respectively.
Mall owner Seacon Developments says that at least THB700 million (US$21 million) will be spent on enhancing the properties as the company looks ahead to the opening of the Blue and Yellow Line skytrain routes. MD Tatiya Sosothikul says the redevelopment of retail space at the Seacon Square malls will allow them to be competitive as well as sustain long-term growth.
He says the budget allows for about THB400 million to be invested in the Srinkarin redevelopment and THB300 million in the Bangkae revamp.
Seacon Development VP for marketing Charun Poopat says the development of the skytrain route in Bangkae had spurred property developments, especially condominium projects, in the area. About 15 condominium projects, with about 13,000 rooms, had been developed.
Tatiya says the redevelopment will include mall design and decoration, the relocation of retail tenants, the development of retail attractions, and promotional events.
He says both malls had performed satisfactorily in the first half this year. “The number of shoppers at Seacon Square in Srinakarin grew by 8 per cent year on year in the six months to between 60,000 and 70,000 on weekdays, and up to 120,000 on weekends.
“Meanwhile, Seacon Square in Bangkae also enjoyed a ramp-up in visitor numbers by 10 per cent to between 35,000 and 40,000 on weekdays, and up to nearly 60,000 on weekends.”
Seacon Development says it expects to earn THB1.56 billion in rental revenue from Srinakarin this year, and a further THB600 million from the Bangkae mall.