The first community mall developed by relatives of whisky tycoon Charoen Sirivadhanabhakdi will open in downtown Bangkok in May.
Sun Asset Global Co was recently set up with 50 million baht in registered capital to develop The City Viva on Narathiwat Ratchanakarin Road, about 300 metres from the Sathon-Narathiwat intersection. The company’s shares are held by a number of Mr Charoen’s relatives such as Thavee and Thongchai Srisomburananont.
Suriya Ampaporn, managing director of Sun Asset Global, said The City Viva was built on a 3.25-rai plot at the cost of more than one billion baht including land. The majority of the project financing came from the company’s own equity.
The City Viva had its soft opening last month and about 80-90% of total retail space has been booked.
“We saw an opportunity to develop our community mall in the centre of the city which features a different concept from that of others,” he said.
There are many high-income earners living in central Bangkok and they pay attention to their lifestyles, originality, and trendy involvement. Moreover, the areas around Sathon, Yannawa and Bang Rak districts are crowded with condominiums, office buildings and schools while there is no accomplished mall in this zone.
Mr Suriya said The City Viva would focus on prospective customers aged 22-40 years.
He explained that its retail project would be divided into six zones with more than 280 tenants from fashion, beauty, restaurants and other services. Villa Market will open on the ground floor as a main anchor at the community mall. About 20,000 to 30,000 people are expected to visit the mall after the opening of full services in May. The company aims to earn about 10 million baht from rental fees and to break even in 10 years.
Sun Asset Global, a subsidiary of Nimit Group, also provides real estate consultancy and arranges financial services for Thais living overseas to buy properties here.
Nimit Group has more than 10 years of experience in information technology, real estate development, e-commerce, logistic, software, and recycling business.
Source: Bangkok Post