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Saturday, March 24, 2007

Three major ventures planned by Thai Rung Union Car Co.

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Three major ventures planned by Thai Rung Union Car Co.

Pitsinee Jitpleecheep

Sinthoranee property Co, an affiliate of SET-listed Thai Rung Union Car Co, will spend at least three billion baht to build and launch three retail and commercial/residential developments this year.

They are a retail/residential project worth between 800 million baht on Phetkasem Road a two-billion-baht development on Sukhumvit Soi 13, and another worth two billion baht on Jomtien Road in Pattaya.

Managing director Wuttichai Phaoen-choke said the company had postponed the construction at the Phetkasem site in2004 for one year because it wanted to adjust the design.

The retail apace has been expanded to 6,700 square meters, up from the earlier plan of 3,000 to 4,000square meters, and the car park space has been increase to 150 vehicles from 80.

Also, the name of the project has been changed to Pavilion Place and the style to European contemporary from Asian.

The site will house 56 premium shops, European restaurants, a supermarket, an educational institution and spa services. About 50% of the retail space has already been booked.

Construction of the three-storey building began in November last year and it is scheduled to open in July.

Mr Wuttichai said the shopping atmosphere at Pavilion Place would be different from the existing department stores and discount stores on Phetkasem Road, as it would be targeted at the medium-to high-end market.

According to a market survey conducted by the company, the location of the project is in an area with high purchasing power.

About 50 estates with 10-million-baht detached houses are located within a 10-kilometer radius, along with more than 1,000 industrial factories.

The company has also changed its plans for its residential project from townhouses to home offices. The home offices will be built on the remaining 12-rai plot behind the retail area by the middle of this year.

After completion of Pavillion Place, the company will be looking to develop another 35-storey condominium with 300 to 400 units and a community mall on the ground floor on Jomtien Road in the third quarter of this year.

At the same time, It will develop another retail mall at the Trendy Condominium of Grande Asset Development Plc on Sukhumvit 13.

Mr Wuttichai said the company planned to expand into resort, hotel and serviced-apartment development in the future.

“It is our policy to make our company have long-term stable income by selling out half of the property and leasing the rest,” said Mr Wuttichai, adding that the rental market would help the company keep it assets in hand, the value of which will appreciate in the further.

Currently, the company has about 10 land plots including a 60-rai site in the Khlong Thawi Watthana area. Within the next five years it hopes to develop them all.