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Siam Piwat Company Limited and MBK Plc. invests over two billion baht in Paradise Park, to be the best shopping center of Eastern Bangkok. Pioneering under the concept “The Oasis of Srinakarin,” reflected by the complete renovation of both exterior and interior to enhance the modern lifestyles on Srinakarin, the renovation project responds to the widest target group of all demographics and include family members of all ages. The Partnership is optimistic about the future economic climate and appeals to business alliances to share in the success story that is to be one of the greatest shopping centers. With 70% tenancy completed within 3 months, the future of Paradise Park is already a promising one.
Mr. Suvait Theeravachirakul, President of Seri Center Management Co., Ltd. and Mrs. Chadatip Chutrakul, Vice-President, reveal the motivation behind the acquisition of Seri Center Management’s stock in September 2008. Despite the global economic recession and the effects on the Thai economy in the previous year, both Siam Piwat and MBK, renown for their extensive experience in managing leading shopping centers and trusted by retailers for over 30 years, have been ready to venture into new projects. In recognizing the business strengths that Seri Center had to offer, located in a prime location and already established as a place in the hearts of people of the Srinakarin area, the Partnership also saw a unique opportunity to create an outstanding shopping center on Srinakarin Road where no new shopping center has come up on this Eastern side of Bangkok, all the way from Sukhumvit to Cholburi for a long time.
During the past year, the Siam Piwat team has immersed itself in intensive researchs and studies in order to determine the new concept for the improvement of Seri Center. With the focus in mind to perfectly respond to and serve the increasing shopper traffic in the surrounding areas, such as Pravet, Prakanong, Bangna, Suanluang, Bangkapi and Sapansoong. With the expansion of over 70 projects of moderate to high-end housing developments around Seri Center, ranging from houses, condominiums and apartments, the area has established itself as a medium density residential area with high purchasing power. Added to growth, the opening of Suwannabhumi Airport also provided a boost to the increasing residential population throughout the Eastern metropolitan. As evident by the research, the average household income of the population within these areas, 43% earn over Baht 50,000 per month while only 20% of all families in Bangkok earn an average income at that level. In addition, over 28,000 families around Seri Center have a household income of over Baht 100,000 per month.
Siam Piwat and MBK are confident that the Baht 2 billion investment by the partnership will contribute to driving the Thai economy forward and creating a positive image for the country’s investment opportunities, ultimately, resulting in stimulated spending by target customers, creating more jobs, all of which are consistent and in line with the government’s policy.
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