Aside from being a global food paradise and cultural hub, Thailand offers one of the most diverse shopping experiences for both tourists and locals alike. From luxury retail outlets to night markets and even a wide array of street side boutiques, the capital city has prided itself on having something for everyone, regardless of taste or budget. We take a look at a few brand new malls opening in the near future and the implications that the ever-growing list of such developments will have on the overall economy:
ICON Siam
Located along the banks of the Chao Phraya River and a 15 minute walk from the Krung Thonburi BTS station, ICON Siam houses iconic retail outlets such as the first Apple Store and Takashimaya in Thailand, this US$ 1.65 billion development is made up of two retail complexes, two residential towers and a group of attractions called the Seven Wonders. The Seven Wonders is comprised of a River Park, Iconic Multimedia Water Feature, True Icon Hall, Gold Line Monorail, River Museum Bangkok, Art Synergy Phenomenon as well as the eagerly awaited SookSiam, presenting artistic creations from Thailand's 77 provinces to provide exposure for the country’s arts and cultural scenes.
Gateway at Bang Sue
The area has received a considerable amount of attention in the last few years due to the construction of the Bang Sue Grand Central Station as part of the country’s high-speed rail network.This development comprises an 11-storey building, complete with a rental space of 39,000 sq m that houses concept shops along with fashion outlets as well as the other amenities expected of a high-end mall. The new mall will be located 700 metres from the Tao Poon MRT Station and is set to open its doors on 30 November 2018.
Central Village Bangkok Outlet Experience
Being the largest outlet mall in Thailand, the Central Village Bangkok Outlet Experience will contain over 235 shops selling discounted branded goods and a 200-room hotel. Touted as the first outlet mall in the country to focus on high-end international brands, the 5 billion Baht project will host a wide range of luxury boutiques, restaurants, travel concierge, supermarkets along with an internationally branded hotel to cater to a broad spectrum of target audiences. Its main targets are young and aspirational locals as well as foreigners, helped by its close proximity to Bangkok’s Suvarnabhumi International Airport.
EmSphere
Taking over the land previously occupied by the Dinosaur Planet and projected to open in 2020, this mall will be part of the Em District that includes The Emporium and The EmQuartier set within a futuristic glass dome-shaped structure next to Benjarisi Park and 400 metres from Phrom Phong BTS station. Although detailed features of the mall has not been released yet, the public has been assured that it will encompass a variety of retail typologies, offices and dining/entertainment options. According to the venue’s website, it will emphasise Bangkok’s eclectic urban quirks that combine its signature density, complexity, and discovery overlaid with hidden gardens and a myriad of surprises.
Effects on the overall economy
It is undeniable that the four malls will only add to the appeal of Bangkok as a shopping destination. Tourists - a huge contributor to Thailand’s growth, accounting for an impressive 12 percent of Southeast Asia’s second-largest economy – typically place shopping at the top of the list of reasons to visit the nation. The country’s tourist traffic is further drawn to Thailand’s relatively inexpensive cost of living, multitude of food options, and high standards of medical services that cater to a burgeoning medical tourism trade. All these factors will ensure that the nation continues to emerge as one of the region’s economic powerhouses, accruing more and more attention from investment communities globally.
Based on the range of new malls, the demand for property investment in Bangkok is expected to remain strong, with infrastructural developments in the pipeline, ensuring that demand for tenancy in the Thai capital will remain high in the foreseeable future. Looking to leverage on the opportunities that come with these new malls? Find a nearby property for investment here. If you would like to learn more about Bangkok and other key attractions and upcoming developments, discover it here.