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PITSINEE JITPLEECHEEP
After a decade-long absence from the property market, A&J Land Co, owned by Araya Apisit-amornkul, will reinvest in the property market over the next two years to diversify its business risk.
Mrs Araya, better known as Jae Leng, the operator of the well-known Jae Leng Plaza, said the company planned to spend more than one billion baht to develop 20,000 condominium units on a 100-rai land plot in Chalong Krung Road in eastern Bangkok, over the next two years. It would take only 20 minutes from Suvarnabhumi Airport to reach the new project.
The company would gradually develop the condominium phase by phase and expects to complete the entire project within three or four years after starting its first phase in 2010. The condominium would cater to working people and expatriates at all income levels near the Lat Krabang Industrial Estate.
Chalong Krung Road falls into the Bangkok green zone and it is expected that city planning regulations would be revised in the next two years, making it a yellow zone, which would permit more intensive residential development.
''The competition in the trading business is tougher than it was because of the entry of more international players,'' Mrs Araya said.
''Moreover, the retailers spoil consumers with promotional offers so that demand and supply do not balance.''
The company is resuming its investments in property because it would like to earn income from other businesses apart from trading.
At the same time, due to economic uncertainty, the company has decided to delay its second Jae Leng Plaza at the southern bus terminal. The project was to be worth between one billion and two billion baht.
However, the company will go ahead with renovating its second building behind its original Jae Leng Plaza. All renovations will be complete by September.
Jae Leng Plaza is located on Vibhavadi Rangsit Road near Don Mueang Airport. It offers about 30,000 items including dried food, liquor, wine, cosmetics, hair-care and luxury clothing, watches and leather goods. An additional 1,000 items will been added this year.
Despite higher costs of living, Mrs Araya said that Thais were still eager to shop at her stores and she saw 20-30% growth last year.
''We do not import famous brands to compete with those that are already available in the Thai market. Instead, we like to approach our customers with niche brands that they cannot find in Thailand,'' she said.
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