Rangsit seeks partners for Future City scheme

Rangsit seeks partners for Future City scheme

300 rai available for luxury outlets, retail

A digital rendition of Rangsit Plaza's Future City, on 350 rai of land.
A digital rendition of Rangsit Plaza's Future City, on 350 rai of land.

Rangsit Plaza Co, the operator of Future Park Rangsit, is seeking partners to help fulfil the development of its ambitious Future City scheme, worth 100 billion baht, over the next decade.

Ratana Anantanupong, the company's marketing director, said the company is in talks with many potential business partners, both domestic and international, to develop their projects at Future City, which has 300 rai that remains available for new development around Future Park.

The company is interested in business partners in the areas of the luxury premium outlets, sports, property development, retail, and wellness and health as it aims to make Future City a premium lifestyle and activity hub in northern Bangkok, she said.

"We initially talked with an investor from Europe to develop a luxury premium outlet at our complex," said Mrs Ratana.

"The negotiation is likely to progress if the government sets clear policy for import taxes for luxury products."

"Now is a good time to offer tax incentives to companies that develop luxury premium outlets of international standards in Thailand," said Mrs Ratana. "The project will not only make Future City the centre of life, and make it among the reasons to choose Thailand as a shopping destination."

The new development will also support the company's ongoing strategic plan that puts more efforts into drawing foreign tourists to Future Park Rangsit after the number of international airlines at Don Mueang airport has continuously increased due to the airport's extension.

In addition to the luxury premium outlet, Mrs Ratana said the company is jointly investing in two hotel developments at Future City, mainly to capture foreign tourists and business persons from Asean who may stop over at Bangkok before travelling to northern or southeastern Thailand.

The first will be a four-star hotel developed on nine rai. The hotel will have 227 rooms an 11 storeys, along with meeting and seminar rooms. The second hotel will be built on one rai. This two-star hotel will have seven storeys, together with 79 rooms. Both hotels are due to open in the fourth quarter of 2020, requiring an investment of 300 million baht for both hotels.

"The proportion of foreign tourists visiting our shopping complex has increased to 3-5% of the total visitors at present, compared with insignificantly low numbers in the past few years. Moreover, the number customers, who earn a minimum income of 85,000 baht at our complex have increased to 10% of total customers. Therefore, both the luxury premium outlet and the hotels will draw more customers to our complex," she said.

The Future City scheme has been under development for two decades on 350 rai, comprising Future Park Rangsit shopping complex, furniture mall, home decorative centre, sports complex, Paolo Hospital and a sports hub with an investment of 20 billion baht.

The company has recently installed iBox, a postal locker with security and identification check via OTP or One Time Password for online shopping customers who may not be able to receive post at home.

iBox will start service in October this year. The company is collaborating with leading banks for QR Code services.

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