Despite the pandemic hobbling malls, MBK is continuing to build a community mall worth 600 million baht in Nonthaburi's Tiwanon area as planned.
Somphol Tripopnart, the company's managing director, said land reclamation for The Nine Center in Tiwanon in front of Riverdale Golf Club began recently, with the opening scheduled for the end of this year or the first quarter of next year.
The one-storey The Nine Center Tiwanon project is being built on 33 rai. Once completed, the mall will contain retail space of 20,000 square metres sectioned for fashion, health and beauty, services and food, with Gourmet Market, the supermarket chain under The Mall Group, on board with a preliminary agreement to open a 1,000 sq m branch there.
The Nine Center Tiwanon is the fifth retail complex under MBK Group in addition to MBK shopping centre, Paradise Park, Paradise Place and The Nine Center Rama 9. The opening of The Nine Center Tiwanon will boost total retail space under MBK Group to reach 259,439 sq m.
"Due to the coronavirus pandemic, we have waived the rental fee for our tenants. We also expect hundreds of millions baht in sales losses during the 40 days of closure," Mr Somphol said. "We stay committed to expanding our business because we do business for the long term."
According to Mr Somphol, the company is stepping up reorganisation to move ahead immediately after the pandemic is over.
Once the pandemic subsides, the group is also ready to partner with all tenants to launch sales promotions.
"With overall consumer sentiment and employment expected to return to normal in the fourth quarter of this year, we are preparing various marketing measures to revive sales for our tenants and stimulate consumer shopping sentiment after the pandemic is over," Mr Somphol said.
The company also plans to join hands with tenants on the seventh floor of MBK mall to renovate 20,000 sq m of space and add new facilities to ingratiate shoppers.
The renovation on the seventh floor is expected to be complete in November this year.
On June 29, 2020, the Foreign Affairs Ministry is scheduled to provide a passport office covering 1,500 sq m in Zone A of the fifth floor at MBK, while 5,000 sq m in Zone D has been allocated as an educational zone.
The opening of the educational zone was postponed from July to the fourth quarter this year.
Rental income from shopping complexes under MBK was about 3 billion baht last year, with this year's figures pending reconsideration.