SET-listed developer Property Perfect Plc (PF) plans to spend 2 billion baht to develop a mixed-use project and its new headquarters on Ratchadaphisek Road in Huai Khwang, with retail space managed by the operator of Jodd Fairs night bazaar.
Chief executive Sanith Adhyanasakul said the project would be its first commercial development. It would have a construction period of two years and start generating revenue in 2025.
"We leased this plot 10 years ago, with 20 years remaining on the lease, and always sought a partner to manage retail spaces at our project," he said. "We spent two months to finalise a deal with the operator of Jodd Fairs."
WeRetail, PF's retail subsidiary, signed a contract yesterday with Pairoj Roykaew, the operator of Jodd Fairs, who will manage shopping areas at the project comprising indoor space of 25,000 square metres covering three floors and an outdoor area covering 5.6 rai in front of the tower.
The tower has 12 storeys, with five allotted for office space totalling 20,000 sq m being used by PF as its new headquarters. Some of the offices are allocated to its unit Grande Asset Hotels & Property Plc.
The unnamed project is on a 13-rai plot on Ratchadaphisek Road near Big C Extra Ratchadaphisek and the Thailand Cultural Center MRT station, which PF has leased from a landlord for 30 years.
Jodd Fairs market opens from 4-12pm and is adjacent to Central Rama 9, one station away from the project. It has 700-800 shops. Its rental rate is 500 baht per day for a space measuring 4 sq m.
Mr Pairoj said the lease contract with Grand Canal Land Plc, a unit of Central Pattana Plc, which owned the plot where Jodd Fairs was situated, will expire in December 2023.
"I will relocate all the tenants at the Rama 9 site to the new one in January next year," he said. "The new one will have spaces for 928 indoor shops and 798 outdoor shops."