Pak Khlong Talat, one of the oldest markets in Bangkok and famous for its wholesale flowers, will have a new look next year with an improved wet market and small retail development along the Chao Phraya River by July.
An elevated walkway will let tourists observe the community, says Mr Chaleo.
Yodpiman Group, the new owner of Yodpiman flower market and the operator of Pak Khlong Talat, is spending 1.5 billion baht to renovate both wet markets and develop a small riverside shopping project with a parking lot for 380 cars at the old establishment.
About 600-700 million baht is going to the Yodpiman River Walk project, with the balance for the car park and wet market improvements, said president Chaleo Preekran.
"We want to make Pak Khlong Talat not only a modern market but also a new tourist attraction for Bangkok. It is busy around the clock with flower and vegetable vendors and pushcarts," he said.
Pak Khlong Talat is the world's fourth-largest flower market. Its vicinity comprises three major markets: the five-rai Pak Khlong market for vegetables and fruit, the nine-rai Yodpiman market for flowers and the four-rai Song Serm Kaset Thai.
The Market Organisation owns Pak Khlong Talat, while the two other markets belong to private operators.
Yodpiman Group purchased the Yodpiman flower market in 2010, then got a 30-year concession to operate the Pak Khlong market. Its renovation plan to improve both markets won approval from the Rattanakosin Island Conservation and Development Committee, with work beginning in 2011.
"This is the first renovation for the historic flower market in 50 years. There was some resistance as many sellers feared they would lose their stalls. We used every means to tell them they are allowed to stay but some space must be used for common space," said Mr Chaleo.
Both wet markets have new zoning to make them look tidy. Yodpiman has 608 stalls and Pak Khlong has 200 stalls. About 70% of the improvement work is done. Stall rents will increase by more than 100% to between 550 and 2,000 baht per square metre per month at Yodpiman, while they will be 300-550 baht at Pak Khlong.
An elevated walkway is being built around the market to allow tourists to see community lives without interrupting sellers.
The Yodpiman River Walk project, a colonial-style building with 300 metres facing the Chao Phraya River, has 6,000 square metres of retail space for rent. There are six connected buildings with 40 retail shops.
Some 70% of construction work on the mall is finished, with the project slated to open its doors in July or August.
"It's a rare new retail project in Rattanakosin Island and we will have a 24-metre pier for tourists and river commuters. From here, you can visit nearby attractions such as Santa Cruz Church, Wat Kanlayanamitr and Wat Arun Ratchawararam," Mr Chaleo said.