Asset World Retail Co, the operator of Asiatique, is scheduled to open its latest shopping centre in Bang Sue next month to draw the district's residents, who have relatively high purchasing power.
Napat Chareonkul, the company's head of retail, said Gateway at Bangsue, for which construction is 90% complete and 95% of space has already been booked, will officially open on Nov 30.
"Gateway at Bangsue is one of our strategic locations because Bang Sue is a centre of economy, transport and education," Mr Napat said. "There are 605,330 people in a radius of five kilometres of the mall. These residents have high purchasing power averaging 70,000 baht a month per household."
He said the district is surrounded by important places and various economic resources, including 14 government agencies, the new parliament building, 23 prestigious schools and universities, five large hospitals and 30,000 units of 18 housing projects by leading real estate companies.
In addition, Bang Sue has been designated as Thailand's largest transport hub.
"The only bad thing we've found in Bang Sue is it doesn't have any one-stop shopping complex in the area," Mr Napat said. "Gateway at Bangsue will fulfil that demand."
Gateway at Bangsue is the 12th retail project under Asset World Retail Co, a subsidiary of Asset World Corp under TCC Group owned by billionaire Charoen Sirivadhanabhakdi.
Asset World Retail entered the retail business in 2008. The company runs 11 retail centres under six brands: Asiatique, Tawanna, Avenue, OP Place, Pantip and Gateway.
Napol Pornsomboon, head of business plan and customer strategy at the company, said Gateway at Bangsue has over 10 rai of land and utility space of over 95,000 square metres.
The 11-storey building has a rental space of 39,000 sq m with concept shops such as Big C Foodplace, Home Pro S, Habor Land, Jetts Fitness and Fan Festa, along with fashion and other services.
The target customers are families, working people and students living in the Bang Sue area.
"The goal is to make Gateway the second home of people in Bang Sue and Bang Po," Mr Napol said.
He expects to have 40,000 visitors a day and break even within seven years. The company expects sales of 400 million baht from Gateway at Bangsue in the first year of operations.
Gateway sales at the Ekamai and Bang Sue locations are expected to reach 600-700 million baht this year.
Mr Napol said the company is planning to develop a new Tawanna community market on part of a 30-rai plot in Bang Phli next year.