Golden Land Property Development Plc, the operator of Samyan Mitrtown retail complex, vows to optimise the complex's retail space in the final four months this year, increasing its rental revenue which has been devastated by the Covid-19 outbreak.
Thiranant Kornsritipa, executive vice-president for retail business development, said Golden Land is looking to make the best use of space at the retail complex, renting to new tenants in order to offset lower overall revenue.
"Our rental revenue dropped by 50% during the state lockdown, and has yet to recover," said Ms Thiranant.
"More importantly, we still continue supporting some tenants with discounts on their rent."
She said the company reduced its marketing budget and other expenditures.
However, after lockdown restrictions were eased on May 17, Ms Thiranant said visitors to Samyan Mitrtown recovered rapidly, reaching 60,000 visitors per day now, or 80% of the visitor count before the pandemic.
Its occupancy rate for retail space reached 97% from June to August, up from 93% during September 2019 to February 2020.
There are 40 new tenants ranging from food and sport to coffee and fashion opening at the complex, bringing total tenants at Samyan Mitrtown to 240.
She said this quick recovery came from the company's positioning as an "urban life library", attracting many first-time workers, university students and teenagers to its complex.
In addition, complex is directly linked to Samyan MRT station and the opening of the MRT extension from Bang Sue to Lak Song stations has lured more customers, said Ms Thiranant.
The 9-billion-baht Samyan Mitrtown mixed-use complex was opened in September 2019.
It contains gross floor space of 222,000 square metres including net leasable retail space of 36,000 sq m.
The project consists of a condominium called Triple Y Residence, the Triple Y Hotel, Mitrtown Office Tower and the Samyan Mitrtown mall.