TBN commits to 3 major development projects
TBN Group, a major Toyota dealer, is to invest in three new property projects with a combined budget of 8 billion baht over the next three years.
Mr Chan (right), together with other company executives, shows the artist’s conception of The Paseo yesterday.
Of the total budget, 1.2 billion baht will be spent on the company's first condominium project on Sukhumvit Road and the remaining 6.8 billion baht on two community malls in Bangkok and renovation work on the Paseo Mall near Suvarnabhumi airport.
Some 60-70% of the funding will come from bank loans and the rest from its cash flow.
President Chan Lertprasertpakorn said the company will develop a condominium on a three-rai plot on Soi Thong Lor (Sukhumvit 55) by the end of next year. The project requires an investment of 1.2 billion baht and unit sizes will be 20-35 square metres.
The company has 3-4 land plots for future property developments.
With the other 6.8 billion baht, about 2.1 billion baht will go to renovating the Paseo Mall in the Suvarnabhumi area, doubling its sales space to 15,000 sq m. The project is due for completion this November. TBN also plans to build a serviced apartment in front of the Paseo Mall.
About 2.4 billion baht will go towards developing its second community mall, Paseo Town, on Soi Ramkhamhaeng 127. The 30-rai Paseo Town project will comprise a 22,000-sq-m shopping mall for pets (Pet Friendly Mall) and parking space for 1,200 cars. All retail space is filled and Paseo Town is due to open by the end of the year.
Another 2.3 billion baht will be used to develop Paseo Park on Kanchanapisek Road, its third community mall.
This 19,000-sq-m project situated five kilometres from the Mall Bang Khae will have a Japanese theme and include a TBN car showroom costing 250 million baht.
TBN plans to open the Paseo Park mall by the end of next year.
Mr Chan said the company is also looking for a 30-plus rai plot in the North of Bangkok to develop its fourth community mall in the near future.
Currently, TBN operates four businesses _ car distributor, restaurants, community malls and car leasing.
The company expects overall sales will hit 8.81 billion baht in 2017 after all projects have been in operation for one year. About 3.15 billion baht is expected to come from Paseo Mall, 2.86 billion baht from Paseo Town and the remaining 2.85 billion from Paseo Park.