Jungceylon borrows B2.6 billion for expansion

PATONG: Jungceylon’s parent company, Phuket Square Co Ltd, has borrowed an additional 2.6 billion baht to further expand the Patong shopping complex.

The money will be spent on the plaza area, building decorations, a road expansion and to finish construction of the on-site hotel.

Last week Suchad Chiaranussati, President of Phuket Square Co Ltd, signed a six-year loan with the Bank of Ayudhya and Kasikornbank to secure the funds.

K. Suchad said that since opening on December 20 of last year, Jungceylon has received positive feedback both from tourists and residents. They estimate about 10,000 people visit Jungceylon every day, a number that is expected to increase to 50,000 after the official grand opening in March.

Construction of Jungceylon is now 95% completed, and all areas are expected to be opened by the grand opening.

Construction of the 400-room, five-star Millennium Resort Phuket, however, is 30% completed and expected to be finished by the end of the year.