New retail center planned for Phuket
RASSADA: A group of Thai investors have bought and cleared the only remaining section of undeveloped land at the Tesco-Lotus intersection with the intention of developing a large retail and entertainment complex there.
Phuket Governor Niran Kalayananamit told the Gazette recently that the Bangkok-based investors had approached him to discuss the proposed development, which is still in its initial design phase. The developers have yet to apply for any building permits from any relevant agencies, he said.
Without disclosing the name of the group, Gov Niran said it was comprised of Thai nationals who intend to invest 4 billion baht to develop the site with facilities including a department store, hotels and a small convention center. One of the landmarks would be a large observation tower offering panoramic views of Phuket City and the sea beyond, he revealed.
Although the project is still far from ground-breaking, Gov Niran said he had heard that the group’s board had already approved funding for the project.
In addition to the parcel of land on the northeast quadrant of the intersection, which is bordered behind by Soi Paniang and to the south by Yaowarat Rd, the investors have also acquired a large plot along Yaowarat Rd behind Tesco Lotus for the project.
They hope to connect the two plots via a tunnel that would pass under Yaowarat Rd and be lined with small kiosks for retail sales, he said.
Gov Niran said that the investors’ interest reflects the healthy business development of Phuket, which continues to outstrip other provinces in the region in terms of attracting investment capital, both from inside Thailand and abroad.
Ground breaking work on the Jumeirah Phuket project at Koh Rad, as well as the start of Royal Phuket Marina’s second phase, provide further evidence that the investment climate here remains strong, he added.
