J.J. Center Co, an automotive leasing firm, is expanding to develop a new shopping centre near the Chatuchak weekend market, scheduled to open in late 2011.
Chakraphan Srikraivin, the company's director, said it had secured a 30-year lease contract from the State Railway of Thailand for the development of the 'In Square' shopping complex located opposite the Marketing Organisation for Farmers (MOF) and the Chatuchak weekend market.
J.J. Center has been around for three years, having started with registered capital of 120 million baht and a mandate to provide leasing services for automotive and property developments.
An eight-storey building with 40,000 square metres of space is now under construction and is scheduled to be opened by the end of 2011.
The company's survey revealed about 200,000 people visit the Chatuchak market and nearby areas during weekends. They spend about five-and-a-half hours in the area spending an average of 1,200 baht per person per visit. It calculates that 1.9 billion baht changes hands in the area per month.
In Square plans to integrate well-known shops from around Bangkok and locate them in one place, offering clothes, cosmetics, leather products, souvenirs, home decoration and furniture. The mall will include an exhibition space and the 2,200 sq m Iten Creative Mall for IT and electronic products.
"We will work with government agencies to establish a development centre for wholesalers and exporters in this area to help enhance the competitiveness of Thai manufacturers and exporters in the global arena," he said.
The company is also conducting a feasibility study to develop another retail project in the Kamphaeng Phet and Chatuchak area as it will become a transport hub in the future. Within five years, the company expects some 100 billion baht in commerce per year will flow into the area.