RANGSIT PLAZA FREEZES COMMUNITY MALL PROJECT

       Rangsit Plaza, operator of Future Park shopping complex in Rangsit, yesterday announced a freeze on new development projects, including a community mall to be built on a nearby 700-rai plot of undeveloped land.
       The company will instead seek potential investors able to develop their own projects, including sports and entertainment complexes, to occupy the land based on a long lease or joint investment contract.
       "Developing a community mall requires a huge budget of more than Bt1 billion, but it is not a good time amid the economic recession to pursue such an investment," said Jittinan Wanglee, vice president - sales of Rangsit Plaza.
       She said the development of a community mall required major tenants able to fill the retail space and act as magnets to build up consumer traffic.
       "We also cannot find appropriate tenants for our new community mall project at this moment," said Jittinan, adding that the company would not make any decision on developing such a mall until it could find the right tenants and anchors for the complex.
       She said the company was not confident about the success of community malls during this time of economic difficulty.
       "Though the community mall is now a popular model developed in the market, there are investors who have been successful and others that have been failures," she said.
       Owned by Pipatanasin, the land-owning company founded by the Wanglee family, the entire land plot - the so-called Future City - occupies 800 rai. About 108 rai have already been developed as the Future Park shopping mall and 150 rai have been occupied by other retail anchors, including Index Living Mall, HomePro and Major Cineplex.
       The remaining land surrounding the Future Park complex is still to be developed.
       Jittinan said Future Park had completed its major Bt1-billion renovation in the first half of this year. The process took almost three years.
       "We will next year focus on pushing our efforts to build up convenience for our shoppers. The company will next year invest Bt300 million as a marketing budget to attract a higher number of people to our shopping mall," she said.
       She added that Future Park planned to spend Bt20 million on its "Future Park 14th Anniversary Grand Splendour" campaign. The campaign, including "Super Shows Super Stars" concerts and special discounts of between 10 and 30 per cent offered by Central and Robinson department stores, will be held from Friday to October 4.
       The company expects the campaign will increase the number of visitors to its shopping complex by 10 per cent, as well as lift sales at tenant stores by an average of 20 per cent.