Rangsit Plaza Accepting Investors for Future City Rangsit
Rangsit Plaza Co has declared its need for investment partners to help develop Future City through a series of projects. The grand scheme is expected to cost around 100 million baht in the next ten years.
Future Park’s operator is currently in discussion with several potential international and domestic partner. 300 rai remains in Future City, clearly ripe for new development around and across the renowned park.
Premium Thailand Property
The company’s goal for seeking partners is to establish luxury sports outlets, property development for the upper market, retail-wholesale hubs and health and wellness centres. Their vision is to build a premium lifestyle in Future City while simultaneously making it northern Bangkok’s activity hub.
Opening luxury premium outlets at the complex has already been discussed with a European investor. Their negotiation may likely move forward once the government clarifies its policy on import taxes for luxury goods.
Government Tax Policy and Incentives
Mrs. Ratana, Rangsit Plaza’s marketing director said that “now is a good time to offer tax incentives” to luxury manufacturers and developers of international luxury premium outlets in the country. The ambitious project will not only make Future City an epitome of quality living standards but it will also boost Thailand’s reputation as a top shopping destination in Southeast Asia.
The new development is in keeping with the company’s strategic plan to attract more foreign tourists to Future Park Rangsit. With Don Mueang airport continuously expanding and the number of international airlines increasing, the company is hopeful that the plan will take off.
Rangsit Hotel Investments
Besides a luxury premium outlet, Mrs Ratana added that the company jointly invests in 2 Future City hotel projects. These developments were initiated in a bid to draw in foreign tourists, especially ASEAN businessmen, who may stop by Bangkok before heading to the north or south of Thailand.
The first commercial development will be a four-star hotel with 11 storeys on a 9 rai plot. There will be 227 rooms as well as function rooms. The second development will be a smaller two-star 7-storey hotel with 79 rooms. Both hotels will officially open for business in the last quarter of 2020, requiring approximately 300 million baht in investments.
Upper Market Segment
Foreign tourists in Rangsit’s shopping complex now account for around 3 to 5% of all total visitors. The numbers have significantly increased compared to the past few years. In addition, customers in the 85,000 baht income bracket have increased by 10% of overall customers. The luxury premium outlet and hotels will encourage more upper scale customers to shop at the complex.
Future City has been in the works for around 20 years now on the same 350 rai area where Future Park Rangsit is. In addition to the shopping complex, the multi-million project covers a sports complex, a 20 million baht sports hub, a furniture mall and a hospital.
iBox Postal Locker
Rangsit Plaza Co has installed a commercial electronic post locker called iBox. It allows online shopping customers to receive their orders through the box instead of at home or in the office. iBox has tight security features and will identify the shopper through a One Time Password (OTP).
The service will officially commence in October 2018. Rangsit Plaza has collaborated with leading banks in Thailand to install and maintain QR Codes.
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