Bangkok--16 Mar--Francom Asia
USD 250-million - ECC's Retail Investment Holding for South-East Asia to finance part of the Group's development in Thailand and Vietnam
A new player is poised to make a name for itself in Thailand's dynamic shopping scene. Dutch property conglomerate, the ECC Group, has officially announced the launch of a new landmark shopping and entertainment destination in Northern Thailand: "Promenada Chiang Mai".
Expected to open in the second half of 2011, Promenada Chiang Mai will be located along Ban Sahakorn Road, linking the Super Highway and Second Ringroad, in a neighborhood that is well known by Chiang Mai residents for its accessibility and shopping opportunities.
With 75,000 sqm of retail and entertainment space, Promenada Chiang Mai will offer residents and tourists alike an innovative mix of international and local brands in fashion, food and beverage, as well as leisure and entertainment.
A 3.1 Billion Baht Investment
The project represents an investment of Baht 3.1 Billion (USD 88.5 Million). When completed, it will employ 3,000 Thai people. Construction is scheduled to start in the second half of 2009 and will provide thousands of jobs to local workers.
ECC International Real Estate, ECC Group's holding company in Thailand, has received a license from Thailand's Board of Investment (BOI). For the development of the Promenada Chiang Mai, it has formed a partnership with VGF Design, a Chiang Mai-based company specializing in the design, manufacturing and retail of luxury furniture.
Aiming to offer "More Than Just Shopping", Promenada Chiang Mai will be a vibrant lifestyle destination for residents of Chiang Mai and Northern Thailand. As a marketing-oriented company, ECC intends to organize frequent events like fashion and musical shows, to publish the Promenada quarterly lifestyle magazine and to launch its own credit card and loyalty program.
Established in 1991 in the Netherlands, the ECC Group will leverage on its success in Europe, where the Dutch retail expert has been developing several shopping malls.
To date, the ECC Group has invested USD 350 million (Baht 12.25 billion) in completed projects in Central Europe. The group is currently investing in new markets in Europe, South-East Asia (Thailand and Vietnam), North Africa (Morocco) and the Middle-East (UAE). The investment volume of the pipeline projects is about USD 500 million (Baht 17.5 billion).
In Vietnam, ECC Group has formed a joint venture with Singapore-based GuocoLand to develop "Promenada @ Canary", a project similar to Promenada Chiang Mai, in the outskirts of Ho Chi Minh City. With 82,000 sqm of retail space, the project’s Phase I is expected to be completed in Q3 2011 and Phase II in Q4 2012, and upon completion will be Vietnam’s first international standard destination mall.
To help finance its projects in South-East Asia, ECC Invest, ECC Group's investment arm established in 2007, is launching the ECC Retail Investment Holding, with a total size of USD 250 million (Baht 8.75 billion) equity.
About ECC Group
ECC Group is a real estate development and investment group. Since its establishment in 1991, ECC has gained specialized experience in the development and management of large-scale retail developments under the Promenada brand name. The group, staffed with 65+ professionals is active in many markets in both Europe and Asia including Poland, Hungary, Czech Republic, Vietnam and Thailand. The group has invested USD 350M in completed projects and the investment volume of the pipeline projects is about USD 500M. Since 2006, ECC has focussed primarily on retail development in South-East Asia.
http://www.eccrealestate.com
For more information, please contact:
Khun Walaiklao Kumwong/Paul Dumont
ECC Group's Press Information Service
C/o Francom Asia
Tel: 02 233-4329/30, 02 233-4338/39
Fax: 02 236- 8030 E-mail: [email protected]