Outlet Mall Group Expands Into Amusement Centers
Category: Real Estate
The Thai developer behind a chain of Premium Outlet Malls throughout the country has opened a new expanded amusement concept in Cha-Am.
Christened as Santorini Park the theme is based on a Greek island by the same name.
Stories in the Bangkok business daily have quoted the developer who says that working from this model, other Outlet Malls in locations such as Phuket may be expanded in a similar fashion.
Adds-ons to the Cha -Am development include a waterpark and midmarket hotel.
Viewing the groups business model, unlike urban locations the malls are strategically located near transportation access with lower land than found in CBD areas.
Hence the real estate model contains more flex, with low-rise building and income derived from rental of retail and other space.
While the concept is nothing new in the US or Europe, in Asia with a rising middle class and looming tourism numbers, these mass models have tremendous upside.