Hua Hin: The Mall Group pulls out of investment in "Bluport Hua Hin"

[webfact]

Picture: The Bangkok Insight

 

After persistent rumors The Bangkok Insight has said from its sources that The Mall Group has withdrawn its investment in the company that runs the shopping center Bluport Hua Hin Resort Mall.

 

The company has faced mounting losses ever since they opened the mall in 2016.

 

They have reportedly sold their shares for one baht each. 

 

The medium sized shopping center was a joint investment by The Mall Group and Proud Real Estate under a company banner called Hua Hin Asset Co Ltd. 

 

It was opened on October 1st 2016 and represented the second foray into malls in the provinces after The Mall Group opened up in Korat in 2000. 

 

They own several major malls in Bangkok.

 

It was part of a plan for seaside malls, open in style, called "The Blu Collection". It was built at a cost of 5 billion baht on 200,000 square meters opposite the Intercontinental Hotel in the downtown area of the tourist city that is 220 kms south of the Thai capital Bangkok. 

 

Now after persistent rumors over the past 2-3 months the media said that they had pulled out.

 

The media reported losses of 60 million baht in 2016, 175 million in 2017, 138 million in 2018 and 207 million in 2019.

 

There were no figures available for 2020 - the year that the pandemic struck. 

 

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[GeorgeCross]

was too expensive so all the locals went to the (far cheaper) mall just down the road which is busy nearly every day and rammed weekends

[RichardColeman]

4 hours ago, webfact said:

The media reported losses of 60 million baht in 2016, 175 million in 2017, 138 million in 2018 and 207 million in 2019.

Yeah, but plenty got a nice new house and pool out of it.

[hotchilli]

6 hours ago, webfact said:

There were no figures available for 2020 - the year that the pandemic struck.

Too shocking to print I suspect.

[Misab]

Off course they have a big loss. Prices in most Bluport shops are sky high, so I for one go where prices are only half.

 

[spidermike007]

I assume they will continue, and find a new partner. The upper floors have been closed for over a year now. I have been wondering how much money that mall must be losing. And it was never that busy even before Covid. 

[ukrules]

Does this mean the Gourmet Market will close?

 

[AhFarangJa]

I guess we could be losing the Immigration office too. That would be a shame as it is convenient for the 90 day farce.

[GeorgeCross]

17 hours ago, ukrules said:

Does this mean the Gourmet Market will close?

 

 

i heard its moving across the road next to 7/11..

 

Gourmet Market Express ????

 

 

[Stargeezr]

I enjoyed the theatres in the Blue Port mall, and DQ, but otherwise shopped mostly at

Market Mall as more stores had cheaper prices, maybe because their stall rentals are cheaper.

   i guess the mall group, did not have the hind sight to be competitive.  Sad.

Geezer

[ukrules]

On 4/7/2021 at 10:22 AM, GeorgeCross said:

 

i heard its moving across the road next to 7/11..

 

Gourmet Market Express ????

 

Seriously though - I heard that Gourmet Market isn't going to close from someone who works down there.

 

 

[wordchild]

On 4/9/2021 at 9:56 PM, ukrules said:

 

Seriously though - I heard that Gourmet Market isn't going to close from someone who works down there.

 

 

FWIW my guess is that it wont close. The Mall Group operates Gourmet Market in T21 in Bangkok where it is not the property owner, for example.

 If anything they seem to be trying to invest and develop GM as a source of growth separate from the property business.

Having said that i would think they will cut down on the space over time, maybe to something more like the space they have in T21 which is half or less the space of what they have in Hua Hin.