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Home » Reader Submission » Shopping mall Promenada in Chiangmai defunct (readers' submission)
Promenada (tdee photo cm / Shutterstock.com)
Shopping mall Promenada in Chiangmai suddenly stopped at the beginning of this month. All tenants were given 3 days to remove their goods because electricity would then be cut off. The company (with a Dutch touch) has a debt to an electricity company of approximately TBH 20 million.
At the time, this project was recommended by Business Class presenter Harry Mens as a good investment. Quod nun. The location is wrong (corner of Chiangmai) and I have always understood that when buying/building real estate 3 things are important, viz:
- location
- location and
- Location.
Apparently this wisdom had not gotten through to initiators and estate agent (!) Harry Mens.
Submitted by Teun
Chiang Mai, the northern city in Thailand, has a Dutch drama of some magnitude. More than 400, mainly Dutch investors are 40 million euros poorer due to a completely failed real estate project in the city: the Promenada shopping center.
The Dutch company ECC Invest is responsible for the development of Promenada Chiang Mai. Director Tjeert Kwant of ECC Invest managed to enthuse a large group of Dutch people for the investment project in the Business Class program on RTL 7 by Harry Mens. The shopping center was completed in 2013, but turned out to be anything but the goose with the promised golden eggs.
In the end, it turns into a million-dollar drama with bewildered investors watching their hard-earned money burn.
Read the whole story in the Quote: http://www.quotenet.nl/
Incidentally, the heavily sponsored 'Business Class' program is not something to be taken seriously. It's more like a commercial break. Harrie's guests pay about 10k to be allowed to tell their story. Harry will even claim that water can burn if the 'so-called' guest just shuffles around….
I wonder if Harry Mens has invested in Promenada himself. I suspect not…
No of course not. The smart guys who promote this kind of investment are careful. After all, investing with other people's money is much more lucrative.....
The correct link to the article is:
https://www.quotenet.nl/zakelijk/a34450416/hoe-harry-mens-kijkers-euro40-miljoen-verloren-in-een-thais-winkelcentrum/
Investing is nothing more than eat or be eaten. Money makes money and sometimes it doesn't, but then you shouldn't blame someone else because of a stupid decision.
The shopping center was opened by/with the Dutch ambassador at the time (quote from link: “Friday will feature an opening ceremony in which HE Mr. Joan de Boer, the Ambassador of the Kingdom of The Netherlands, will celebrate with a Champagne toast”).
Although symbolic, this may have contributed to the confidence of the (amateur) investors in the project.
https://www.traveldailynews.asia/the-first-resort-style-shopping-mall-in-thailand
I read: location, location, location!
In itself, the location of Promenada is excellent, because it is on the highway-cross against Chiangmai. Easy to reach and plenty of parking spaces, both covered and in an immense parking lot. Beautifully sloping gardens with palm plantations.
But just 3 weeks earlier, Central World also opened in Chiangmai, and it already had a name in the center of the city, and it was really "finished".
Too bad, but two of those whoppers of shopping malls is even high for Chiangmai. Added to this is the Covid period.
A good location if you come from Lamphun/Lampang. But from Chiangmai it is a remote corner for most. Why isn't Central in a corner? Right: to be easily accessible from all over Chiangmai.
Two shopping malls set too high? How about Airport Plaza? So it is possible (apart from Corona), but then you need skilled management AND a better location.
Well,
You don't make an investment 1, 2, 3, that always precedes extensive research, so there must have been a consultation agency that did market research. The results of his research clearly indicate that in Chiang Mai, on the side of San Kamphang – San Na Meng, there is room for a Shopping Mall, 3 companies have responded to this, Central, one next to Big-C extra and therefore Promenade .
Well, enne Central came out as the winner. The huge building next to Bic-C extra, didn't even open and was the first loser. Central is of course a household name in Thailand and with many relationships in the retail sector, as a tenant you prefer Central rather than Promenade. The moment Central started building on the San Na Meng side of Chiang Mai, everyone can already see the death knell coming.
As Peer says, the 2 malls opened with a few weeks difference. The central group also houses the Robinson retail chain. You can only divide the number of customers over the malls and there are too many here. I Next to big C there is also a building from around the same period. Never been open what went in with roof parking??
An oversupply of malls is the cause .
When ECC visited me at the embassy, I advised them not to continue with this investment. Large Thai chains simply do not tolerate Western competition, and in this country they have the power to frustrate them on all fronts. But unfortunately, partly supported by an enthusiastic ambassador and director of the NTCC, stubbornly persevered, with the result I predicted
The electric bill does not matter that much, read that it went wrong in the beginning of 2013.
There was a similar project in Manila, Philippines. Been there in 2013.
Gigantic mall, which would make it by luring tourists to it, absurd location.
You could count the number of open stores on one hand. Entire floors empty and locked.
Also a Heijmans project?
sin I loved coming there, never not busy 🙂 quiet, fine for me, not for the investors. In terms of design, it was beautiful, maybe some Chinese entrepreneur will take it over.