Dutch Property Group Invests in Chiang Mai

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" with Bt3.1 billion in investment is expected to open in the second half of 2011, Promenada Chiang Mai will be located along Ban Sahakorn Road. It has 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.

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 chairman and founder Dion L.J Heijmans said shopping malls' revenue in Asia is projected to grow by over 10 per cent per year, compared to just 4-5 per cent growth for the group's Promenada brand in European amrkets.

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 specialising in the design, manufacturing and retail of luxury furniture.

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 US$350 million) 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 US$500 million.

Source: The Nation