After persistent rumors in recent months, ‘The Bangkok Insight’, an online business publication, has reported that The Mall Group will withdraw its investment in the joint venture company that runs the Blúport Hua Hin Resort Mall. The company has faced mounting losses since opening the mall in October 2016.
The shopping centre is a joint investment by The Mall Group and Proud Real Estate under a company named as Hua Hin Asset Co Ltd.
It was opened on October 1st 2016 and represented the second foray into shopping malls 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’’. The Hua Hin property was built at a cost of 5 billion baht opposite the Intercontinental Hua Hin Resort in downtown Hua Hin. ‘Le Café, a recently opened coffee shop inside Blúport, is managed by the Intercontinental. Connections, including a pedestrian overpass, provide access between the two properties.
The report cites information obtained from the Department of Business Development which show that Hua Hin Asset Company was established in March 2010 with a registered capital of 1,400 million THB. The Board of Directors members were named as Mrs Jaras Pim Liptanalop, Ms Achara Manapayap, Ms Proudputh Liptanalop, Ms Akarawan Charoenphon and Ms Prapapim Liptanalop.
There have been four company financial statements, not including 2020, which show losses of 60.8 million baht in 2016, 175.6 million in 2017, 138.2 million in 2018 and 207.8 million in 2019. The company debt over this period was given as almost 4 billion THB.
It is noted that redevelopment of the forecourt of Blúport, aiming for improved public access and more flexibility to present events and public activities, is currently being undertaken. It is also understood that there are more plans to redevelop upper levels of the mall. The impact of reported changes to the management company structure are yet to be revealed.
