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The Mall Korat Land Lease and Investment Outlook

The Mall Korat Land Lease and Investment Outlook

Thansettakij•Economy•39m ago

Reader Briefing

The Mall Korat is managing land lease negotiations for its 52-rai site while considering a potential 3,000 million baht renovation.

  • •The Mall Korat operates on 52 rai of land split between the Cherdchai family and the Kiartphinyochai family (Thep Nakhon Group).
  • •An MOU has been made to extend the lease for 32 rai from the Cherdchai family for 30 years until the year 2057.
  • •Lease negotiations for the remaining 20 rai from the Kiartphinyochai family are ongoing, with a current lease ending January 19, 2027.
  • •There are business speculations regarding a 3,000 million baht investment for a major renovation of the shopping center.

Overview

  • •The Mall Korat opened on August 10, 2000, as the first shopping center outside Bangkok for the Ampuch family.
  • •The Mall Korat has signed an MOU to extend the lease of 32 rai of land owned by the Cherdchai family for 30 years until 2057 with a reported value of over 1,000 million baht.
  • •Lease negotiations for 20 rai of land owned by the Kiartphinyochai family (Thep Nakhon Group) are not yet concluded, with a reported proposal of 4,800 million baht for 30 years.
  • •The lease for the 20-rai portion is scheduled to end on January 19, 2027, with further discussions set for November 19, 2026.
  • •Business circles speculate a potential renovation investment of approximately 3,000 million baht, though The Mall Group has not officially confirmed this figure.
  • •The Mall Korat faces retail competition in Nakhon Ratchasima from Central Korat, which opened in 2017, and Terminal 21 Korat, which opened in 2016.
  • •There are discussions regarding the development of 200 rai of land owned by the Cherdchai family behind the mall into a mixed-use project including a hotel, parking, and market.

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Key Entities

Place

The Mall Korat(เดอะมอลล์ โคราช)ℹ️
A shopping center in Nakhon Ratchasima that has operated for over 26 years.
Central Korat(เซ็นทรัล โคราช)
A retail competitor in Nakhon Ratchasima that opened in 2017.
Terminal 21 Korat(เทอร์มินอล 21 โคราช)ℹ️
A retail competitor in Nakhon Ratchasima that opened in 2016.
Nakhon Ratchasima(นครราชสีมา)ℹ️
The province where the retail competition and The Mall Korat are located.

Organization

Ampuch Family(ตระกูลอัมพุช)
The owners of The Mall Korat and the group that expanded retail business to major cities.
Cherdchai Family(ตระกูลเชิดชัย)
Owners of 32 rai of land leased by The Mall Korat and 200 rai of land behind the center.
Kiartphinyochai Family(ตระกูลเกียรติภิญโญชัย)
Owners of 20 rai of land used for the department store and supermarket sections of The Mall Korat.
Thep Nakhon Group(กลุ่มเทพนคร)
Another name for the Kiartphinyochai Family who own 20 rai of land leased by The Mall Korat.
The Mall Group(เดอะมอลล์ กรุ๊ป)ℹ️
The corporate entity managing the shopping center and its investments.

Person

Woralak Tulaporn(วรลักษณ์ ตุลาภรณ์)
Chief Marketing Officer of The Mall Group Co., Ltd.