Years ago, having a budget hotel near BTS is enough for developers but it is no longer true these days. Constructions of stand-alone properties in the highest traffic locations are no longer as attractive.
There are various factors that impacted this change such as the rapid growth of online shopping, changing demands of the consumers as well as the fast introduction of latest retail complexes which tightened the competition. These are the very reasons why leading retail developers, either old or new in the industry are trying to venture into the construction of mixed-use projects.
Consumers saw that there are more retail complexes that offer a variety of features and amenities such as shopping, restaurants, parking and residential space. There are those that are located within a combination of retail projects like hotels, hospital and university.
Statistics have proven that these developments are slowly increasing in number as the concept of offering multifunctional spaces is a growing demand in Thailand in the last few years. There are retailers that constructed a hospital for patients in surrounding neighbourhood while some developers are planning to construct a university soon.
Take for example All Seasons Place which is planning to build a mixed-used project with shopping, office space and hotel which will be constructed in Wireless road.
The trend of mixed-use properties is common in countries such as Singapore, Hong Kong, Japan and the United States. Retail developers not just in Bangkok but other cities of Thailand have already expressed their plans to create mixed-use establishments.
Aside from these new developments, existing projects are being considered to be converted to mixed-use concept. It is predicted that around 100 billion baht will be invested in these new projects as well as the conversion of the existing ones within the next ten years in Bangkok and other cities in the country.
While this trend might change the landscape of Bangkok, budget hotel near BTS will continue to thrive as many of the foreign travellers still prefer cheap accommodations while in the country. This has always been the main asset of Thailand and new trends may come but the fact that Thailand is considered an affordable tourist spot remains the same.