Mysterion
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Posts posted by Mysterion
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On 2/23/2019 at 5:30 AM, Joe Mcseismic said:
Nothing to do with "short of a few bob" and everything to do with value for money. Something that everyone, regardless of their finances, looks for.
Indeed.
Most people make spending decisions based on “value for money”.
With the exception of that one farang food vendor, there are better & real restaurants for half the price within a short walk. Thats the critical error with the Central Patong foodcurt “business plan.”
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1 hour ago, stuarty said:
Pad Thai at my posh golf club is 315. This is central and central patong . I am sure there is 25 baht pad Thai round the corner. So what
Street food is super cheap for a reason mate. You can probably get a meal for 10 baht if price is your only concern.
The point is, 60 baht for a pad thai in a decent restaurant(or 150 baht at a 5star hotel) just around the corner from the cramped basement foodcourt at Central in central Patong, is a deal breaker for Central Patong for many tourists and almost all locals. Thats what.
Big corporations are not immune from making bad business decisions.
i would be surprised if Central doesn’t “re-imagine”/redevelop that prime space sooner rather than later.
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50 minutes ago, stuarty said:
OMG 150 THB for Pad Thai in Central Food Hall in the most prime real estate position in the resort island of Phuket? Are you chaps short of a few bob?
150baht for the pleasure of having a pad thai in a cramped little basement foodcourt is probably not the best value experience for most tourists. Many 5 star hotels in Phuket actually charge somewhere around that price for a pad thai.
But alas, It is possible for them to get their pad thai fix in an actual restaurant with full service for only 60baht just around the corner from Central patong.
As noted earlier, 30baht gets you a good pad thai(or choice of many other thai dishes) at the Terminal 21 foodhall, in one of the most expensive parts of Bangkok. It drives huge crowds of thais and tourists through that mall all day and night 7 days a week. Wonder why they haven’t figured out that type of business model here yet.
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1 hour ago, xylophone said:
Went back today to have a look and the goulash, lasagne, American meatloaf etc all at 59 baht per 100 gm, as were the veges etc to accompany the dishes, and the small sauteed potatoes looked delicious!
As for the Pad Thai, well I make it at home sometimes and by the time I've bought the ingredients incl chicken, prawns, spring onions, tofu, ground nuts, bean sprouts and all that goes in it, it must be getting up there. The Pad Thai I had in the JC foodcourt was smallish and not at all tasty and was around 129-149 baht if I recall correctly.
I personally don't mind paying the prices above esp for the farang food (e.g. 118 baht for 200 gm of Lasagne) as IMO it is good value for money.
I agree on that farang food place.
I took a look at the foodcourt there on Wednesday night around 6pm and only thing that looked interesting/different & fairly priced were some of the farang foods at that one specific farang food vendor.
The rest of the foodcourt vendors offered standard thai foodcourt items, but IMO their prices were at-least DOUBLE what could be considered a fair price for mall foodcourt food in Thailand.
They also offered (unneeded) repeats of relatively pricey MK, Pizza Company, Zen Japanese, and Red Chopsticks Chinese in the basement area.
The beef burger joint also seemed relatively expensive for beef burgers. Perhaps thats why there was not a soul to be seen eating there.
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3 hours ago, xylophone said:
Yes, definitely changing Patong2, although I don't find it unsettling, but I do "marvel" at the amount of money being asked for the big bars and sois here – – one large bar fronting Bangla can be bought for 50 million baht, or one could settle for Soi Freedom at 90 million baht.
Not unsettling, but perhaps crazy?
And on the subject of changing, I decided to visit the new Central store here in Patong, but the saga in getting to it was quite lengthy, with traffic backed up for a kilometre or two, not necessarily because of the opening of Central, but a combination of things such as delivery trucks, buses, minivans, traffic lights and poor driving and of course the poor planning. Only to find that when I eventually got to the Central store, I was told that I could not park anywhere and had to go and park under Jungceylon.
Now I had wondered why I had been turned away from parking under Jungceylon a couple of times previously, and it's because all of the workers and of course some of the customers are now directed to that car park and its full, and I don't know if it's because there is no parking under the new Central or because it's not ready? Far be it from me to suggest that it was lack of planning!
Anyway, I was surprised at what I saw, because there are three floors dedicated to menswear, womenswear and accessories etc, however they were set out just like the old Central in Phuket town, whereby the total floor space was like "open plan" and each brand was vying for its own little space within it, whereas the new Central seems to have gravitated more towards individual shops.
Having said that, the basement was just like the new Central and the food on display, particularly in the area serving Western-style food, looked very tasty indeed and this along with a few individual restaurants catering for other Asian needs looked to be doing well.
There is a small supermarket area which contains an area for the wine and spirits and if there was ever an indication that this new Central was aimed at a certain market (not the zero baht or cheap Chinese tourist or even impoverished expat) there were no rows of dried seaweed, dried this and that and other cheap snacks, with just the occasional little bit of dried fruit around.
In addition the wine area had no casks/boxes of wine anywhere to be seen and although I did see a couple of bottles of Montclair on display (bottom shelf and out of the way) there were many bottles of fine Burgundy and Bordeaux ranging from 3000 to 9000 baht a bottle, plus some pricey Aussie wines as well as a few nice Italian wines. Of course they had wines from NZ and elsewhere, and not always in the very expensive bracket, but the whole area did not lend itself to the bargain basement type type of shopper.
All in all, despite it being upmarket, there wasn't very much on display here that could not be bought at/in Jungceylon (apart from the upmarket food and wine area) and I wondered at the logic of opening such a place.
Perhaps this is the start of a change of Bangla and its surrounds or perhaps someone is trying to provide shopping for the upmarket and the wealthy in order to draw them here, however that seems to be at odds with the marketing to the cheap Chinese, Indian backpackers and whomsoever else can afford a cheap flight and budget accommodation.
I suppose one could add that Patong is becoming an enigma............and no, I'm not starting another thread!
Thanks for the review.
It sounds like the developer wasted an opportunity to make something significantly new/different/needed in Patong.
i wonder what the pricing is like in the foodcourt?
A big clean cheap airconditioned foodcourt could have been a winner in that mall, in the basement floor or top floor.
As an example, the huge cheap & clean & air-conditioned foodcourt on the top floor of the Terminal 21 mall in Bangkok is considered by many as a Thai foodlovers paradise. It is packed with both Thais and locals all day and night. It draws in huge crowds to that mall and keeps it alive. Almost all thai dishes are only 30-40 baht each. Compare that to the 100-150 baht thai dishes in the jungceylon foodcourt.
Also there is no international “fast fashion” brands in Patong. An H&M, Uniqlo, Forever 21 would draw in big crowds. Sounds like they didn’t include any of those either?
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12 hours ago, NamKangMan said:
My question still remains to those people, what, exactly, do you think you are leaving?" If it can't be sold, even at a fire sale, and can't be rented out, what have you got????
Everything has a price and can be sold and/or leased out(unless it is a toxic waste site.)
The “wives” will end-up with a house to live in for free, or a house earning rental income, or they can sell it and use the proceeds to buy a house and/or land in cheaper locations.
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2 hours ago, LivinginKata said:
Just want to report that in the past few weeks we have had a flood of long term rental enquirers in Patong leading to 5 tenants already installed. This is most unusual from our long years of experience. Only have 2 homes left for rent in Patong. Maybe Patong is not so dead. At least not for us .... ????
Great to hear that. Rumours of your so-called “dead assets” seem to have been greatly exaggerated.
Good to also know that west coast rental market is strong.
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14 hours ago, LivinginKata said:
Far question - to me our 2 Patong buildings and land are now dead assets. We still make some rental income, but 30-40% down compared with 5 years ago.
To be honest we don't even actively advertise our homes other than a FOR RENT sign on the gate. If we aggressively sought guests we could fill up but we don't want short term, don't offer discounts, don't want pets, kids, or people that look like they cannot pay. In short we are quite selective.
Our properties paid back 3+ fold. They could stand empty for all I care.
I cannot see any upswing. No realist buyers. Have to be fire sale price. Wife (and I) not interested.
No such thing as “dead” property assets in west coast of phuket.
It sounds like you are just too lazy to monetize your property further, or deep down you really do believe that there is potential for cap gains in the future.
You claim to have already made a substantial net profit(cap gain + income) since you bought it. If one really believes that there is no more possible cap gain upside potential in patong, and one is too lazy to actively attract/manage renters for maximum yield, they should probably sell at market value and be happy with the overall profit, and enjoy the simplification and risk reduction of their smaller asset portfolio.
If a lazy person wants to hold older properties, they should consider renovating them and getting a property manager to manage the long/short leases, or tear them down and sell the land.
Bring those assets back to life old sport!
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9 hours ago, Carib said:
Do they look like this? These are rice weevils. If recognized check your rice and pasta storage/boxes. Airtight containers recommended.
Looks like you nailed it. Will tell her to checkout the rice and pasta area.
Once the rice/pasta is removed will the weevils move on?
Thanks.
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8 hours ago, HowFatIsUrDog said:
only ants and bees have a queen as far as i am aware.
anyhow just call out its name "come over here slow crawling black thing, nice slow crawling black thing, pretty slow crawling black thing. etc"
then when it get within range hit it with a sledge hammer voila no more slow crawling black thing:)Haha. They dont seem to speak English.
Actually they are about 3mm(millimeters), not 3cm.
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Hi all,
My friend has a problem with a recent infestation of this insect on her kitchen counter/cupboard area.
She keeps her kitchen very clean, but the little invaders keep coming.
They are black color and about 3cm long. They crawl very slowly.
Anyone know what they are called and how to eradicate them?
Which insecticide/trap will kill the queen??
thanks.
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42 minutes ago, xylophone said:
Yes I am all for that as it has gotten out of hand.
So lets get this right...........I did post (#501) about friends who had bad experiences and lost money here, not who were desperate to sell at this point (as I recall).
I do have grave concerns about property here because the market is not regulated, there is little to no recourse, and there are many corrupt lawyers and land officials etc. Also of course I feel so sorry for friends who have lost on property (as noted above) and also the poor folks who lost on ACE and Phanason developments, a couple I know.
IMO I don't think one can dismiss the above lightly, so I don't (as you will have noticed).
However I do concede that this/these are not your problems and if you can help a person who needs to sell, then in the final analysis, it is their call and they may well be grateful for your help.
PS. Worthwhile remembering that ticking a post can be seen as agreeing with that which is in it!
Cheers.
Fair enough.
have a good a evening Xylo.
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3 hours ago, xylophone said:
Good...........and you can get on with your "psychoanalysis" of people who don't share your views, the touting for business on this thread and your support of those who advocate Thai nominee companies in order to get around the 49%/51% ownership laws, which is against the law here.
Your perception is sadly not reality(again).
Lets clear this up....
I never/dont advocate nominee companies. In fact, i have been a strong voice on this thread advocating that foreigners only invest in completed foreign freehold condos. Anyhing else increases their risk greatly.
The post i “liked” was focused on the fact that the 49% voting rights was not a significant risk in a foreign freehold condo structure.
In addition, you(and a couple of others) here claim to have “friends” that are/were desperately trying to sell their properties without hope. Please dont raise their problem, and then try to disparage people who are genuinely willing to help solve their problem.
Now that this is cleared up.....on with the wake!!
Cheers.
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4 hours ago, LivinginKata said:
You are falling into NKM's typically trap. He is famous for engaging members into a useless argument that is never ending and circular. I might make one response to him and then just ignore his circular responses.
I recommend other forum member do the same.
Wise advice.
I do admit it is hard to ignore those spreading the “doom porn”. It amazes me how they chose to live in thailand, yet at the same time they denigrate It repeatedly and viciously.
Hopefully, now the matter is put to rest, and a more balanced perpective is availabe for all to consider.
Lets now talk about the Patong Wake....Patong is dead! Long live Patong!! Haha
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3 hours ago, Peterw42 said:
Let me explain how I think I am not making a loss here.
I had 1,000,000 baht ($40,000) sitting in a bank in Australia giving me a return of 2-3% , 30,000 baht a year ($1200). I think we would both agree that wont pay my rent here, not even a 4th floor walk-up, cold water fan only room. I would need to draw down the 1mb to pay my rent, in 5 years it would be gone. Even if I found (almost impossible) a fantastic return in Australia of 10%, that would barely pay 8,000 a month rent.
Two and a half years ago, I used the 1mb to buy a condo, I dont pay rent any more. Identical Condo next door rents for 15,000 a month. In fact, in 2.5 years I have not paid rent close to half the value of the condo, 500,000 baht. In another 2.5 years I will have saved around 1mb in rent. (the purchase price). And I dont pay rent ever again.
Thing is, I still have my 1,000,000 baht, or at least an asset worth the same, Its win win.
I am confident I could sell for that as 4-5 sales, in the block, last year at that price, and others have the same condo, in the block, advertised for 2mb (the stupid prices that dont sell , that you see on multiple websites).
Well done sir! Thanks for sharing this.
You obviosly bought in a good location and at the right price to begin with.
You did you homework, took a calculated risk, and can sleep well at night in your own property, all the while knowing that you will likely get all your money back + a nice capital gain if you eventually sell it.
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4 hours ago, NamKangMan said:
If you are a global investor, you would know that the capital that would be used to buy a property here is making more money "being put to work" than the cost of renting the EXACT same property.
Thus, buying is not only making a LOSS, but also has significantly more risk attached.
So, why bother buying????
Fair question NKM.
I am a big proponent of global diversification. Don’t put too much or your eggs in one basket, as they say.
A little exposure to owning some high-yielding foreign freehold condo(s) in Thailand could be part of well balanced portfolio of global properties/equities/bonds/fx etc for many international investors.
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4 hours ago, NamKangMan said:
I can assure you, I am well aware of global real estate. I own property on three different continents.
Perhaps you may care to comment on a typical scenario where the Thai developer "sells" the legal 51% to family members. Where does that leave the the 49% of foreigner owners, in relation to having a voice about the property they are living in? That is 49% of individuals, basically voting against a 51% majority share holder.
I will not even mention when the developer exceeds the 49%. Of course, you will deny this is possible, but then again, so is building bars on the beach here.
I'll give you a quick maths lesson. 49% is LESS than 51%.
Are you seriously suggesting that property ownership for foreigners in Thailand is similar to that in the west?????????
You are being extremist bro, and spreading what most would call false “doom porn”.
Do you live in Thailand? Are you a tenant? If yes, thats cool. Please do continue renting and suporting your landlord and you will both be sleeping well at night.
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5 hours ago, NamKangMan said:
I have heard, but only seen for myself once, whilst visiting a friend, the leasees of such apartments were then sub-leasing the apartment to larger groups of Chinese.
More evidence of healthy demand. Thanks for sharing this.
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4 hours ago, LivinginKata said:
Still off topic about Kata. Much of this independent rental business is through the internet like Air B&B or similar. These Chinese are for sure not the coach hoards, much more sophisticated. A big management company are slowly taking 3 year leases on many privately owned apartments in our area. They have been angling for a 3 year lease on our 12 apartments with 18 bedrooms. My wife is hot to deal, I say wait until I'm dead as this is my home for now. Oh dear - might be that's a death wish ...
Thanks for sharing this.
Owners are always pleased to hear further evidence that, if they have the right rental/sale product to offer, there is significant long-term demand for it.
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1 hour ago, xylophone said:
This post says more about you than it does me, you poor soul (or are you the "we" that you refer to?).
If anything is incoherent in my previous post, it's probably because you lack the ability to understand it. And as regards "toxic diatribe", I don't really see why you are getting so upset because I am describing the market as I see it and from the examples I have quoted, and the folks I know, so if you can't understand that then there's no hope.
You still don't understand what I posted about the investment business, hence your second paragraph ("moral compass corner etc"), however I will not take the time to try and educate you on this because it will be a thankless task from what I can see, this despite you supposedly being a global investor in other asset classes.
I think what is also laughable is the terminology you use, "we are pleased.......!" and "predictable to all of us" and we this and we that. Why on earth did you decide to choose the royal we rather than "I"?
And there you go again, becoming the "real estate psychoanalyst" analysing whether I am "truly happy" in this post, and wanting me to find "true enlightenment/happiness", "painting myself into a corner", "not respecting other property owners", "seeing the glass half empty", "being bitter", etc etc, in other posts, so you would forgive me for wondering whether your inane ramblings are really about property here, or about the assumptions you incorrectly make with regards to me.
Why don't you stick to just posting on property and not trying to psychoanalyse people or make incorrect assumptions about them, because you have proven woefully inept at that. And you may wish to ask your "alter ego/doppelgänger" if it is all right with him if he is included in the "we" comments?
I shall continue to post about the property market as I see it and I shall continue to post about the experiences that friends have, and if you doubt that, you may wish to refer to a previous post where I quoted many examples of investors losing money here, just to refresh your memory.
So in summary, I will post about the property market as I see it and quote actual examples, so why don't you do likewise rather than trying to psychoanalyse people and then make incorrect assumptions.......stick to posting about real estate and don't worry your little head about experiences that people have which don't match yours!
Yawn. Still the same rambling and a stubborn refusal to acknowledge your hypocricy and unbalanced offensive attempts to bring down the investments of many thousands of expats and millions of Thais.
I suspected we shouldn't hold our breath in hope of a re-think and a more thoughful perspective from you.
Please do continue with you extreme unbalanced negativity and blatant hypocrisy, but please also be aware that most, if not all of us, can see through it.
With that being said Xylo, we all look forward to your next entertaining “night on the town” review.
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4 hours ago, xylophone said:
Such a shame that you don't fully understand things that are written, however you probably have all the best "qualities" to be in the profession you are in (see the many comments about real estate agents here in Thailand and how they are perceived).
And for you to imply that somebody has not found "enlightenment/happiness" when you actually know nothing about them is laughable, no it's bordering on stupidity really, but then.............
As for renting, well there is one key element which you fail to see about that, however as you do fail to see it, I won't point it out to you, but with your "state of enlightenment/happiness" it should be obvious.
In addition you have a problem understanding things and how they work, because I never said I was "an investment fund manager" (look again). And you obviously don't know how index funds work (because you made another incorrect assumption) otherwise you wouldn't have printed the rubbish you printed about buying and selling (no moral compass involved in that, but then you probably don't understand that aspect of business either) – – so there you go spouting off again when you know nothing about that which you are commenting on, both on the subject and the person, but it's probably in your nature and you can't help it.
Another assumptive comment (yes you do make a lot of assumptions and so far your record is been pretty close to zilch) from you with regards to my supposedly disrespecting people who own property here, because I don't and I have never said I do. My main point in case you have missed it (again) is that the market here IMO is not a good place in which to invest, and I quoted many true examples.
Finally........keep on doing the job that you are doing (with all the positive comments it brings!) and in the field in which suits you best and try not to understand or make assumptions about other people or other businesses, because it seems beyond your capabilities, and I'm sure you will be a very happy chappie
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Xylo,
Your lengthy rambling and somewhat incoherent response, and attempts to deflect, are now very predictable to all of us, and dont satisfactorily address your toxic diatribe and hypocrisy regarding business and thailand real estate.
You are still firmly in that “moral compass” corner that you yourself painted, and you may be oblivious to it, but you remain offensive to all the people(thais and non thais) who happily buy/sell/own property in Thailand.
We are pleased that you have chosen to reside as a tenant in Thailand. You are adding money to the local economy and supporting the local real estate industry, and thats good for all of us here.
However, if you(and a few of your expat mates) are truly happy, we wouldnt know it, as your posts are constantly and overwhelminly full of negativity.
As an FYI, i am a global investor in many asset classes. I am not a real estate agent, as you ridiculously try to imply.
Good day :))
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4 hours ago, Toknarok said:
Indeed yes Oldcroc. The more monied Chinese choose Aussie over Thailand every time. Only New Zealanders number more than the Chinese and that is expected to change.
Not for them the 'package' 'zero dollar' trips with flag waving tour guides, crowded diesel spewing buses touring filthy beaches etc. They require first class infrastructure and service.
Sorry this is somewhat off topic about Patong, but I think it reflects what is going on. No shortage of purchasers of FREEHOLD property in Oz (apart from newly completed homes).
https://www.dailytelegraph.com.au/news/nsw/more-
An agent for several off-plan projects in phuket recently told me that their foreign freehold buyers are approx 50% Chinese mainlanders, 25% Russian, and mixed bag for the rest.
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17 hours ago, NamKangMan said:
I don't need to know any more than what I already know, and that is, foreign ownership, even collectively, owns a 49% share of the land their condo sits on, thus, out voted for the direction of the property, which is akin to having NO rights at all.
I have NO problem with people who decide that this is ok for them, but stop misleading readers saying they have full ownership, when, in fact, they don't.
You often see the term "freehold" in advertisements in Thailand. There is no "freehold" in Thailand, for foreigners, as the definition of freehold is known in the west.
You know this. Stop misleading readers.
Lol, you are obviously a very confused person, to put it mildly.
We don't have time to hold your hand to teach you everything in detail. For that, you need to find/hire someone else.
However, somebody needs to debunk the misinformation you are spreading on the forum, as there may be some new people on here who actually fall for your falsehoods.
As such, for the benefit of others, i will debunk your nonsensical claims.
Other than the legally required minimum 51% Thai ownership of the units in the thai foreign freehold condo, the condo structure is essentially the same as “the definition of freehold is known in the west.”
“Same as the west”- each unit holder gets a vote for their unit
“Same as the west” -Each unit holder owns their unit and proportionate amount of the underlying land.
“Same as the west”- If the building was demolished and the land sold, each unit holder would be entitled to a proportionate share of the proceeds.
“Same as the west”- If you knew anything about global real estate, then your would also know that the vast majority of freehold condominiums are naturally majority owned and controlled by local citizens in other countries as well. It may not be written into law in the other countries, but local citizens tend to be the majority owners in condo buildings around the world anyway.
Now, unless you are suggesting that Thai people are somehow less worthy co-owners than foreigners(and that would highly offensive if you were), you will understand and appreciate that buying foreign freehold condos in thailand is essentially the same “as the definition of freehold is known in the west.”
Hope that helps the other members.
Cheers.
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1 hour ago, xylophone said:
Sorry to have to disillusion you M, but you are wrong on every count of your post – – that is apart from our "agreement to disagree" which I had forgotten about.
I have no vendetta to bring the market down but I have every interest in stating things as I see them and as scores of friends see them and of course many posters here, and IMO this is not a good place to invest and sell property, period.
I am bitter about absolutely nothing and am one of the happiest people you will ever likely meet, and for the record I have lost absolutely nothing on property here, however years ago I was lucky enough to make some money on it, so I do know a little about the property market especially as I have good friends working in it as well.
My moral compass does not allow me to profit from other people's misfortune, or to persuade people to invest in property here so that I can do so, but then again maybe that's just me, however I'm happy with that aspect of my life.
And as for your comment about taking a more balanced view leading me to a "happier and more successful life", well thank you for the laugh because I have lived a very happy and extremely successful life and hopefully will continue to do so. And none more so than when I achieved huge success when I was able to build an investment fund of $2 billion for an institution, starting from scratch, but then that's another story.
My glass is always half full, mainly because I spend something around 300,000 baht per annum on wine alone, so in fact it's hardly ever empty! Thinking about it I could spend three times that amount per annum on wine and still have enough to live on here for the next 30 or 40 years, so I've every reason to be happy and really do not need cheering up.
I have experienced working and living in different countries, in different environments, in different industries and achieved major accolades and rewards in every single one of them so a happier and more successful life I don't think I could have lived
No need to reply with comments about how I might pass on leads to you to help out my friends, because hopefully the "agreement to disagree" can be reinstated.
Lol!! Your rants are always epic.
We are still not seeing the balanced perspective from you, which would be required for true enlightenment/happiness. Oh well, we must accept that some people are stubbornly set in their ways.
It is great that you(and some
of your expat mates) chose to rent in Thailand. You obviously love Thailand and like the places you are renting. Can we assume that those places you (and your mates) rent are not “falling down” and are actually quite comfortable to live in? Your landlord is certainly happy collecting a monthly check from a reliable tenant such as youself.
Thanks for sharing more details about your life. However with that, you have painted youself into a bit of a “moral compass” corner.
You claim to have been an “investment fund manager”. You your main duty would have been to accumulate/buy assets at the lowest price possible and then sell them when you felt they were at/near fully valued, or sell if there was a better alternative to buy. For you to imply that those who do the same are not at the same level of “moral compass” decency
is the height of moral hypocrisy.
BTW, there are thousands of foreigners and TV users who happily buy/sell/own property in Thailand. I hope you would find it within your “moral compass” to respect them and not always try to talk down the market with completely unbalanced negative pronouncements ad nauseam.
cheers :)
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Patong - The Wake
in Phuket
Posted · Edited by Mysterion
I agree. One thing is for certain, if you cant get people into the mall, you aint gonna sell anything.
The interntaional “fast fashion” brands seem to do decent foot tradfic at almost every mall i have seen in thailand. Patong malls really need an HM, Forever 21, Uniqlo etc. these are “anchor” shops that can drive allot of foot traffic.
That being said, the busiest malls, with both tourists and locals, that i have ever seen in Thailand(excluding Big C shoppers) are Paltinum and MBK in Bangkok. Both those malls mainly specialize in clothes at wholesale level prices, and they dont have cheapo foodcourts to draw-in anyone.
fun fact- there now appears to be a free shuttle bus between Central patong and central festival for anyone looking to get back and forth to those parts of the island for free.