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JLT

Promenada - The Beginning of The End?

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You're not meant to know who's doing it, are you? It's not, ahem, legal. But it's a way to make money, you gotta pay to have your laundering done. Just walk outside and look around and you'll see it: Thais trying to make a buck! Don't blame them, actually.

And no, ain't been here too long, but find the place fascinating. Learning about the place, trying to understand it.

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Money laundering .......

You have 1B in drugs money.

Which would be in cash, as they are not yet “in the system” (i.e. not yet laundered).

Borrow 1B from bank using land as security.

Buy land for 1B, create legit construction company, build for .5B but charge 1B.

Yeah, no-one will find it suspicious when your construction company wants to deposit a billion in cash because they have an invoice…

Btw: With the actual company here being Polish and contracting in Thailand, would they have smuggled the 3 billions in cash from Poland to Thailand?

You now have a legit 0.5B profits in a legit construction company.

Bank repossessed failed land and building.

Your 1B drugs, is now 0.5B construction profits.

Bank has their money back.

Everyone happy.

At least the Anti-Money Laundering Office will be happy, as they have an easy case smile.png

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UPDATE: Promenada, Wednesday 14th 1.30pm - apart from the small food court outside / opposite Rimping where a dozen or so customers were enjoying lunch, it was pretty much as I described before, virtually empty on both floors, on both sides with only a few people (customers) wandering aimlessly. I did say originally that my remarks were confined to the lack of customers on weekdays, with weekends busier but not exceptionally so compared to the Promenada's competitors. I didn't envisage when I started this thread that it would run to seven pages and +8,000 views! However, approximately 5 of those pages are filled with nonsense and off-topic comments. Nevertheless, the other two two pages of remarks are interesting and rewarding.

Comments (in my opinion) worthy of note include:

  • Encourage occupancy by the larger retailers (a la Airport Plaza, Maya and Central Festival Malls) to attract more customers.
  • Chinese / Korean takeover and then redesign the building to accommodate facilties for children and their mothers
  • A couple of people said that they liked and wanted the Promenda to remain empty and quiet because it made for easy parking and quick access to Rimping and the various banks
  • Many people commented on the various restaurants which were mainly busy after 5pm and at weekends
  • People were also complimentary about the music and entertainment at night (but as with restaurants, I don't see how this generates business in the stores during the weekdays)
  • Someone confirmed it cost 3.1 billion baht to build the Promenada and someone else said it's a "down the line" project meaning (I think) it's not expected to be profitable in the near future but perhaps in 10, 20 or 30 years time. That (to me) just doesn't seem right, even if there are a few condos being built nearby. Having that sort of money "on hold" as it were for those lengths of time, seems less like an investment and more like a high-risk gamble.

Among the other noteworthy (if somewhat bizarre) comments were:

  • Turn the building over, or rent space to CM Immigration
  • Redevelop the Promenada as an adult entertainment area transferring Loi Kroh Road there, complete with bars, massage parlours etc. NB: I foresee a couple of probems 1) Won't that mean that Loi Kroh road becomes devoid of business? 2) The Promenada is out of town, how will the customers get there and back home? 3) I'm not sure the Promenada is open after 11pm. Isn't that when Loi Kroh Road is waking up?

But of course (and as you might expect!) several pages and threads were devoted to fantastical conspircay theories and / or other threads that were completely off-topic (Yes, YOU said it!):

  • A debate about whether Chiang Mai was or was not Thailand's 2nd biggest city
  • Establishing that the parent company is Polish
  • Numerous comparisons with Kad San Kaew
  • Rik Dao thread started a debate about "money laundering" whcih sustained itself over 5 pages as various "experts" felt it necessary to give their opinions (one even proposing that a well-know optical chain was at the bottom of it all!)
  • An interntional fiscal debate initiated by a comment concenring "puts and calls". This carried over 3 pages expanding into various interest rates in SE Asia, Mexico and the USA which included the following comment from Rik Dao "Enough Dems voted against ripping the [email protected]#%s out of Dodd-Frank last week so that it didn't pass, but the Repubs will try again soon, and they'll keep trying until they achieve what the banksters have paid (or blackmailed) them to do." ...Whoa, wait a minute Rik dao, what does this have to do with the Promenada?!
  • Only 3 mentions of Thaksin or the name Shinawatr and a theory that because Chiang Mai was in the north and the seat of the goverment being in BKK it's obviously that the intention is to let the area (CM) become run-down (Is that starting with the Promenada?)

Thanks for all the comments (good, bad, or just plain bonkers!). Now I'm happy to fade once again into obscurity.

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and then we actually had someone write 350 words to rehash the worthless posts.

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and then we actually had someone write 350 words to rehash the worthless posts.

You think that is bad how about some one taking the time to count the words?thumbsup.gif

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and then we actually had someone write 350 words to rehash the worthless posts.

You think that is bad how about some one taking the time to count the words?thumbsup.gif

usually a newbie trying to run up their post count by commenting on any and all topics..... must be like a home stay in , never straying from their new toy

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To those who say this a long term project and numbers will pick up the future, I would ask what are the retailers (especially the small ones) meant to do in the meantime? Run at a loss so as to support the developer? If I was going to rent a retail unit in a mall I would need decent footfall now, not promised to come about in 5 or 10 years.

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It's been fairly busy the last few times I've been. Getting busier anyway. It's not going anywhere. lol...zzzzzz

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Timing is everything...along with location...in a retail type business...

Customer numbers are down in most of Thailand...

Could be years...if ever...they get back to 2012-2013 tourist numbers...

Tourist baht and ex-pat baht filter down thru Thai economy...

Volume of baht transactions are down significantly from previous years...

All true

But was the Promenada built for tourists in the location it is in I don't think they figure on a large tourist trade. I think they have their eye on the future. As the area grows it will be the main center for shopping. Defiantly a down the line project.

Have you noticed the construction going on in San Kamphaeng, or all the gated communities in the area? Lots of well-heeled Thais in that part of town, along with lots on farang, including myself... I know, I see them every day as I am in Promenada at least once and often twice a day... The 69 baht breakfast at Rimping is hard to pass up, plus I can drive there faster than I could make it myself...

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Timing is everything...along with location...in a retail type business...

Customer numbers are down in most of Thailand...

Could be years...if ever...they get back to 2012-2013 tourist numbers...

Tourist baht and ex-pat baht filter down thru Thai economy...

Volume of baht transactions are down significantly from previous years...

All true

But was the Promenada built for tourists in the location it is in I don't think they figure on a large tourist trade. I think they have their eye on the future. As the area grows it will be the main center for shopping. Defiantly a down the line project.

Have you noticed the construction going on in San Kamphaeng, or all the gated communities in the area? Lots of well-heeled Thais in that part of town, along with lots on farang, including myself... I know, I see them every day as I am in Promenada at least once and often twice a day... The 69 baht breakfast at Rimping is hard to pass up, plus I can drive there faster than I could make it myself...

Rimping (Le Bisto) are doing a 3 course special for 120 baht (from 11-4 pm). I tried it yesterday and it was okay, choice of 4 starters, 8 main courses, and 3 desserts....

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What Chiang Mai needs is another Mall, build it and

they will come facepalm.gif

regards Worgeordie

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What Chiang Mai needs is another Mall, build it and

they will come facepalm.gif

regards Worgeordie

Words fail me...

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Timing is everything...along with location...in a retail type business...

Customer numbers are down in most of Thailand...

Could be years...if ever...they get back to 2012-2013 tourist numbers...

Tourist baht and ex-pat baht filter down thru Thai economy...

Volume of baht transactions are down significantly from previous years...

All true

But was the Promenada built for tourists in the location it is in I don't think they figure on a large tourist trade. I think they have their eye on the future. As the area grows it will be the main center for shopping. Defiantly a down the line project.

Have you noticed the construction going on in San Kamphaeng, or all the gated communities in the area? Lots of well-heeled Thais in that part of town, along with lots on farang, including myself... I know, I see them every day as I am in Promenada at least once and often twice a day... The 69 baht breakfast at Rimping is hard to pass up, plus I can drive there faster than I could make it myself...

How can people, who wear shoes less than Mexicans, be considered well heeled?

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Timing is everything...along with location...in a retail type business...

Customer numbers are down in most of Thailand...

Could be years...if ever...they get back to 2012-2013 tourist numbers...

Tourist baht and ex-pat baht filter down thru Thai economy...

Volume of baht transactions are down significantly from previous years...

All true

But was the Promenada built for tourists in the location it is in I don't think they figure on a large tourist trade. I think they have their eye on the future. As the area grows it will be the main center for shopping. Defiantly a down the line project.

Have you noticed the construction going on in San Kamphaeng, or all the gated communities in the area? Lots of well-heeled Thais in that part of town, along with lots on farang, including myself... I know, I see them every day as I am in Promenada at least once and often twice a day... The 69 baht breakfast at Rimping is hard to pass up, plus I can drive there faster than I could make it myself...

How can people, who wear shoes less than Mexicans, be considered well heeled?

Rather racist comment. Obviously you haven't spent much time in Bangkok.

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