MBK inks contract renewal deal with CU

MBK Plc, an operator of Bangkok's landmark MBK shopping centre, on Tuesday officially signed the new land lease contract with Chulalongkorn University.

The contract is renewed for 20 years. On the signing date, MBK paid Bt2.5 billion as deposit to the university which is entitled to gain a total leasing value of Bt25.38 billion throughout the contract period.

The renewed contract period will start in 2010 when MBK will start paying annual leasing fee, said MBK's chairman Banterng Tantivit.

MBK's first contract is extended for 30 years.

According to Banterng, the company has plotted a 10-year plan to improve the shopping complex as well as its Patumwan Princess Hotel and the works will start next year.

Total budget for the renovation is estimated to range from Bt1.2 billion to Bt2 billion.

- The Nation

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MBK inks contract renewal deal with CU

MBK Plc, an operator of Bangkok's landmark MBK shopping centre, on Tuesday officially signed the new land lease contract with Chulalongkorn University.

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