CHIANG MAI, Thailand -Kard Suan Kaew, once a bustling shopping center in Chiang Mai, has officially been put up for sale by Krungthai Bank, marking the end of an era, September 6. The property, which includes 27 rai (around 44,000 square meters) of land, is listed for 3 billion baht. The mall had initially closed temporarily on July 1, 2022, but it has now become a permanent closure.
A photo of a “For Sale” sign posted outside Kard Suan Kaew recently went viral on social media, drawing widespread attention from Chiang Mai locals. The sign, posted by Krungthai Bank, offers the property, which includes both the land and its existing buildings, for 3 billion baht. The once-thriving shopping center is now in a state of decline, with two prominent sale signs visible.
The bank confirmed the listing on its website, though it did not specify the price. A bank representative revealed that the signs have been up since early 2024, with investors both locally and internationally expressing interest. However, no final deals have been made.
Kard Suan Kaew opened on February 29, 1992, as one of Chiang Mai’s most modern and sophisticated shopping destinations, featuring a 10-story mall, the 13-story Lotus Pang Suan Kaew Hotel with 420 rooms, and other attractions like cinemas and a theater. The mall was a symbol of prosperity and development in Chiang Mai for many years, but stiff competition from newer shopping centers like Central Festival Chiang Mai and Maya Lifestyle Shopping Center eventually led to its decline.
The center had been struggling since 2019, compounded by the COVID-19 pandemic, which significantly reduced tourist numbers. Despite efforts to cut costs and assist shop owners, the prolonged economic downturn forced the mall to close temporarily in 2022, eventually leading to its permanent closure and sale. Locals who frequented the mall and have fond memories of it have expressed sadness over the loss of this iconic Chiang Mai landmark.
