Pena House Group is spending 500 million baht to develop a Santorini Island-style retail theme park in Phetchaburi's Cha-am district as a new tourist attraction.

Managing director Nasvera Tantichirasakul said the new development will enhance its retail business, which contributed around 90% of total sales of 4 billion baht last year, with the rest from garments and hotels.

Theme Plaza Development Co was set up with registered capital of 50 million baht to develop Santorini Park Cha-Am, the new retail project with the amusing shopping experience concept.

"The architecture was inspired by the famous Greek island," she said.

The project will open its first phase on March 24. If successful, it will develop the second phase.

The 15-rai Santorini Park is being funded by bank loans, the group's cash flow and leasing from amusement rides. It is located on Phetkasem Road, about two kilometres from the group's Cha Am Premium Outlet Mall.

The project has five zones with retail space of 6,000 square metres. The Village Zone offers fashion, home decor, handicrafts and restaurants while the Park Zone features rides including a 40-metre-high ferris wheel, double-decker carousel and G-Max reverse bungee.

Shows and activities will also be arranged throughout the year on 3,000 sq m.

It already has about 140 tenants with 60% of retail space booked. Parking for 1,500 cars has been allotted.

Ms Nasvera said Pena House chose to develop the park in Cha-am because it's a popular tourist attraction with several hotels, resorts and condominiums in the area and 4 million tourists visiting nearby Hua Hin per year.

"Business at our Cha-am outlet mall has continuously grown by 10-15% since it was established eight years ago," she said.

Pena expects the Santorini Park will break even within six years.

Apart from retail business, Pena House is also looking to distribute new international fashion brands and expects to add a couple brands soon.

Pena House markets Ten & Co, U-Fo, Gallop, Rampage and Pena brands through 180 points of sale nationwide. It also has its own food brands including Coffee Box and Grape Story. The group will set up a food chain as its fourth business pillar over the next five years.

Pena House also plans to open its seventh outlet mall in Bang Pa-in, Ayutthaya, next month.