Total investment expected to reach B80 billion
From left, Mr Wuttikiat, Ms Naparat, Ms Wallaya, Mr Chanavat, Ms Surang and Mr Phoom Chirathivat, Head of Hospitality and Alternative Investments.
Retail and real estate developer Central Pattana Plc (CPN) plans to design four more large-scale mixed-use projects over the next five to 10 years through joint ventures and own investments.
The company’s president and chief executive officer Wallaya Chirathivat said the four projects will be developed on a land area of at least 25 rai each.
The total construction area of each project will exceed 350,000 square meters, and the investment budget will exceed 20 billion baht.
The company, which has land plots to develop mixed-use projects in Bangkok and surrounding provinces, is expected to announce one or two projects this year, including one in the Magic Land area near Phahon Yothin Road.
“These projects have the potential to elevate Bangkok to world-class status, on par with big cities like New York, Tokyo and Seoul,” Ms Wallaya said.
CPN has spent the past 6-7 years developing its first major mixed-use project, the Dusit Central Park project, a joint venture with the Dusit Thani Group, scheduled to open in 2024-2025.
Among the four new large-scale comprehensive projects to be developed in the future, three will be developed through joint ventures, and one project will be invested and developed by the company itself.
In a related development, CPN announced on Thursday that it will spend more than 135 billion baht to expand its business between 2023 and 2027. A number of new large-scale mixed-use projects will be included in this five-year business plan.
According to the company’s five-year business plan, CPN plans to develop 211 projects covering 30 cities in Thailand and other ASEAN countries, including 50 shopping centers, 17 community shopping centers, 90 residential projects, 37 hotels, 13 office floor and 4 flex offices.
Naparat Sriwanvit, senior executive vice president and chief financial officer of CPN, said the company will allocate 2.3-35 billion baht for business expansion this year, with 70 percent for domestic retail and mixed-use projects and the rest for non-retail businesses.
For the retail business, the company will spend 4.5 billion baht developing Central Krabi, which is scheduled to open in the fourth quarter of 2024, said Chanavat Uahwatanasakul, chief development and commercial officer at CPN.
The Krabi project will be developed under the concept of “New Gateway to Paradise in the South” and include a shopping mall, a residential project and a hotel.
The project will enhance the province’s potential as one of the world’s most famous tourist destinations.
It will also refurbish its existing projects at Central Westgate, Central Pattaya, Central Pinklao, Central Chaengwattana, Central Chiang Mai and Central Khon Kaen.
Wuttikiat Techamongklapiwat, Head of Community Shopping Centers and International Business Development at CPN, said CPN is preparing to launch Marché Thonglor on March 26 this year as a new landmark in Bangkok’s Thong Lor area.
CPN also plans to improve its existing Nawamin City Avenue project and plans to renovate four more malls within the year to provide customers with an even better experience.
In terms of residential projects, Kree Dejchai, president of CPN residential business, said seven new projects worth more than 9 billion baht will be launched this year, including three new Escent apartments in Phetchaburi, Buri Ram and Nakhon Si Thammarat, and four residential projects, One in Nakhon Si Thammarat province under the Nirati brand, and three others in Bangkok’s Rama 2, Utthayan and Ekkachai districts under the company’s new Nirada brand. The company expects to have projects in 27 provinces by 2027.
Turning to the company’s hotel business, Surang Jirattigalachote, head of hotel development at CPN, said 10 hotels with more than 1,600 rooms will be operational under the three brands this year. They include branches of premium budget and pet-friendly hotel brand GO!. The hotel will open in April in Ban Chang, Rayong, and in June in Central Sriracha and Central Chon Buri, Chonburi.
CPN expects revenue to exceed 70 billion baht in 2027.
