Retail in Asia

In Shops

Central Pattana announces 28 percent growth, new developments in 2023

Central Pattana, Thailand’s leading retail property developer, has reported a 28 percent increase in its 2022 earnings, amounting to a net profit of THB 10.76 billion (around USD 308 million).

SEE ALSO: Siam Paragon invests USD 88.6 million in revamp

At the core of the company’s five-year investment strategy are retail-led mixed use developments spanning shopping centres, residential projects, hotels, and office buildings.

Building on semi-outdoor retail models, Central Pattana will launch two major projects on prime Thailand real estate this year: Marché Thonglor, a community mall opening in March, and Central Westville, a high-end lifestyle development in Bangkok’s Ratchaphruek area opening in the fourth quarter of 2023.

“Our earnings for 2022 have recovered well – on par with 2019 earnings prior to Covid-19, with positive factors from the continuing recovery of the Thai economy,” Naparat Sriwanvit, chief financial officer and senior executive vice president at Central Pattana, said in a statement. “People’s spending improved at the end of the year and there are increasing numbers of tourists in addition to government and private sector support measures to spur spending.”

Central Pattana currently operates a number of commercial developments, including 37 Central shopping centres (15 in Bangkok, 21 in provincial Thailand, and one in Malaysia) and 17 community malls. It is also a co-investor in Dusit Thani’s Dusit Central Park project in Bangkok set to open in phases beginning 2024.

SEE ALSO: Meet four types of APAC consumers driving physical retail’s comeback 

Under a THB 14 billion (USD 402 million) investment, its other upcoming mixed-use projects are Central Nakhon Sawan and Central Nakhon Pathom, slated for completion in the first half of 2024.

The company also plans to explore overseas investments in Southeast Asia, such as Malaysia and Vietnam.