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Thailand’s CPN allots USD839m for expansion

Central Pattana Plc (CPN), the listed property developer under Thailand’s Central Group, has earmarked THB30 billion (USD838.8 million) to develop four to five new projects during 2016-18 as part of its plan to boost its annual revenue growth to 15% over the next five years. The new projects are slated for Bangkok and major cities, excluding those already announced for Phuket, Nakhon Ratchasima and Nakhon Si Thammarat.

"CPN still aims for further expansion in major economic cities, as well as locations with potential business both in Thailand and neighbouring countries to demonstrate its sustainable growth," said CFO Naparat Sriwanvit.

The company already formed a joint venture with local partners in Malaysia to develop a new shopping complex there at a cost of THB7.4 billion. It is conducting a feasibility study on market potential in Vietnam and Indonesia.

(Source: Bangkok Post)