Thai retail property developer Central Pattana said on 22nd February it plans to invest some 120 billion baht (US$3.6 billion) over the next five years, as it plans to open more shopping centres, residential projects, office buildings, and hotels – both domestically and internationally.
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Central Pattana, a listed subsidiary of the Central Group controlled by the Chirathivat family, said it will increase its number of shopping centres from 32 to 50, its residential projects from 22 to 68, and its office buildings from 10 to 13, in addition to taking its number of hotels from two to 37, spanning over 30 provinces and overseas.
Exact location details and opening dates were not disclosed.
Marking its 40th anniversary, the company made the expansion announcement this week in conjunction with its expansion and green energy plans, as President and CEO Wallaya Chirathivat announced the company will strive to “create a strong and sustainable ecosystem for the people and the planet.”
Likewise, the company said more than half of the upcoming new properties will be mixed-use projects, with shopping centres being the key component. The company also said it plans to explore other business opportunities, ahead of 2027.
“We will connect all four of our project types, with a retail-led mixed-use business strategy. All will help raise the quality of life in various aspects, such as shopping, working, staying, playing, and living,” said Chirathivat.
The expansion news comes as Central Retail, a fellow unit under Central Group, earlier this month said it will invest 100 billion baht ($3.03 billion) to expand its business in the next five years.
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In its most recent trading update, Central Pattana posted revenues of 30.3 billion baht (US$935 million) last year, down 8.3 percent from 33.1 billion baht ($1.02 billion) in 2020. The company said operations were hindered due to the pandemic.