Central Pattana eyes offshore expansion
Central Pattana (CPN), the retail property development and management arm of Central Group, is looking towards overseas markets for growth.
The company says it plans to establish retail projects in Vietnam, Malaysia and Indonesia. It says the expansion is part of a strategy to take the opportunities that Asean Economic Community will present.
However, CPN says that it still sees Thailand as an attractive market. Underlying its confidence in local market, it plans to build two new shopping malls – CentralFestival Samui and CentralPlaza Salaya.
It has allocated 7 billion baht for the construction of the Samui and Salaya malls, which are due to open in the first and third quarters of next year, respectively.
“Though we’re studying market opportunities abroad, we remain optimistic about investing in Thailand,” said president and CEO Kobchai Chirathivat.
“We have huge opportunities to develop new projects here because the Thai economy continues to grow every year,” he added.
With the addition of new projects, CPN expects revenue to rise by 15 per cent a year.