Thai developer Central Pattana has revealed more about its ambitious retail expansion plans – including a commitment to build 50 “large retail projects” within five years.
The retail plans are part of a broader US$3.465 billion investment plan for the period, which also includes hotel, office and residential developments.
The company says it will build 16 community malls, including Central Chanthaburi scheduled to open on May 26, community mall Marche Thonglor in the fourth quarter of this year, Central WestVille late next year, and the Central Park shopping centre and office complex in 2024.
Overseas, Central Pattana says it is investigating opportunities in Malaysia and Vietnam where it already has investments.
Five years from now, Central Pattana aims for retail property to account for 72 per cent of its total portfolio, totalling 2.7 million sqm.
“We are determined to expand our business under the guidance of our vision ‘Imagining better futures for all’ and each of our projects will become retail-led mixed-use development comprising of more than one fully-integrated element,” said Wallaya Chirathivat, president and CEO of Central Pattana Plc.
Wuttikiat Techamongklapiwat, head of community mall business, said the company would adjust its community mall business to develop a ‘centre of life’ concept while upgrading lifestyle offers in order to better reach customers and communities.
“Small retail businesses are added to strengthen our existing large projects, enabling us to expand into high-potential areas including the CBD more thoroughly,” he said.
“We are expecting to officially open one of the new projects called Marche Thonglor in the fourth quarter this year to be the best place to cater to the needs of people in Thonglor neighbourhood,” he said.