Thailand’s real estate developer Central Pattana is to invest 121 billion Baht (US$3.3 billion) in expanding its projects and fostering growth in the next five years.
The company plans to add 13 new projects this year, including two Central shopping centres in Nakhon Sawan and Nakhon Pathom, 10 residential projects, and a new hotel. This will bring the total number of shopping centres to 42, community malls to 17, residential projects to 43, hotels to 10, and office spaces to 10 by the end of the year.
In the following years, the firm aims to expand in Bangkok and various provinces such as Nakhon Sawan, Nakhon Pathom, Nakhon Si Thammarat, and Surat Thani.
The investment will also be used to raise the number of retail-led mixed-use projects from 20 to 25 by next year. The five new projects will cover a combined area of over 2.2 million sqm in Bangkok’s super prime locations.
“Intentionally developing large-scale projects helps create a significant impact and boost income levels,” said Wallaya Chirathivat, president and CEO of Central Pattana.
“It elevates the quality of life and distributes income within the provinces, while also showcasing local essence and fostering economic and tourism potential.”
Central Pattana reported a 26 per cent increase in earnings to US$1.3 billion for FY23, while net profit jumped 40 per cent to $422 million. The company attributed the results to the recovery of tourism and domestic consumption, as well as increased revenue from residential projects in the second quarter.
