Central Pattana Plc, Thailand’s premier developer of shopping malls, is set to channel over 120 billion baht into new developments over the next five years.
This includes constructing retail plazas, office spaces, and other properties to keep pace with increasing urbanization and a surge in tourism.
The operator of Bangkok’s largest shopping mall complex, Central World, is prioritizing mixed-use projects that will feature a combination of retail spaces, offices, and residential units, according to Chief Executive Officer Wallaya Chirathivat.
Ms. Wallaya stated that the upcoming projects would be situated in major urban centers and prime tourist locations across the country. However, she opted not to disclose specifics about future projects.
She explained that the strategy aims to leverage the sustained appeal of shopping malls to both locals and tourists.
“We will continue to utilize our strength in developing popular malls to draw customers to our office buildings and residential properties next to those shopping outlets,” she told reporters on Thursday.
Furthermore, Ms. Wallaya mentioned the company’s interest in the burgeoning Vietnamese market, pending more definitive guidelines from its government.
She affirmed that Central Pattana is prepared to fast-track investments in Vietnam as regulatory conditions become more favorable.
Investments by Central Pattana, along with Asset World Corp and other property developers, have seen a rise as the Thai government steps up efforts to solidify the nation’s role as a key tourism and aviation leader in the region.
In a move to boost tourist arrivals, the government has recently eliminated visa requirements for nearly 100 nationalities.
The Chirathivat family, behind Central Pattana, also manages prestigious retail entities like Selfridges & Co in England, KaDeWe Group GmbH in Germany, and Globus in Switzerland. Ranked as Thailand’s third wealthiest family, they were reported to have a net worth of approximately $15.7 billion as of February.
This year, shares of Central Pattana have seen a decline of about 12%, in contrast to a 14.7% drop in the benchmark SET Index.
