Property / CPN

Editorial staff

SET-listed Central Pattana Plc (CPN) plans to spend 121 billion baht to expand its business over the next 5 years from 2024 to 2028.

Wallaya Chirathivat, CPN’s president and CEO, said that the investment budget will be used to develop its new projects, asset enhancement, and mixed-use extension nationwide.

In 2024 alone, there are 13 new projects set to be launched, including Central shopping centers in Nakhon Sawan and Nakhon Pathom, 10 residential projects, and a new hotel in Rayong in collaboration with an international chain, bringing the total number of shopping centers to 42, community malls to 17, residential projects to 43, hotels to 10, and office spaces to 10 in 2024.

Wallaya Chirathivat

Chanawat Uahwatanasakul, CPN’s chief development and commercial officer, said that the company allocates a total investment of 23 billion baht in 5 years for asset enhancement.

Six shopping centers which are undertaking a turnaround of strategically located around the Bangkok Metropolitan Area: "Central Pinklao," enhancing the Pinklao lifestyle zone to accommodate rising purchasing power; "Central Bangna," undergoing District Transformation to attract top-tier customers in the Bangna area; "Central Chaengwattana," introducing a new Concept Mall to meet the demand for Eco Art Lifestyle; and “Central Rattanathibet," constructing a grand new Lifestyle Landmark, making it the ultimate destination in an area catering to major tourism hubs. Additionally, the company is preparing to revamp "Central Pattaya" to accommodate the influx of tourists and transforming "Central Marina" into an Outlet Format, seizing the opportunity presented by the shopping behavior of another group of tourists.

Chanawat Uahwatanasakul

Ms Wallaya said that the company plans to expand its mixed use projects both in Bangkok and various provinces this year such as Nakhon Sawan, Nakhon Pathom, Nakhon Si Thammarat, and Surat Thani, bringing total mixed use projects to reach 25 projects this year. In addition, the company plans to open new mixed use projects in Krabi next year in the same area of "Central Krabi," a project worth 4.5 billion baht, enriching the retail lifestyle of Krabi, a world-renowned tourist destination that accommodates the purchasing power of local entrepreneurs and tourists.

The move of mixed use projects is to create The Ecosystem for All, with Retail-Led Synergy, helps support all businesses to connect and grow stronger.

“Intentionally developing large-scale projects helps create a significant impact, boost income levels, elevate quality of life, and distribute income within the provinces, while also showcasing local essence, fostering economic and tourism potential, aligning with the government's policies to stimulate GDP and the national economy," Ms Wallaya added.

"In the role of Place Making with Central Pattana Dynamism DNA, we never stand still and strive to create 'new spaces' with a dedicated focus on developing excellent projects and creating impacts for the nation,” Mr Channawat said.

For mixed-use development, it is aiming to drive the potential of both main and secondary cities while also creating local wealth. This year, the company is opening two new mixed used projects: "Central Nakhon Sawan," which has become the talk of the town, elevating the city to be the Gateway to the North.

On March 30, 2024, the company is preparing to open "Central Nakhon Pathom," connecting with the western region such as Kanchanaburi and Ratchaburi provinces, featuring a large garden area for families, beautiful designs reflecting the city's identity, including the Phra Pathom Chedi.

“We believe that Bangkok still has opportunities to expand its commercial and business districts in many areas of the city, resembling the models of major cities worldwide,” Mr Channawat said.

He added that it will develop five mixed-use projects with a combined area of over 2.2 million square meters. These projects will be located in super prime locations around Bangkok, situated on major roads and connected to the skytrain. Each project will be a flagship that meets the needs of future living and will be a landmark attracting tourists from around the world. Prepare to meet the first project, "Dusit Central Park," a Retail Re: Imagined project, catering to green urban living in the heart of the city. This September, be ready to experience the new Dusit Thani Hotel, along with the opening of the office building and the Central Park shopping center next year, 2025.

Nattakit Tangpoonsinthana, CPN’s chief marketing officer, Wittikiat Techamongklapuwat, head of property management and Isareit Chirathivat, head of fashion and luxury partner management, unveil plans for success and the synergy of partners to create sustainable growth. The key strategies include evolving ‘Center of Life’, focusing on understanding customer insights, comprehending both the domestic market and the tourist group, which possess tremendous purchasing power and are increasingly entering Thailand.

In addition, CPN is also a trendspotting pioneer, sharply spotting opportunities. Central Pattana Development's shopping centers are the No.1 Destination for global brands to open their first store with over 76 brands and more than 44 flagship stores. At least 20 new brands will be opened at its shopping complexes this year.

Central Pattana also closely collaborates with partners in every dimension through its retail expertise, understanding markets nationwide. This helps partners make precise decisions on market penetration according to their brand strengths. Central Pattana is also skilled at developing the masterplan of shopping centers, employing strategic zoning that ensures traffic access to all stores comprehensively.