Retail and property development/Central Pattana

Editorial staff

SET-listed Central Pattana Plc (CPN), Thailand's leading retail and real estate developer, plans to develop its first new mixed-use project in Krabi and totally transforms its existing four retail complexes with a total investment value of 15 billion baht during 2024-2026.

Such a move is aimed at responding future consumers as well as driving the country's economy and tourism forward.

Chanavat Uahwatanasakul, CPN’s chief development and commercial officer, said that the company is moving into the future and preparing for major changes with the development plan of five projects value of over 15 billion baht during 2024-2026.

Of the total, about 4.5 billion baht will be used to develop ‘Central Krabi’, the first mixed-use project in the province, which is scheduled to open in the third quarter of next year. Over 10 billion baht will be used to for total transformation projects those comprise ‘Central Pinklao’ and ‘Central Chaengwattana’ those set to reopen in the second quarter of next year as well as ‘Central Bangna’ and Central Chiangmai Airport’ those re-open in the first quarter of 2026.

Launching Central Krabi, the mega mixed-use project, is to promote the potential of this world’s leading tourist destination city with large domestic and tourist income to benefit diverse people with unique lifestyles and high purchasing power.

Meanwhile the transformation of Central Bangna, Central Pinklao, and Central Chaengwattana, will respond to the needs of the upper class and cater to the purchasing power of the Central Business District (CBD). At the same time, it will bring Central Chiangmai Airport project into a must-visit destination, significantly boosting tourist numbers and attracting more purchasing power from three northern provinces. The transformation will be in line with the airport’s extension plan and other mega projects.

Nattakit Tangpoonsinthana, CPN’s chief marketing officer, said that Central Krabi will be built on 114 rai of land consisting of Central shopping center with gross floor area of 47,500 square metres and is scheduled to open in the third quarter of next year. In addition to shopping center, it will be followed by the development of a housing estate, condominium and hotel.

Central Krabi will be the sixth retail project in the south under CPN along with those in Samui Island and Surat Thani, Phuket, Nakhon Si Thammarat and Had Yai.

Nattakit said that Krabi is Thailand’s high-potential provincial tourist destination, with a global reputation. It earned the 6th largest tourism revenue in the country and the 3rd largest in the South, known for its outstanding recovery in tourism. In 2023, Krabi generated 52.5 billion baht in revenue, from more than 4 million visitors; Krabi International Airport is scheduled for expansion and is expected to accommodate over 8 million tourists per year.

Krabi also enjoys high purchasing power with a per capita GPP of 190,573 baht per year, the 4th highest GPP in the South and household spending power among the top five provinces in the country.

‘’The only thing that’s still missing in Krabi is service sector and Central Krabi, will fulfill this jigsaw,’’ Mr Nattakit said.

Central Krabi will be a landmark for both locals and tourists as it will reflects the nature of the islands and mountains that are inherently unique to the area as well as the identity of the way of life of the local people in Krabi. Lines and formations of the islands inspire the design concept of the ‘Floating Jewel of Krabi’, with a panoramic mountain viewpoint.

Chatree Kowitanupong , CPN’s executive project director regional development, said that the affluent demographic has changed, with several areas expanding and a population that shares a more sophisticated lifestyle and increased purchasing power. CPN, therefore, has made a total transformation of Central Bangna, Pinklao,Chaengwattana and Chiangmai Airport branches for all aspects from brand mix, new concept and customer journey & experience as well as total redesign.