CPN assigns B13.9bn to mixed-use trio
SET-listed Central Pattana Plc (CPN), the property and retail developer under Central Group, plans to open three new mixed-use projects over the next three years at a cost of 13.9 billion baht.
The mixed-use properties, namely CentralPlaza Ayutthaya, CentralPlaza Si Racha and CentralPlaza Chanthaburi, are part of CPN’s 17 projects developed under a five-year plan running through 2022 with a budget of 22 billion baht.
CPN deputy chief executive Wallaya Chirathivat said the company is using part of the 22-billion-baht budget to finance the development of five new projects, including the three mixeduse properties, as well as renovating 12 retail complexes.
She said CentralPlaza Ayutthaya has a budget of 6.2 billion baht and is scheduled to open in the second quarter of 2021.
The mixed-use project, offering 160,000 square metres, is set to enhance Ayutthaya for industrial estates and make it a preferred destination by using the Kyoto model for tourism, as it already welcomes 8.4 million tourists a year, Ms Wallaya said.
The project will feature Ayutthaya Interactive Gallery and Ayutthaya Living Square to promote cultural tourism by using the city’s long history to attract tourists.
The second project, CentralPlaza Si Racha, plans to exploit the statebacked Eastern Economic Corridor, an investment zone featuring new S-curve industries, and the Mice (meetings, incentives, conferences, exhibitions) sector.
“CentralPlaza Si Racha will be a semioutdoor complex outside Bangkok providing a 2,400-sq-m convention hall for Mice events,” Ms Wallaya said.
The project, with 140,000 sq m in total and a development budget of 4.2 billion baht, is due to open in the second quarter of 2021.
CPN is budgeting 3.5 billion baht to build CentralPlaza Chanthaburi and capitalise on growing tourism in this second-tier province. The 92,000-sq-m property is set to open in the second quarter of 2022.
Chanavat Uahwatanasakul, CPN’s chief development officer and senior executive vice-president for business development, said the group will use 3.1 billion baht to renovate two malls — CentralPlaza Rama 2 and CentralPlaza Ramindra — in the next two years.
After the upgrade, CentralPlaza Rama 2 will be one of the biggest regional malls in southern Bangkok, while the Ram Intra branch will benefit from the Pink Line monorail planned for that area, Mr Chanavat said.
Ms Wallaya said CPN has jointly invested with Dusit Thani Plc in the mixed-use Dusit Central Park, scheduled to open in 2024.
She said that after CPN’s acquisition of Grand Canal Land Plc last year, the GLAND Rama 9 project will be announced soon.
CPN reported total revenue of 17.9 billion baht in the first six months this year, an increase of 5%, with 14.5 billion baht from retail business, a gain of 9%.
The company runs 33 shopping malls in Thailand and one in Malaysia, as well as 30 food centres, two hotels, seven office towers and 10 residential projects.
For overseas expansion, Ms Wallaya said CPN is looking for more opportunities in Malaysia, where the company opened Central i-City earlier this year.
CPN is also studying the possibility of expanding its business in Vietnam or other countries, though regulations and culture will be considered before any announcements are made next year.