Central Pattana Public Company Limited, Thailand’s largest shopping mall developer, has announced plans to invest more than 110 billion baht (approximately US$3.4 billion) over the next five years to expand its portfolio, driven by confidence in urban growth and a rebound in tourism.
The company, which operates CentralWorld—Bangkok’s largest shopping destination—aims to increase its number of mixed-use developments to 33 by 2030, up from 27 currently. According to Chief Executive Officer Wallaya Chirathivat, the investment will focus on new retail centres, office buildings, and integrated developments in key locations such as Bangkok, Phuket, and Chiang Mai.
“We remain highly optimistic about Thailand’s long-term potential, even amid a very challenging period marked by geopolitical tensions,” Ms Wallaya said. “The country has weathered difficult periods before.”
The expansion reflects the company’s confidence that consumer spending in major cities and tourist hubs will remain resilient despite geopolitical uncertainties that could impact travel demand. Thailand’s economy relies heavily on tourism and domestic consumption, making it sensitive to fluctuations in visitor numbers and retail activity, especially amid weak export performance.
“We have contingency plans in place should the conflict persist longer than expected,” she added, referencing tensions in the Middle East. “Crises are cyclical, and we must continue investing to sustain long-term growth.”
Controlled by the Chirathivat family, Central Pattana has built one of the country’s largest retail and mixed-use property networks. Its parent company, Central Group, has also expanded internationally through acquisitions of premium European retail assets, including La Rinascente and Selfridges, and holds stakes in KaDeWe and Globus.
Currently, Central Pattana operates 45 shopping malls, 11 office buildings, 17 hotels, and 53 residential projects. The company reported a 13% increase in net profit to a record 18.8 billion baht last year, while its share price has risen approximately 15% this year, in line with gains in SET Index.