Central Pattana Plc, the largest shopping mall developer in Thailand, has announced plans to invest over 120 billion baht over the next five years to construct new retail centers, office buildings, and other properties in response to increasing urbanization and a surge in tourism.
As the operator of Bangkok’s largest shopping mall complex, Central World, the company aims to focus on mixed-use developments that combine retail malls, office spaces, and residential properties, according to Chief Executive Officer Wallaya Chirathivat. These new projects will be situated in major cities and leading tourist destinations across the country.
While Ms. Wallaya did not disclose specific details about the upcoming projects, she emphasized the company’s intention to leverage the popularity of shopping malls among both Thais and tourists. “We will continue to utilize our expertise in developing attractive malls to attract customers to our office buildings and residential properties adjacent to these shopping centers,” she stated to reporters on Thursday.
Additionally, Ms. Wallaya expressed interest in exploring opportunities in Vietnam’s growing economy but is awaiting clearer regulations from the Vietnamese government. Central Pattana intends to move quickly on investments “as soon as the rules are more defined,” she noted.
The push for increased investments by Central Pattana, along with Asset World Corp and other commercial property developers, is aligned with the Thai government’s efforts to solidify the country’s position as a key tourism and aviation hub in the region. The government has eased visa requirements for nearly 100 nationalities to attract more international visitors to Thailand.
The Chirathivat family, which controls Central Pattana, also owns Selfridges & Co in England, KaDeWe Group GmbH in Germany, and Globus in Switzerland. As of February, the family—Thailand’s third-wealthiest—had a net worth of approximately $15.7 billion.
Despite these developments, shares of Central Pattana have declined about 12% this year, in comparison to a 14.7% drop in the benchmark SET Index.
