Central Pattana Plc (CPN) inaugurated Central Krabi on Friday, marking the province’s first mixed-use development and the sixth in southern Thailand, with a total investment of 4.5 billion baht.
Spanning 114 rai, the project includes 54 rai dedicated to the Central Krabi mall, which boasts 86,609 square meters of gross leasable area, along with the Baan Ninya Krabi residential development, luxury mountain-view villas, and the Phyll luxury resort-style condominiums and hotel.
CPN plans to complete the project over the next five years. According to Nattakit Tangpoonsinthana, Chief Marketing Officer, nearly 90% of the shopping center’s space is currently open for leasing.
He highlighted Krabi’s promising economic outlook, driven by expanding infrastructure and transportation, including the new terminal at Krabi airport and the upcoming Andaman Sea Port Network connecting Krabi, Phuket, and Phangnga, positioning the province as a comprehensive tourism hub.
The mall aims to attract affluent South-based customers, quality tourists, expatriates, and long-stay visitors, with an expected visitor count exceeding 25,000 daily. It will feature over 300 brands, both local and national, spanning dining, entertainment, shopping, and health.
Central Krabi aspires to be Thailand’s first mall to attain EDGE Zero certification, a global standard for environmentally sustainable buildings.
Kree Dejchai, President of Residential Business at CPN, stated that Krabi is evolving from a tourism-centered city into a well-rounded investment destination, with strong potential for growth in economics, tourism, and residential sectors.
He also noted that land prices remain attractive at approximately 70,000-75,000 baht per square wah, about half of Phuket’s average, indicating promising long-term growth prospects.
Responding to current market trends, CPN has expanded its residential portfolio with high-end and super-luxury projects, investing over 2 billion baht in total. Kree added that these upscale developments primarily attract Thai buyers (80%), with the remaining 20% consisting of entrepreneurs registered locally.
The company has sold all 10 houses in the first phase of Baan Ninya Krabi, generating roughly 160 million baht, with buyers mainly entrepreneurs from Krabi and Phuket. In the second phase, four of ten houses priced between 16-25 million baht each have been purchased by local entrepreneurs and foreigners.
Pre-sales for Phyll Krabi, the luxury condo project, commenced on October 25. The low-rise development includes five four-story buildings with a total of 160 units, with completion scheduled for 2028.
Nattakit also mentioned plans to develop a hotel within this mixed-use project; however, details regarding the hotel brand and specific location are still under consideration.